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Luxury Leads Q1 2024 Housing Launches: Report

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In the first quarter of 2024, high-end and luxury properties lead housing launches, constituting 34% of the total, as per a Cushman & Wakefield report. Mumbai and Pune lead contributions at 28% and 16% respectively, followed by Hyderabad and Bengaluru at 16% and 13%.

Despite a 7% decline from Q4 2023 and a 15% decrease from Q1 2023, the total housing unit launches across top 8 cities remain above the 2022 quarterly average.

While Bengaluru and Mumbai observe increased launches, Delhi-NCR, Chennai, Hyderabad, Pune, Kolkata, and Ahmedabad witness declines. The high-end and luxury segment's dominance, with a share steadily increasing from 13-14% in 2019 to over 30% post-2022, mirrors evolving homebuyer preferences for upscale lifestyles.

Mid-segment housing retains its position as the volume leader, accounting for over 50% of launches consistently for the past few years.

However, the affordable housing segment experiences a downturn, representing just 13% of launches this quarter. Developers may be cautious due to lower margins and stringent regulations compared to the high-end and mid-segments.

Listed and reputable developers lead residential launches, contributing over 38% of Q1 2024 launches.

In the NCR region, high-end and luxury properties capture 61% of launches, with Gurugram leading the way. Noida sees the highest contribution to mid-segment launches at 26%.

Mumbai's residential sector witnesses a 21% growth in launches over the previous quarter, dominated by mid-segments with a 61% share.

Bengaluru records nearly 8,850 unit launches in Q1 2024, with branded and listed developers contributing around 53% of launches.

Shalin Raina, Managing Director, Residential Services, Cushman & Wakefield, notes a significant rise in demand for high-end and luxury properties, reflecting a shift in homebuyers' preferences towards lifestyle-oriented investments.

March 30, 2024 12:34 p.m. 2777

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