The latest research from eXp India has revealed that Delhi-NCR is the city best poised to benefit from the significant growth seen across India’s luxury property market, as the city boasts the highest proportion of homes listed for sale at 10Cr or above.
The Indian real estate market is currently experiencing significant growth in luxury property sales, driven by evolving lifestyle preferences amongst affluent buyers in search of more spacious, high-quality living spaces.
This demand is being driven, in part, Non-Resident Indian Investments (NIR), as well as infrastructural developments such as the Purple Line metro extension in Bengaluru and the upcoming Blue Line metro in North Bengaluru.
In response, developers have invested heavily in high-end residential projects and for good reason, with DLF's $4 billion ultra-luxury project near New Delhi already selling a significant number of units, each priced at $8 million.
Further analysis by eXp India shows that it’s Delhi-NCR that is best poised to facilitate the increase in luxury buyer activity.
Of all homes currently listed on the market, 34% boast a price tag of 10 Cr or above, by far the highest proportion of all areas of the market.
It’s estimated that between January and September of last year, the region saw a 72% increase in luxury property sales, followed by Mumbai where there was an 18% increase during the same period.
Current stock availability is lower across Mumbai, however, where just 6% of all homes currently listed on the market boast a price tag of 10 Cr or more, followed by Gurgaon at 3%.
Both Hyderabad and Bengaluru also rank in the top five at 2% respectively. Whilst stock availability is more restricted, areas like Sarjapur Road, Devanahalli, Bellary Road, and Panathur Road continue to attract high-net-worth individuals, reinforcing Bengaluru's status as a top luxury destination, whilst Hyderabad continues to be an emerging player within India’s luxury market.
