The luxury housing market is experiencing a remarkable transition in 2024, driven by evolving consumer preferences shaped by lifestyle changes and heightened awareness of well-being. With luxury home sales soaring, customers desire environments that improve their quality of life. Delhi-NCR led the most notable upswing in luxury housing in Q1 2024, with sales outpacing other segments. Sales in the luxury segment have outstripped those in the rest of the housing categories by a high margin, underpinning the gradual shift in buyer preference toward exclusivity and luxury.
The Demand for Larger Spaces
As remote work continues to redefine professional landscapes, many buyers are prioritizing larger living spaces. In 2024, homebuyers are looking for more spacious square footage that can be used to accommodate numerous activities-from working to taking leisure time. People experienced the need for larger homes to move around and navigate daily life comfortably during the pandemic, and there has been a huge demand for multi-bedroom and expansive-living-space homes. High-net-worth buyers are after expansive living spaces with an open floor plan, spacious kitchens, and outdoor areas as extensions to allow them relaxation or entertaining.
Property consultancy firm CBRE said, “Luxury unit sales reached 12,625 in the first nine months of 2024, up from 9,160 units in the same period last year, with Delhi-NCR, Mumbai, and Hyderabad accounting for nearly 90% of total sales across the top seven cities.
During this period, Delhi-NCR led luxury sales with 5,855 units sold, a 72% year-on-year increase. Mumbai followed with 3,820 units sold, an 18% growth, and Pune, which saw a significant surge with 810 luxury units sold, noting a significant rise in sales.”
Sehaj Chawla, Managing Director of TREVOC, says, “The surge in demand for luxury housing reflects a significant shift in consumer preferences. Today’s buyers increasingly seek iconic residences that feature high-end amenities, advanced automation, and sustainable design. For the modern aspirational class, luxury housing goes beyond mere status; it stands as a conscious investment in quality living. We are seeing remarkable growth in major markets like NCR and Mumbai, with Delhi NCR recording nearly a three-fourths increase in sales volume within the first nine months of 2024. As developers, we understand these evolving expectations and are committed to delivering premium properties that showcase innovation, sustainability, and an exceptional standard of living.”
Home Offices
The remote and hybrid work models have made home offices an absolutely essential feature for luxury home buyers. No longer is a dedicated workspace designed to be productive and comfortable. Buyers look for properties with well-equipped home offices that also grant privacy, natural lighting, and an ergonomic setting. Features like soundproofing or high-speed internet connectivity are considered non-negotiable by many buyers. This preference reflects a broader trend whereby houses are increasingly considered multifunctional spaces: comfortable and stylish enough to meet professional requirements without loss of comfort and style.
Sagar Gupta, Sales Director, Trisol RED, says, “With the well-planned and improved infrastructure, the Delhi NCR region is rapidly urbanizing. New roads and improved public transport make it easier to live in and around the city. As areas become more accessible, the demand for luxury homes in well-connected locations rises. Places like Gurugram and Noida have emerged as favoured destinations for luxury real estate due to their modern infrastructure and amenities. Notably, millennials now account for 54% of home purchases, reflecting their growing influence in the real estate market. Additionally, high-net-worth buyers are driving demand for properties that not only offer luxury but also promise returns on investment.”
Emphasis on Wellness Facilities
The modern luxury buyer is focusing on wellness and self-care. In 2024, such dedicated wellness facilities in properties are highly sought after by consumers who are health-conscious, not only in physical health but also in terms of mental well-being. Personal gyms, yoga studios, spa areas, and meditation spaces are added to homes to cater to this ever-growing demand. There are outdoor wellness areas meant to inculcate a need for rest and recovery at home but in the comfort of private indoor spaces, complete with such features as garden landscaping, pools, and Jacuzzis. It serves to improve the quality of life of the residents and also makes it a viable necessity in a competitive luxury marketplace.
Shantanu Gambhir, MD, RISE Infraventures says,”It is indeed an exciting time for both buyers and investors in the luxury real estate market. The premium projects are finding huge investments in the Delhi-NCR region, and the demand for spacious high-end homes is growing steadily. Delhi-NCR is going to be at the forefront as one of the major destinations for luxury real estate, offering unmatched living experiences for those who desire only the best in comfort and style. In the first half of 2024, nearly 3,300 luxury homes were sold in these cities, up by 13.8% from the same period last year. These cities are emerging as luxury real estate hotspots due to demand from prospective buyers seeking prime locations and upscale amenities.”
Exclusive Amenities
Bigger spaces and wellness facilities make the exclusivity of a luxurious living experience more appealing to luxury homebuyers. With concierge services, private gyms, rooftop terraces, and communal spaces that allow the residents to socialize, luxury developments now offer a lot more than simply spacious living spaces. Even smart home technology is becoming increasingly popular as the ability to control many features of your home via an integrated system becomes available to buyers. Today, homebuyers are interested in buying property not only for the purpose of catering to their short-term needs but also to help make their lives convenient and luxurious.
Manit Sethi, Director, Excentia Infra, said, “The luxury and ultra-luxury housing market in India has witnessed a major shift over the last 2-3 years, surpassing affordable housing for the first time. With the shifting market, high-value residences quickly become developers’ main focus, with increasing emphasis on unique differentiators and curated experiences beyond standard amenities. The sell-out of ready-to-move-in luxury properties is a testament to the strong demand among buyers for top-of-the-line, hassle-free options to live. As property prices continue to rise in metropolitan areas, developers are increasingly focusing on Tier 2 and Tier 3 cities, recognizing them as significant opportunities in the luxury real estate market. Cities like Dehradun are emerging as promising locations for growth, attracting buyers who seek premium living experiences beyond traditional urban centres.”
Shifting consumer preferences and ever-increasing concerns for the quality of life propelled the luxury housing market in 2024. With rising demands for luxury homes in recent years, buyers are increasingly willing to purchase bigger spaces, dedicated home offices, wellness facilities, and other high-end amenities.
