Luxury housing continues its forward march in the new year, with Delhi-NCR emerging as a show stealer in sales.

According to recent Q1 2025 report of CBRE, luxury housing segment (units priced at INR 4 crore and above) recorded 28% Y-o-Y sales growth in Jan-Mar ‘25 across India’s top seven cities. The segment witnessed total sales of approximately 1,930 luxury units during the quarter.

Among the top seven cities, Delhi-NCR led in quarterly luxury unit sales, recording a sale of around 950 luxury

units, followed by Mumbai with 23% share in overall sales. Bengaluru recorded the highest growth among southern cities, growing from just 20 units in Q1 2024 to about 190 units in Jan-Mar ’25 . Notably, Kolkata and Chennai had a 5% share in overall luxury unit sales.

India’s residential market witnessed an equilibrium between new launches and sales in Jan-Mar ‘25. Approximately 65,300 units were launched, and sales were recorded at 65,800 units. City- wise Mumbai, Pune and Delhi-NCR collectively accounted for over 62% of total residential sales in Jan-Mar’25. The report highlighted that Mumbai recorded the highest number of unit sales during the quarter, with approximately 18,600 units sold, followed by Pune with 12,500 units. Delhi-NCR witnessed sales of 10,000 units, while Bengaluru followed closely with sales of 9,300 units.

The high-end segment led sales activity in Jan-Mar ’25, capturing a 27% share, closely followed by the mid-end segment at 25%.

In terms of quarterly launches, Mumbai led the way at 15,600 units (24%), followed by Pune with 15,000(23%) units and Bengaluru with 11,400 units (17%).  Around 30% of the launches were dominated by the high-end segment, followed by the mid-segment at 29%.

“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, says Anshuman Magazine, Chairman& CEO-India, South-East Asia, Middle-East & Africa, CBRE.”

Outlook

• India’s residential real estate market is anticipated to chart a steady course in 2025, fuelled by an increasing appetite for homeownership, rising income levels, and continuous infrastructure improvements.

• Furthermore, RBI’s initiation of the monetary easing cycle, coupled with the diminishing gap between EMIs and rentals, could encourage homebuyers to finalise their purchase decisions.
• New project launches are expected to remain elevated during the year, driven by the substantial land acquisitions witnessed during 2023-24.