Luxury Home Sales Above ₹50 Crore Nearly Double Yearly

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    Sales of luxury homes priced at ₹50 crore and above surged from ₹2,859 crore in 2022 to ₹4,319 crore in 2023, almost doubling. Mumbai saw the most transactions due to high demand for luxury properties, according to JLL analysis.

    A total of 45 luxury homes were sold in 2023, compared to 29 in 2022. Out of these, 14 homes were priced at ₹100 crore and above, with most (79%) located in Mumbai.

    Mumbai led in sales, with 29 luxury homes sold worth ₹3,031 crore. Delhi NCR followed with 12 homes sold worth ₹1,043 crore, and Bengaluru saw four transactions totaling ₹245 crore.

    Apartments made up 58% of total luxury home sales, while bungalows comprised the remaining 42%. Mumbai’s Malabar Hill and Worli areas were top locations, while Golf Links and Vasant Vihar were popular in Delhi NCR.

    The average apartment size sold increased by 18% compared to the previous year, indicating a preference for larger homes.

    The increase in luxury home transactions in 2023 reflects strong demand among affluent buyers. Looking ahead, the demand for high-end properties is expected to grow further as more high-net-worth individuals seek exclusive living spaces.

    Already in the first two months of 2024, four homes priced above ₹50 crore have been sold, totaling ₹397 crore. This suggests a continued upward trend in luxury residential transactions for the year.

    Also read: NCLT Rejects Wadhwa Buildcon Promoters’ Plan

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