The Indian real estate market is witnessing a dramatic shift in buyer preferences in 2024, with a strong demand for bigger homes equipped with modern features. The pandemic has reshaped how people perceive their living spaces, turning homes into multi-functional zones for work, relaxation, fitness, and socializing. This evolving mindset is driving a boom in luxury housing, especially in metropolitan areas like Delhi-NCR and Mumbai.
Work-from-Home Culture Boosts Demand for Spacious Homes
The work-from-home culture, established during the COVID-19 pandemic, has significantly impacted housing preferences. Buyers are now looking for homes that accommodate separate office spaces, ensuring a distraction-free environment for professional tasks.
Additionally, families prefer homes with larger kitchens, open layouts, and outdoor spaces like balconies and gardens. These features contribute to a more comfortable and productive living experience, catering to both personal and professional needs.
Rising Popularity of Smart Home Technology
Smart home technology has become a must-have for luxury homebuyers. Features like smartphone-controlled appliances, automated lighting, and temperature management systems are no longer luxuries but essentials.
Other popular amenities include:
- Private gyms and yoga studios
- Rooftop terraces
- Swimming pools
These features add convenience, comfort, and a touch of opulence, meeting the demands of modern living.
Data Shows a Surge in Luxury Home Sales
The shift in preferences is reflected in market statistics. A report by CBRE highlights that luxury home sales reached 12,625 units in the first nine months of 2024, marking a 38% increase compared to the same period in 2023.
Key Highlights from the Report:
- Delhi-NCR: Sold 5,855 units, showing a 72% growth year-on-year.
- Mumbai: Recorded sales of 3,820 units, an 18% rise.
- Pune: Achieved 810 sales, reflecting steady growth in demand.
This data underscores the growing appetite for high-end properties, particularly in urban centers.
Millennials Drive Luxury Real Estate
Millennials, who now account for 54% of home purchases, are emerging as key players in the luxury housing segment. Their preference for modern, tech-driven homes is shaping the market. High-net-worth individuals are also increasingly seeking properties that combine luxury with good investment potential.
Focus Shifts to Emerging Cities
While metropolitan hubs like Delhi-NCR and Mumbai remain hot markets, developers are expanding their focus to Tier 2 and Tier 3 cities. Locations like Dehradun are becoming attractive for buyers seeking premium homes in quieter, scenic areas.
These cities offer a blend of luxury living and promising growth opportunities, making them ideal for both homeowners and investors.
What Experts Say About the Trend
Sahaj Chawla, MD, Trawalk:
“The surge in demand for luxury homes reflects changing consumer preferences. Buyers now seek properties with premium amenities, sustainable designs, and advanced automation. This trend is particularly strong in Delhi-NCR and Mumbai, where sales have seen remarkable growth.”
Sagar Gupta, Sales Director, Trisol Red:
“Delhi-NCR’s urbanization, supported by better infrastructure and connectivity, is driving the luxury housing market. Cities like Gurugram and Noida are preferred destinations due to their modern facilities and accessibility.”
Shantanu Gambhir, MD, Rise Infraventures:
“This is an exciting time for the luxury real estate market. Delhi-NCR is becoming a hub for premium housing, attracting buyers who value comfort, style, and quality. The region saw 3,300 luxury homes sold in the first half of 2024, a 13.8% increase compared to last year.”
Manit Sethi, Director, Exensia Infra:
“The last few years have marked a shift from affordable housing to high-value luxury residences. Developers are now focusing on exclusive experiences and high-end amenities. The trend is also expanding to smaller cities, offering buyers premium options beyond metro areas.”
Why Luxury Homes Are a Smart Investment
Apart from offering an elevated lifestyle, luxury homes are also considered solid investments. These properties tend to appreciate in value over time, especially in well-developed areas with robust infrastructure.
For investors, the growing demand for premium properties in cities like Gurugram, Noida, and Pune offers an opportunity to earn significant returns.
Infrastructure Boosts Accessibility
Improved infrastructure, such as new roads and enhanced public transport, is making cities like Delhi-NCR more accessible and livable. As a result, these areas are witnessing a surge in demand for luxury homes.
This combination of accessibility, modern amenities, and high-quality construction makes metropolitan regions ideal for high-end real estate development.
Key Takeaways for Buyers
If you’re planning to invest in a luxury home, consider the following:
- Location: Ensure the property is in a well-connected area.
- Amenities: Look for features like smart home technology, private gyms, and spacious layouts.
- Sustainability: Opt for properties with eco-friendly designs and energy-efficient systems.
- Future Value: Choose locations with high growth potential for better returns on investment.
By keeping these factors in mind, you can find a home that offers both luxury and long-term value.
