outlookbusiness.com-Housing Sector 2024: Luxury Breaks Barriers, Mid-Market Hits a Wall
India’s luxury housing market is witnessing a stunning surge, with sales skyrocketing 37.8 per cent in 2024. But beneath the gloss lies a worrying reality: a mid-segment housing conundrum that is leaving millions without affordable homes.
India's luxury housing market is on a tear, fuelled by a potent mix of surging incomes, soaring aspirations and a buoyant economy. The numbers tell the story: in 2024, the segment saw a spectacular 37.8 per cent leap over the previous year, which itself was a period of remarkable growth with properties priced Rs 1 crore and above accounting for a whopping 20 per cent of all sales. This is no blip on the radar; instead it is an unmistakable trend, indicating that India's elite are willing to splurge on the finest homes money can buy.
Even more striking, sales of homes priced upwards of Rs 4 crore rocketed by 82 per cent year-on-year in the July-September quarter of 2024, signalling an unprecedented shift towards premium living.
