Premiumisation fuels India’s housing growth; Mid-income, luxury homes drive demand
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The trend is evident in key property markets of Mumbai, Delhi-NCR, Bengaluru, Pune, and Hyderabad, and the performance of these markets underscores the evolving aspirations of homebuyers seeking luxury and exclusivity with spacious homes.
Sales of apartments priced Rs 2-Rs 5 crore grew 400% between 2019 and 2024, with 82% increase in 2024 alone. Homes priced above Rs 20 crore saw a 270% rise since 2019, while the Rs 1–10 crore category registered the most notable growth, with a 46% on-year increase and a nearly 500% rise since 2019, showed data from Knight Frank India.
“The residential market has had a tremendous run since 2020 with 2024 sales volumes culminating in a record high. The premiumisation trend has intensified as the market continues to shift toward the higher ticket-sizes with products much better suited to the increasing lifestyle needs of the demanding consumer,” said Shishir Baijal, CMD, Knight Frank India.
According to him, the overall improvement in market health metrics, stable economic and interest rate scenario along with the strong momentum hold enough tailwinds for the market as it steps into the new year.
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