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The Indian residential real estate market has grown to a 12-year high, with housing sales rising by 7% in 2024 over the previous year. Demand for luxury homes, especially in metro cities like Delhi NCR, Mumbai, and Bengaluru, has been one of the key drivers of growth. Luxury homes worth over ₹1 crore comprised 46% of the total transactions in the past half-year. A report by Knight Frank has recently concluded, signifying an unambiguous shift in preference among buyers.
The report shows how buyers increasingly choose high-end properties as a statement of their evolving lifestyles, aspirations, and investment habits. Buoyed by year-on-year growth of 38%, the luxury housing segment witnessed steady demand from not only domestic buyers but also those from NRIs. The increased demand for luxury homes was majorly led by the Delhi NCR market, thereby contributing significantly to the increased demand for luxury home sales. The region’s infrastructure, connectivity, and rising affluence among upper-middle-class families have been a pivotal factor in the trend.
Moreover, Delhi NCR’s luxury housing market is witnessing an upward growth trajectory, with upscale neighbourhoods like Golf Course Road, Greater Noida, and Central Delhi seeing a spike in sales. As per the experts, this rise to the region’s economic resilience, proximity to key business hubs, and a strong pipeline of luxury projects catering to discerning buyers.
Developers are aligning their strategies to meet this demand, with many launching projects that emphasize sustainability, cutting-edge designs, and bespoke amenities. High-net-worth individuals (HNIs) are particularly drawn to properties that offer exclusivity and cater to their unique requirements.
Further, industry experts are optimistic about the sustained growth of the luxury housing segment. Developers have noted that this surge is not merely a post-pandemic phenomenon but a long-term shift in consumer behaviour.
Siddharth Katyal, CEO, Bhumika Group says, “The 46% share of luxury housing in recent residential sales shows both the growing level of investor and buyer confidence. The premium homes, thus value-propositioned by both high-quality construction and strategically situated locations, promise both rarest living standards as well as strong ROI potential. Such market momentum encourages developers to innovate further and deliver projects that meet the changing expectations of luxury homebuyers, further cementing Gurgaon’s position as India’s leading luxury real estate market.”
Salil Kumar, Director (Marketing & Business Management) of CRC Group says, “The surge in the luxury housing sales is a clear indication of buyers’ evolving preferences towards premium living along with the rising demand from HNIs and NRIs. This segment of buyer is well-travelled and seeks addresses that cater to their lifestyle needs. Since NCR has long been known as the epicentre of this growth, we have observed a paradigm shift with buyers seeking more than premium residences. With the region’s strategic location and world-class infrastructure, this trend reinforces NCR’s position as a global hub for luxury real estate.”
“The demand for luxury homes in Delhi NCR has outpaced expectations. Buyers are seeking premium amenities, larger spaces, and strategic locations that align with their lifestyles and long-term investment goals. The growth in Noida and Greater Noida, driven by infrastructure developments such as expressways and the upcoming Jewar Airport, has significantly contributed to this trend,” said Neeraj Sharma, Managing Director of Escon Infra Realtors.
“The rising preference for luxury homes is a testament to the changing aspirations of buyers. This segment offers a blend of status, lifestyle, and financial security. Delhi NCR remains a hotspot, and we foresee continued momentum in the luxury segment well into 2025,” commented Mr Sagar Gupta, Director of Sales, Trisol RED.
Besides, growth in luxury home construction has positively influenced the housing market as a whole, therefore increasing revenue generation and creating more employment opportunities. Hence, the change to premium housing will lead to a stabilization of property prices and innovation in design and construction practices.
Thus, the luxury housing market has the real estate industry at the cusp of entering an altogether new wave of growth and luxury. In the high-end market, this trend will bring manifold benefits, opening opportunities all along the value chain. It is a redefining era for luxury living, both visually, through reconfigured skylines, and more meaningfully, in reshaping urban lives for an expanding set of rich homebuyers, especially within the Delhi NCR.
