India’s luxury housing market is witnessing unprecedented growth, positioning Mumbai and Delhi among the fastest-growing prime residential markets in Asia-Pacific (APAC). Mumbai, with an 11.5 per cent year-on-year (YoY) rise in Q3 2024, recorded luxury property prices averaging ₹79,413 per square foot. Buyers can secure 103 square metres of prime real estate for ₹8.37 crore, showcasing the city’s appeal as a global finance and real estate hub. In contrast, Delhi achieved a 6.5 per cent YoY increase in luxury prices, averaging ₹37,780 per square foot, driven by its strategic significance and rising demand from high-net-worth individuals (HNWIs).
The momentum extends to Bengaluru, India’s tech capital, which posted a 4.8 per cent YoY increase in luxury property prices, averaging ₹21,348 per square foot. This growth aligns with the city’s booming technology sector and cosmopolitan allure, making it a hotspot for global and domestic investors. Across APAC, luxury housing prices rose 2.9 per cent YoY in Q3 2024, marking six consecutive quarters of positive growth. Manila led the region with a staggering 29.2 per cent increase, followed by Tokyo at 12.8 per cent, highlighting India’s strong regional positioning amidst global competition.
From a sustainability perspective, India’s housing market benefits from a high homeownership rate of 87 per cent, the third highest in APAC. This stability, coupled with a shift towards environmentally conscious developments, underscores the need for green building practices and efficient urban planning. Developers are encouraged to integrate renewable materials and sustainable construction techniques to ensure long-term growth.
India’s transition into advanced sectors like AI and blockchain further fuels economic expansion, projected at 7.2 per cent for FY 2025. With a 41 per cent YoY surge in premium housing sales during Q3 2024, the luxury segment remains a cornerstone of India’s thriving real estate market, reflecting resilience amidst global challenges.