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The Indian residential property market has witnessed a significant shift in recent years. According to a recent report by Anarock, a leading real estate consultancy, the sale of luxury homes in India has tripled in just five years, reaching an impressive 21% share in Q1 2024. This remarkable growth has been accompanied by a decline in affordable housing sales, which now account for only 20% of the market.

Delhi NCR Leads Luxury Home Sales

Delhi NCR (National Capital Region) has emerged as the top destination for luxury homebuyers, with approximately 15,645 units sold in the first quarter of 2024. The region’s popularity can be attributed to its strategic location, excellent infrastructure, and high demand for luxury living.

Mid-Range and Premium Housing Thrive

Bengaluru, Mumbai, Chennai, Pune, and Hyderabad have witnessed their highest sales in the mid-range and premium housing segments (priced between INR 4 million and 15 million) in Q1 2024. This significant increase in demand for mid-range and premium homes has made them the dominant segment in the Indian residential property market.

Anarock Report Highlights Affordable Housing Concerns

Anuj Puri, Chairman of Anarock Group, emphasized that the mid-range and premium housing segment continues to drive the Indian residential property market. He expressed concerns about the decline in affordable housing sales, stating that “affordable housing is nowhere near recouping its stellar sales share in 2019.”

The report highlights the need for developers and policymakers to address the concerns surrounding affordable housing in India. As the Indian economy continues to grow, the demand for housing will increase, and it is essential to ensure that affordable housing options are available for the masses.

Conclusion

The Indian residential property market is undergoing a significant transformation. As luxury homes and mid-range and premium housing segments continue to thrive, the industry must address the decline in affordable housing sales. With the right strategies and policies in place, India can ensure that its growing population has access to quality housing options.