Indian real estate has experienced a boom in business since the start of 2024, the report by Anarock, explains. In the country, Mumbai, the financial capital scored maximum luxury property transactions. In cities like Mumbai, Hyderabad, Gurugram, and Bengaluru, a total sale of Rs. 2,443 crore is recorded between January and August.
Out of the total 25 ultra-luxury properties, 21 alone were registered in Mumbai for Rs. 2,200 crore. It is 84 percent share of the total deals that took place in the top eight cities. Also, two distinct ultra-luxury residential properties accumulated a value of Rs. 80 crore in Hyderabad’s Jubilee Hills.
Gurugram, the millennium city, recorded sales of ultra-luxury housing property for Rs. 95 crore. Whereas, Bengaluru had one property deal of Rs. 67.5 Crore in the premium segment.
The Anarock report also shows, that out of 25 luxury deals in the top eight cities, nine belonged to large ticket sizes. They are valued at more than Rs. 100 crore each and the consolidated cost for them stands at Rs. 1,534 crore.
However, the year 2023, reported the sale of ten large-size tickets with a total value of Rs. 1,720 crore. In this segment, HNIs – high net worth individuals massively bought premium real estate assets. By far, out of the total 25 ultra-luxury assets, 20 were premium apartments and the remaining five were villas. These high-rise apartments are valued at Rs.1,694 crore. The five villas’ consolidated cost stands at Rs. 748.5 Crore.
“The whole of 2023 saw about 61 deals with a cumulative sales value of approximately Rs. 4,456 crore in Mumbai, Hyderabad, and Gurugram. With four months remaining in 2024 and the festive quarter from October to December ongoing, we are likely to see more such large ticket-size residential deals happening before the year is through,” said, Anuj Puri, Chairman, Anarock group. The double-digit growth in the sale of luxury property in India exhibits a strong wealth creation sentiment. Also, premium developers raise the quality and technology to create comfortable homes promptly.
