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Luxury Housing Market Shines in 2024
The New Indian Express Kannur
|December 29, 2024
Rush for Luxury Abode
DEMAND for lavish and luxurious housing projects remained resilient in 2024 despite a sharp surge in property prices. This particular segment defied a slowdown in economic growth as the growing tribe of high-net-worth individuals did not shy away from making big-ticket purchases.
As per data issued by real estate consultant firm Anarock, housing prices rose between 13-30% year-on-year in 2024 across the top 7 cities, primarily due to increased input costs and strong homebuyer demand. Delhi-NCR recorded the highest yearly jump of 30% in average residential housing price—from ₹5,800 per sq. ft. in 2023 to nearly ₹7,550 per sq. ft. in 2024. The top 7 cities together saw a 21% yearly jump in average residential price from ₹7,080 per sq. ft. in Q4 2023 to over ₹8,590 per sq. ft. in Q4 2024.
This story is from the December 29, 2024 edition of The New Indian Express Kannur.
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