India's Realty Sector Booms: Housing Sales Jump 9 pc Annually with High Demand for Luxury Homes, Reveals New Report

Data also highlighted how, from January to March 2024, residential property sales in these eight significant cities increased to 86,345 units, up from 79,126 units a year ago.
India's Realty Sector Booms: Housing Sales Jump 9 pc Annually with High Demand for Luxury Homes, Reveals New Report

India's Realty Sector Booms: Housing Sales Jump 9 pc Annually with High Demand for Luxury Homes, Reveals New Report. Image Source: Canva

Luxury homes and premium office spaces continue to be the talk of the town. According to a report released by property consultant Knight-Frank India, residential property prices in Delhi-NCR, Mumbai, Chennai, Kolkata, Hyderabad, Bengaluru, Pune, and Ahmedabad increased by 2 to 13 per cent between January and March last year. At the same time, office space rent has increased up to 9 per cent.
Furthermore, the data also highlighted how, from January to March 2024, residential property sales in these eight significant cities increased to 86,345 units, up from 79,126 units a year ago. Gross leasing of office space increased by 43 per cent to 1.62 crore square feet in January-March 2024, up from 1.13 crore sq. ft. last year. The report states that the real estate market has experienced its best again, and this demand has strengthened in both the office and residential sectors. In addition, there has also been a significant jump in the sales of houses priced at Rs 1 crore and above. This upsurge is anticipated to increase the demand for luxury homes further.
Manoj Gaur, President of CREDAI-NCR and CMD, Gaurs Group, said, "Considering the recent times, luxury homes are strongly attracting homebuyers. Especially over the last few years, people are demanding more space and extra rooms to work and fulfil their needs. Even in investment, buyers are turning more towards bigger houses, which brings more launches in luxury real estate. Developers are also moving forward with this thinking. Undoubtedly, the demand for high-range properties will increase in the coming times."
Amidst the increasing housing demands, the residential segment is increasing the confidence of Indian homebuyers and boasting an aspirational growth in the real estate sector. Sanjay Sharma, Director of SKA Group, added, "Over the last few years, the real estate market came to a standstill, but after 2021, this sector is rapidly growing and continuing. Considering the data from the last two years, the confidence of home buyers towards developers has continuously increased, which has caused the demand for residences in urban areas to remain strong. People interested in buying homes remain optimistic about the real estate market."
"The reason for the increase in demand for luxury houses over the last 2-3 years is the changing lifestyle of people. Buyers now want better houses for themselves and their families. This is the reason why the demand for luxury homes is continuously increasing, and it will increase further in the coming years.", said Neeraj Sharma, MD of Escon Infra Realtor.
Reflecting on this trend, Ankush Kaul, Chief Business Officer of Ambience Group, expressed, "Gurugram's real estate market offers immense potential, especially in the luxury segment. Our latest projects in the Delhi-NCR region have also received an overwhelming response from buyers, signifying the strong demand for premium living spaces. With promising economic prospects, we anticipate continued growth in 2024 with several infrastructural developments inviting more investors with easy accessibility."
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