2024 has seen a major change in the luxury housing market. Now people are moving towards big and smart houses instead of small or simple houses. During the Corona epidemic, the habit of working from home and the change in people’s lifestyle has changed the definition of home. Homes are no longer just a place to live, but have become a place where people want all the facilities for their work, rest, health and entertainment. After the pandemic, ever since people started working from home, the need for separate spaces within the house has started being felt. Nowadays homes have become not just a roof, but a smart, comfortable and fit place in every aspect.
This is the reason why the demand for luxury homes has increased significantly in 2024. You can guess this from the fact that in the first 9 months of the current year, there has been an increase of 38 percent in the sales of luxury houses as compared to the same period last year. In which the share of big metros of the country has been seen to be more than 70 percent. Let us also tell you what kind of report has come out regarding luxury housing? What kind of opinion are the experts giving on this?
Growing market of luxury housing in 2024
According to a report by property consultancy firm CBRE, sales of luxury housing units in the first 9 months of 2024 reached 12,625, compared to 9,160 in the same period last year. Delhi-NCR, Mumbai and Hyderabad accounted for about 90 percent of the sales. During this period, Delhi-NCR sold 5,855 units, a growth of 72% year-on-year. Mumbai sold 3,820 units, showing a growth of 18%, and Pune sold 810 luxury units, showing a significant growth in sales.
Demand for such houses is increasing
The main reason for the increasing demand for bigger houses is the work-from-home trend. To work at home, people now want homes that have a separate office space, so that there is no hindrance in work. Along with this, the demand for adequate space, open floor plan and comfortable environment in the house has also increased. People in the high income segment are now preferring homes that have a large kitchen, outdoor spaces like gardens and balconies, and modern amenities. Along with this, people now also want facilities like gym, yoga studio, spa, and meditation in their homes for health.
Increasing demand for smart home technology
The trend of smart home technology has also increased rapidly in the luxury housing market. Now people are looking for homes that have smart features, such as controlling all home appliances from a smartphone. Apart from this, facilities like private gym, rooftop terrace, and swimming pool have also become a priority for consumers. Many real estate developers have realized this change and are designing their projects according to these changing priorities.
Change in lifestyle is a big reason
Sahaj Chawla, MD, Trawalk, says the increase in demand for luxury housing reflects a major change in consumer preferences. Today’s buyers are looking for iconic homes with premium amenities, advanced automation, and sustainable design. In modern times, luxury housing has become not just a status symbol but a way of investing in a better standard of living. This demand is accelerating in key markets like NCR and Mumbai, where sales in Delhi-NCR have increased by almost three-fourth in the first 9 months of 2024. We understand these changing expectations and are fully committed to delivering premium properties that reflect new technology, sustainability and improved quality of life.
Noida and Gurugram first choice
According to Sagar Gupta, Sales Director, Trisol Red, Delhi NCR is rapidly moving towards urbanization due to better planning and infrastructure. Due to new roads and better public transport, the city and its surrounding areas have now become more accessible to live. As these areas are becoming more accessible, the demand for luxury homes is also increasing. Cities like Gurugram and Noida have now become the most preferred destinations for luxury real estate, where modern infrastructure and facilities are available. The special thing is that Millennials are now responsible for 54% of home purchases, which shows that their influence in the real estate market is increasing. Additionally, high net worth buyers are now looking for properties that not only offer luxury but also give good returns on investment.
Investment increased in premium projects
Shantanu Gambhir, MD, Rise Infraventures, says that this is an exciting time for buyers and investors in the luxury real estate market. There is large-scale investment in premium projects in the Delhi-NCR region and the demand for big houses is continuously increasing. Delhi-NCR is becoming a major hub for luxury real estate, offering great living experiences to those who want the best in comfort and style. About 3,300 luxury homes were sold in these cities in the first six months of 2024, which is 13.8% more than the same period last year. These cities are now becoming major hotspots for luxury real estate, in demand from buyers who want good locations and high-quality amenities.
Trend moved ahead with affordable housing
Manit Sethi, Director, Exensia Infra, says that the luxury and ultra-luxury housing market in India has undergone a major transformation in the last 2-3 years, which has now moved beyond affordable housing for the first time. With this change, the focus of developers is now on high-value residences with emphasis on exclusive experiences and amenities. Sales of luxury properties show that there is strong demand among buyers for top-level options without the hassles. As property prices are increasing in metropolitan areas, developers are now focusing on Tier 2 and Tier 3 cities as these are becoming good opportunities for luxury real estate. Cities like Dehradun are now becoming destinations that promise growth and are attracting buyers looking for a premium living experience outside the big cities.