Luxury housing sales surge in major cities, led by Mumbai

Luxury housing sales experienced a 10 per cent year-on-year growth across seven major Indian cities during the January-March 2024 period, as revealed by a report from CBRE South Asia.

Over the past 12 months, Mumbai's luxury real estate prices rose by 11.5 per cent, placing it third globally behind Manila and Tokyo in Knight Frank’s Prime Global Cities Index, which ranks cities based on annual realty price changes.

"Mumbai's luxury real estate market is experiencing a surge in demand, driven by a wave of big-ticket deals. High-net-worth individuals and investors are flocking to acquire prime properties, underscoring the growing allure of ultra-luxury living in the city. This trend is reflected in projects across Mumbai, including new developments like Palais Royale," said Gaurav Kapoor, MD of Gaurav Kapoor Ltd.

The report highlights a robust demand for high-end residential properties, driven by factors such as increased disposable income, changing lifestyle preferences, and the desire for larger living spaces post-pandemic. This growth was observed in cities including Delhi-NCR, Mumbai, Bengaluru, Hyderabad, Chennai, Pune, and Kolkata.

"High-net-worth individuals and investors are coming to the city to secure prime properties, driven by a preference for ultra-luxury living. Projects, including Palais Royale, across Mumbai are seeing heightened interest," said notable investors.

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