Mumbai, Delhi-NCR, or Hyderabad: Which City Saw the Biggest Surge in Luxury Housing in 2024?
Exploring the rise of luxury housing in India’s top cities, with Mumbai, Delhi-NCR, and Hyderabad leading the way as demand from NRIs and changing buyer preferences fuel growth.
The Indian luxury housing market witnessed a significant surge in 2024, driven by the increasing aspirations of the upper-middle class and the growing interest of Non-Resident Indians (NRIs) in high-end real estate. Among the major cities, Mumbai, Delhi-NCR, and Hyderabad have been at the forefront of this luxury housing boom. However, one city stands out as the prime destination for premium homes this year.
Delhi-NCR: The Clear Winner
According to data from real estate consultancy firm CBRE, Delhi-NCR emerged as the largest market for luxury homes in 2024. The region saw a staggering 10,500 luxury units sold, marking a substantial increase from the 5,525 units sold in the previous year. This represents a growth of nearly 90%, making Delhi-NCR the undisputed leader in the luxury housing segment.
The surge in demand in Delhi-NCR can be attributed to both affluent buyers and NRIs seeking prime properties. The value of having a luxurious home has become more apparent, especially post-pandemic, leading to a fundamental shift in people’s perception of homeownership. Aakash Ohri, Joint Managing Director and Chief Business Officer of DLF Home Developers, emphasized that the luxury housing market in Delhi-NCR has undergone an impressive transformation, driven by the increasing demand for large, opulent homes with modern amenities and prime locations.
Mumbai: A Strong Contender
Mumbai, another key player in the luxury housing market, also saw a significant increase in sales. The city recorded the sale of 5,500 luxury units in 2024, up from 4,200 units in the previous year. This growth, although substantial, does not match the scale seen in Delhi-NCR. However, Mumbai remains a preferred destination for luxury home buyers due to its prime locations and high-end amenities.
Hyderabad: Steady Growth
Hyderabad witnessed a steady increase in luxury home sales, with 2,100 units sold in 2024 compared to 2,030 units in 2023. While this growth is notable, it does not surpass the dramatic increases observed in Delhi-NCR and Mumbai. Nonetheless, Hyderabad’s stable market and growing infrastructure continue to attract buyers looking for high-quality housing.
Market Dynamics and Future Outlook
The luxury housing market in India is driven by the expanding upper-middle class and the increasing interest of NRIs. Cities traditionally associated with mid-end developments, such as Noida, Bengaluru, Pune, and Chennai, are increasingly witnessing a shift towards more upscale, high-end projects. This trend is expected to continue, with sustained demand for high-end and premium residential categories anticipated in the coming quarters.
In conclusion, while Mumbai and Hyderabad have seen significant growth in luxury housing, Delhi-NCR stands out as the city that saw the biggest surge in 2024. The region’s impressive sales figures and the ongoing demand for luxury homes make it the prime destination for those seeking premium real estate in India.
