Mumbai: Between April and Sept 2024, total sales value of apartments in the top seven cities touched Rs 2.79 lakh crore compared to Rs 2.35 lakh crore in the same period last year, according to a research report released on Tuesday by CREDAI-MCHI, apex body of real estate developers.
Despite a modest 3% decline in total units sold, the average price of homes in the seven cities rose sharply to Rs 1.23 crore in the first half of 2024-25 compared with Rs 1 crore in the corresponding period of 2023-24, underscoring the growing preference for premium homes, it said.
Keval Valambhia, COO, CREDAI-MCHI, said, “The growth trajectory of India’s luxury housing market is a testament to its resilience and adaptability. Buyers are increasingly gravitating towards premium properties that offer enhanced lifestyle experiences and robust investment value.”
The National Capital Region (NCR) emerged as a leader, with the average ticket size growing by 56% to Rs 1.45 crore and sales value rising by 55% to Rs 46,611 crore. In Mumbai Metropolitan Region (MMR), the average ticket size was Rs 1.47 crore and sales value increased by 2% to Rs 1,14,529 crore. In Bengaluru, the average ticket size was Rs 1.21 crore and sales value increased by 44% to Rs 37,863 crore.
Hyderabad followed suit, with its average ticket size growing by 37% to Rs 1.15 crore and sales value increasing by 28% to Rs 31,993 crore. Chennai saw a 31% increase in the average ticket size to Rs 95 lakh, with sales value rising by 20% to Rs 9,015 crore. Pune’s market reflected a strong growth in the affordable luxury segment, as its average ticket size rose by 29% to Rs 85 lakh and sales value jumped by 19% to Rs 34,033 crore. Kolkata experienced moderate growth, with the average ticket size increasing by 16% to Rs 61 lakh.
“Across the board, buyers are prioritising larger, well-equipped homes in prime locations, signalling a shift towards premium living… Cities like NCR and Bengaluru stood out with significant growth in high-value property transactions, reflecting their appeal among affluent buyers,” said the report.