India’s luxury housing segment continued its strong upward trajectory in the first quarter of 2025, recording a 28% year-on-year growth in sales across the country’s top seven cities. Approximately 1,930 luxury homes—defined as units priced at INR 4 crore and above—were sold between January and March 2025, up from 1,510 units during the same period last year.
Delhi-NCR led the luxury housing market with a commanding 49% share of total sales, translating to around 950 units sold in the quarter. This marks a sharp rise from just 13% in Q1 2024. Mumbai followed with a 23% share of luxury home sales, although this was a decline from its 30% share in the previous year.
Among southern cities, Bengaluru saw the most significant jump, growing from just 20 luxury units sold in Q1 2024 to about 190 units in the first quarter of 2025. Kolkata and Chennai also made notable gains, each capturing around 5% of the total luxury market during the quarter. In contrast, Hyderabad, which had accounted for a 45% share last year, saw its contribution fall to just 5% this quarter.
Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, said, “The Indian residential market’s performance in Q1 2025 reflects both maturity and momentum. The alignment between supply and demand, especially in the mid-to-premium segments, signals a deep understanding of buyer aspirations. Luxury and high-end segments continue to gain traction, driven by rising disposable incomes, lifestyle upgrades, and a desire for future-ready living spaces. We anticipate residential demand to chart a steady course as infrastructure improvements and financing access continue to support housing demand across key cities. Recent cut in repo rate will further improve buying sentiments.”
Overall, India’s residential real estate market maintained a healthy balance between new launches and sales during the January–March period. Approximately 65,300 new units were launched, while total sales reached 65,800 units. Mumbai led in overall sales with about 18,600 units sold, followed by Pune at 12,500 units and Delhi-NCR at 10,000 units. Bengaluru was close behind, recording 9,300 units sold during the quarter.
High-end homes dominated sales activity in Q1 2025, accounting for 27% of the total units sold, with the mid-end segment following closely at 25%. On the supply side, Mumbai once again led with 15,600 new launches, representing 24% of the total. Pune and Bengaluru followed with 15,000 and 11,400 units launched, respectively. About 30% of new supply was in the high-end segment, while the mid-end category accounted for 29%.
The outlook for India’s residential real estate market remains optimistic for the rest of 2025. Demand is expected to stay strong, backed by rising income levels, improving infrastructure, and increasing aspirations for homeownership.
Additionally, the anticipated monetary easing cycle by the Reserve Bank of India and the narrowing gap between EMIs and rentals could further support purchase decisions. With substantial land acquisitions made in 2023 and 2024, developers are also expected to maintain a strong pipeline of new project launches throughout the year.
Delhi-NCR led the luxury housing market with a commanding 49% share of total sales, translating to around 950 units sold in the quarter. This marks a sharp rise from just 13% in Q1 2024. Mumbai followed with a 23% share of luxury home sales, although this was a decline from its 30% share in the previous year.
Among southern cities, Bengaluru saw the most significant jump, growing from just 20 luxury units sold in Q1 2024 to about 190 units in the first quarter of 2025. Kolkata and Chennai also made notable gains, each capturing around 5% of the total luxury market during the quarter. In contrast, Hyderabad, which had accounted for a 45% share last year, saw its contribution fall to just 5% this quarter.
Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, said, “The Indian residential market’s performance in Q1 2025 reflects both maturity and momentum. The alignment between supply and demand, especially in the mid-to-premium segments, signals a deep understanding of buyer aspirations. Luxury and high-end segments continue to gain traction, driven by rising disposable incomes, lifestyle upgrades, and a desire for future-ready living spaces. We anticipate residential demand to chart a steady course as infrastructure improvements and financing access continue to support housing demand across key cities. Recent cut in repo rate will further improve buying sentiments.”
Overall, India’s residential real estate market maintained a healthy balance between new launches and sales during the January–March period. Approximately 65,300 new units were launched, while total sales reached 65,800 units. Mumbai led in overall sales with about 18,600 units sold, followed by Pune at 12,500 units and Delhi-NCR at 10,000 units. Bengaluru was close behind, recording 9,300 units sold during the quarter.
High-end homes dominated sales activity in Q1 2025, accounting for 27% of the total units sold, with the mid-end segment following closely at 25%. On the supply side, Mumbai once again led with 15,600 new launches, representing 24% of the total. Pune and Bengaluru followed with 15,000 and 11,400 units launched, respectively. About 30% of new supply was in the high-end segment, while the mid-end category accounted for 29%.
The outlook for India’s residential real estate market remains optimistic for the rest of 2025. Demand is expected to stay strong, backed by rising income levels, improving infrastructure, and increasing aspirations for homeownership.
Additionally, the anticipated monetary easing cycle by the Reserve Bank of India and the narrowing gap between EMIs and rentals could further support purchase decisions. With substantial land acquisitions made in 2023 and 2024, developers are also expected to maintain a strong pipeline of new project launches throughout the year.
