2024 has been one of the best years for the residential real estate sector, with pre-sales worth Rs 5.1 lakh crore expected to be generated by the end of the year across the top seven cities, according to a report from consulting firm JLL.
Luxury sells. And, the capital leads in lapping it up. With this month’s landmark deal of a flat in Gurugram’s DLF Camellias for Rs 190 crore, luxury real estate in Delhi-NCR is on a new high. Among the top seven cities in India, Delhi-NCR stood out with a remarkable 64% share of luxury residential launches in H1 2024, as per real estate consultancy JLL. Several developers, including DLF, TARC, Sobha, Paras Buildtech, M3M India, BPTP, Krisumi Corporation, Central Park, and Experion Developers, have all launched new luxury projects here.
India’s luxury property market is defying an economic slowdown as more wealthy buyers, from local tech entrepreneurs to overseas investors of Indian origin, splurge on high-end homes, industry experts say.
Properties ranging from units with private pools to penthouses offering panoramic views of first-tier city skylines like Mumbai have been snapped up in the past few years. Some of the luxurious homes occupy entire floors and even have helipads.
Magicbricks has released its much-anticipated annual report, How India Searched for Homes, offering valuable insights into the preferences and behaviors of over 2 crore customers who use the portal in their home search journey.
An almost ₹190 crore ultra-luxury apartment deal in Gurugram, a ₹130 crore bungalow transaction in New Delhi’s posh Kautilya Marg, and two flats sold in Mumbai for ₹198 crore only seem to suggest one thing—that the super luxury segment attracted the attention of high-net-worth Indians in 2024 and that the Delhi-NCR market may be fast catching up with Mumbai, where ₹100 crore deals are the norm.
The Kanpur Development Authority (KDA) is set to expand its jurisdiction significantly, aiming to enhance housing options for residents in the city. Recently, the KDA has incorporated approximately 20,588 hectares of land from 80 surrounding villages into its area of operation. This move is seen as a response to the increasing demand for housing and urban development in Kanpur.
Sholinganallur, the hub of real estate activity along the Old Mahabalipuram Road (OMR), is set to see the addition of over 5,000 high-end residential units in highrise buildings by next year. The locality, once a hub primarily for IT professionals, is now attracting a surge of interest from non-IT buyers, especially from adjacent areas along the East Coast Road (ECR), thanks to enhanced metro connectivity. However, residents stress the need for infrastructure upgrade to support the real estate growth.
At the start of the 2024-25 financial year, India's top 11 listed real estate developers announced plans for a massive 253.16 million square feet (msf) of new housing supply.
However, by the middle of the year, only 57.15 msf of this planned supply had been launched, falling short of the expected targets due to election-related delays in approvals, according to Anuj Puri, Chairman of Anarock Property Consultants.
The weighted average price of newly launched residential projects in top 30 Tier-II cities surged up to 65 percent in the one year to October 2024.
According to NSE-listed data analytics firm PropEquity, in North India, Jaipur saw the highest rise in weighted average price of newly launched projects at 65 percent from Rs 4,240 per square feet (sqft) to Rs 6,979 per sqft in the last one year. This was followed by Indore at 20 percent and Dehradun at 14 percent.
Figure this, About 35 crore people, or 350 million people, will be shifting to the urban areas in India over the next few years. This is equivalent to almost two New York cities getting created in India every year. Who would have thought that PropTech would act as a disruptive force for an industry like real estate, which is not commonly associated with technology?
