India’s luxury property market booming despite economic slowdown

Sales of luxury properties in India priced at US$470,000 and above surged by 37.8 per cent in January-September, according to real estate firm CBRE

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Central Mumbai’s cityscape and skyline. Photo: Shutterstock

Published: 5:00pm, 22 Dec 2024

India’s luxury property market is defying an economic slowdown as more wealthy buyers, from local tech entrepreneurs to overseas investors of Indian origin, splurge on high-end homes, industry experts say.

Properties ranging from units with private pools to penthouses offering panoramic views of first-tier city skylines like Mumbai have been snapped up in the past few years. Some of the luxurious homes occupy entire floors and even have helipads.

Anshuman Magazine, chairman and CEO for India, Southeast Asia, Middle East and Africa at global real estate firm CBRE, said the buying spree for such units was showing little sign of slowing.

“This trend has revitalised the luxury housing market, prompting renewed interest from buyers seeking upgraded living experiences,” Magazine said.

Between January and September, sales of luxury properties priced at 40 million Indian rupees (US$470,000) and above surged by 37.8 per cent from the same period a year earlier, according to CBRE’s data, with Delhi’s national capital region (NCR), Mumbai and Hyderabad driving growth.

Delhi-NCR recorded a 72 per cent jump, while sales in Mumbai rose by 18 per cent, according to CBRE, adding that Mumbai accounted for half of the country’s total luxury property sales.