Residential Real Estate Market Sees Strong Growth in 2024, Luxury Housing Demand Remains Robust: Report

The residential real estate market has experienced impressive growth in 2024, with the demand for luxury homes showing no signs of waning. According to CBRE’s India Market Monitor, interest in premium properties continues to surge, particularly in major cities like Gurugram, Mumbai, and Bengaluru. The demand for luxury real estate reflects a shift in Indian buyers’ aspirations and the ability of developers to meet these evolving expectations with innovative, high-quality homes.

In 2024, over 300,000 housing units were sold, marking the second consecutive year of strong sales. Additionally, more than 280,000 new units were launched. The report highlighted that key markets such as Mumbai, Pune, and Delhi-NCR accounted for 66% of sales in Q4 2024, with the luxury housing segment showing particularly strong growth due to changing buyer preferences.

Aakash Ohri, Joint Managing Director and Chief Business Officer of DLF, emphasized the shift in people’s perception of homeownership, noting that owning a home has become more valuable than ever before. “The luxury housing market in NCR has undergone a significant transformation, with sales in the luxury segment soaring to 45% in the first half of 2024, up from just 3% in 2019,” said Ohri. He also highlighted the growing demand for luxury high-rise properties in New Delhi, citing DLF ONE Midtown, which launched in 2022 and is currently priced at INR 24,675 per square foot.

The CBRE report underscores that luxury real estate has transitioned from a niche market to a major growth segment. The luxury and ultra-luxury sectors played a key role in driving overall sales in 2024, with Ultra High Net-Worth Individuals (UHNIs), senior executives, and startup founders increasingly seeking homes that offer advanced features like smart home systems, top-tier security, and world-class amenities.

Mumbai, Gurugram, and Pune emerged as key hotspots, accounting for over 62% of all luxury real estate transactions in 2024. This trend demonstrates the growing demand for exclusive living spaces that combine luxury with long-term investment potential.

Developers have responded quickly to this surge in demand, launching distinctive projects tailored to high-end buyers. Tribeca Developers had a standout year in 2024, with its luxury project, The Edge, in South Mumbai selling out within a month of its launch.

Rajat Khandelwal, Group CEO of Tribeca Developers, noted, “2024 has been a milestone year for us, with The Edge project achieving a sellout in just one month. This marks a significant shift in India’s luxury real estate market, which has evolved to meet the preferences of today’s generation, who prioritize ultra-premium living.”

Khandelwal also pointed to the continued growth of the segment, which has seen nearly 50% year-on-year growth over the past four years, driven by UHNIs, senior corporate executives, and startup founders seeking spacious, thoughtfully designed homes with advanced automation, security, and luxury amenities.

For India’s UHNIs, luxury real estate is no longer just a home, but also a strategic investment in wealth and legacy. Historical data confirms that luxury properties have outperformed premium or affordable alternatives in terms of returns.

With Mumbai and Gurugram accounting for 84% of all ultra-luxury transactions in 2024, Tribeca plans to expand its Trump super-luxury portfolio across major Indian cities in 2025, aiming to set new standards of exclusivity and opulence.