+
Luxury housing records 27% rise in sales in Delhi-NCR
Real Estate

Luxury housing records 27% rise in sales in Delhi-NCR

The first half of 2024 saw a notable surge in the luxury housing market in the Delhi-NCR region, driven by affluent buyers, enhanced amenities, and significant infrastructure projects, according to CBRE. The first half of 2024 brought positive news for the real estate sector in the Delhi-NCR region, as the luxury housing segment experienced significant momentum. Housing units priced at Rs 4 crore and above recorded a 27% growth in the region, according to CBRE South Asia?s ?India Market Monitor Q2 2024? report. The report shows that total sales of luxury units between January and June stood at 8,500, compared to 6,700 during the same period the previous year. Delhi-NCR led the market, followed by Mumbai with 2,500 units sold and Hyderabad with 1,300 units. Pune saw sales of 1,100 luxury units, marking a 450% year-on-year growth. The overall housing market in India recorded a total of 156,000 units sold in the January-June period. Sales of luxury housing in top cities registered a 40.1% year-on-year growth in the April-June quarter. Delhi-NCR emerged as a prominent market in the June quarter, followed by Mumbai and Hyderabad, with Kolkata also seeing a notable two-fold increase in luxury residential sales. Collectively, this quarter witnessed total sales of 4,410 luxury housing units compared to 3,150 units in the same quarter last year. The surge in demand for luxury housing is driven by affluent buyers seeking enhanced amenities and more spacious living areas, said the CBRE report. The aspirational class and NRI investments are also contributing to the surge in demand. Anshuman Magazine, Chairman & CEO- India, South-East Asia, Middle East & Africa, CBRE, highlighted that mega infrastructure projects across the country, including transportation networks, highways, airports, and metro systems, are set to bolster real estate growth. "These developments are likely to unlock new markets, establish satellite cities, and stimulate growth in peripheral areas, making luxury housing an attractive investment," he said. (Source: Business Standard)

The first half of 2024 saw a notable surge in the luxury housing market in the Delhi-NCR region, driven by affluent buyers, enhanced amenities, and significant infrastructure projects, according to CBRE. The first half of 2024 brought positive news for the real estate sector in the Delhi-NCR region, as the luxury housing segment experienced significant momentum. Housing units priced at Rs 4 crore and above recorded a 27% growth in the region, according to CBRE South Asia?s ?India Market Monitor Q2 2024? report. The report shows that total sales of luxury units between January and June stood at 8,500, compared to 6,700 during the same period the previous year. Delhi-NCR led the market, followed by Mumbai with 2,500 units sold and Hyderabad with 1,300 units. Pune saw sales of 1,100 luxury units, marking a 450% year-on-year growth. The overall housing market in India recorded a total of 156,000 units sold in the January-June period. Sales of luxury housing in top cities registered a 40.1% year-on-year growth in the April-June quarter. Delhi-NCR emerged as a prominent market in the June quarter, followed by Mumbai and Hyderabad, with Kolkata also seeing a notable two-fold increase in luxury residential sales. Collectively, this quarter witnessed total sales of 4,410 luxury housing units compared to 3,150 units in the same quarter last year. The surge in demand for luxury housing is driven by affluent buyers seeking enhanced amenities and more spacious living areas, said the CBRE report. The aspirational class and NRI investments are also contributing to the surge in demand. Anshuman Magazine, Chairman & CEO- India, South-East Asia, Middle East & Africa, CBRE, highlighted that mega infrastructure projects across the country, including transportation networks, highways, airports, and metro systems, are set to bolster real estate growth. These developments are likely to unlock new markets, establish satellite cities, and stimulate growth in peripheral areas, making luxury housing an attractive investment, he said. (Source: Business Standard)

Next Story
Real Estate

DLF Returns to Mumbai with Premium Andheri Residential Project

Delhi-NCR based real estate major DLF announced its return to the Mumbai market on 17 July with the launch of its premium residential project, The WestPark, in Andheri. The first phase includes 416 apartments spread across four towers, with two towers launched on the announcement day. The company plans to invest over Rs 8 billion in the project and expects a topline exceeding Rs 20 billion from Phase 1.“We have launched two towers and, given the strong response, plan to unveil the remaining two towers ahead of schedule, within the next few days,” said Aakash Ohri, Joint Managing Director o..

Next Story
Infrastructure Urban

APCRDA Advances Net Zero Goal with IGBC Training for Officials

In a significant stride towards Andhra Pradesh’s Net Zero target by 2040 and the Swarna Andhra 2047 vision, the Andhra Pradesh Capital Region Development Authority (APCRDA), in partnership with the Indian Green Building Council (IGBC), conducted a high-level capacity-building programme for senior officials in Vijayawada on Friday.Held at a city hotel, the session saw the participation of over 50 senior APCRDA officials, including the Engineer-in-Chief, Chief Engineer (H&B), Director (Planning), Director (Environment), and heads of key departments. The training centred on IGBC’s Green B..

Next Story
Infrastructure Energy

Assam Solar Project Halted as Waaree EPC Contract Is Cancelled

Following the Assam government’s withdrawal from its proposed solar project, the Engineering, Procurement, and Construction (EPC) contract awarded to Waaree Renewable has been suspended. Waaree Group’s EPC division informed the stock exchange of this development through a regulatory filing.The Assam solar project was suspended due to funding challenges, which rendered the initiative unviable for the state government. Waaree Renewable Transmission Limited (RTL) explained that the Government of Assam has withdrawn the project’s funding via the Asian Development Bank (ADB) loan. Consequentl..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?