India The demand for luxury homes is growing rapidly in the NCR region. According to a report by property consultant company Anarock, the share of affordable home sales in the NCR region declined to 24% in the first half of 2024, while luxury home sales increased to 45%. Anarock’s latest data shows that in the first half of 2024, out of the total sales of about 32,200 homes in NCR, more than 45% were in the luxury segment and 24% in the affordable segment. In 2019, luxury home sales accounted for only 3%, while affordable home sales accounted for 49%.
Sharp decline in sales of affordable homes
The data showed that around 14,630 luxury units were sold in NCR in the first half of 2024, while around 1,580 units were sold in 2019. In the affordable segment, around 7,730 units were sold in the first half of 2024, while around 23,180 units were sold in 2019. Most luxury homes sold in Gurugram Out of the total luxury sales in NCR in the first half of 2024, Gurugram witnessed the highest sales at around 10,365 units. It was followed by Noida and Greater Noida, where a combined total of 3,550 units were sold Out of the total affordable sales in the first half of 2024, around 4,705 units were sold in Gurugram. Over 1,100 units were sold in Noida and Greater Noida.
Why did the sale of expensive homes increase
Vikas Garg, Joint Managing Director, Ganga Realty, said that people are liking the luxurious lifestyle. People’s income has increased rapidly. Due to this, the demand for expensive homes has also increased. Reacting to this important change, Saransh Trehan, Managing Director, Trehan Group said that Gurugram is at the forefront of the luxury real estate market in NCR. The remarkable sales figures with more than 10,000 luxury units sold in the first half of 2024 alone reflect the city’s strong infrastructure, world-class amenities and strategic location.
Shiven Vikram Bhatia, Executive Director, Splendor Group, said that the surge in luxury real estate sales in Gurugram reflects the city’s evolving market dynamics and establishes it as a preferred destination for upscale living. With the sale of luxury units, it is evident that discerning buyers are looking for unmatched quality, superior amenities and prime locations. Gurugram’s growth momentum in the luxury segment is a promising sign of the city’s bright future in real estate.
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