Ultra Luxury Housing Launches See Largest Jump In 2024, HNIs To Fuel Uptrend In 2025: Report
Mumbai and Kolkata, conversely saw the most affordable housing launches in 2024, making up 31% of the launches in their city.
The ultra luxury housing segment, (houses that cost more than Rs 2.5 crore) saw the largest uptick in pan India launches in 2024, according to Anarock's annual residential report 2024.
Ultra luxury home launches that are valued above Rs 2.5 crore increased from 9% in 2023 to 16% in 2024, according to the report.
The luxury housing segment in the Rs 1.5 crore to Rs 2.5 crore cost range also saw a minor uptick in launches going from 13% in 2023 to 14% in 2024.
"A striking trend is the increased focus on premium segments, with luxury (Rs 1.5 Cr–Rs 2.5 Cr) and ultra-luxury (> Rs 2.5 crore) segments collectively accounting for 30% of launches, marking a rise from 22% in 2023," the report said.
All other cost segments saw reductions in launches from 2023 to 2024 with the affordable (less than Rs 40 lakh) and mid range segment (Rs 40-80 lakh) taking the largest hits, seeing a reduction in launches by 3%.
The affordable segment, especially, saw a reduction of launches from 19% to 16%, while the mid-range segment saw a decline in new projects from 31% to 28%.
HNIs To Drive Increase In Luxury Housing
The report projected luxury homes to continue its uptrend in 2025, due to an increasing amount of high-net-worth individuals and ultra-high-net-worth individuals.
"With over 8.5 lakh HNIs in India, expected to grow to 1.65 million by 2027, and 20% of these millionaires under 40, young wealth creators are shaping demand for premium living spaces," the report said.
Launch Metrics In Major Metro Cities
The national capital region saw the most launches of ultra luxury houses, making up 59% of the new homes cropping up in the area.
Conversely, the Mumbai Metropolitan Region and Kolkata saw the highest increase in affordable housing launches, by 31%.
Chennai recorded the highest metric of mid-range supply in housing with up to 57% of the homes launched in the city making up that segment.
It was closely followed by Pune which saw a 42% jump in the segment.
Bengaluru and Hyderabad saw the most launches in the luxury segment of housing seeing a 39% rise.
