High-end & luxury segment contribute 34% to Q1 2024 residential launches
residential real estate market in India recorded robust growth in the first quarter of 2024, propelled by persistent high demand. The high-end and luxury segments made a substantial contribution to this growth, while the mid-segment retained its leadership position in terms of the sheer number of launches or shares, mentioned Cushman & Wakefield's Residential Marketbeat Report for Q1.
The report indicates that the top 8 cities recorded a total of 69,000 unit launches, with Mumbai and Pune being the top contributors with 28% and 16% respectively. Hyderabad and Bangalore followed with 16% and 13%.
Although the total launches declined by 7% from Q4 2023 at 74,344 units and 15% from Q1 2023 at 81,167 units, it still surpassed the average quarterly launches observed in 2022 at 67,960 units, indicating yet another positive year for the sector.
Shalin Raina, Managing Director, Residential Services, Cushman & Wakefield said, “Over the past year, a significant rise in demand for high-end and luxury properties has emerged at both national and local levels. This shift reflects a change in homebuyers’ growing desire to invest in a place not only to live, but as a high-quality asset that reflects their lifestyle aspirations”.
In Q1-2024, the high-end and luxury segment remained dominant, accounting for roughly 34% of all property launches. This trend has been consistent in recent years and is a reflection of the evolving aspirations of homebuyers who seek enhanced lifestyles. In fact, this segment's market share has grown
