New Delhi, July 6 (IANS): India's real estate market witnessed higher luxury housing sales in H1 2024 due to the robust economy and growing demand for luxury lifestyles.

A new report from property consultant firm Knight Frank titled ‘India Real Estate: Residential and Office (January - June 2024),’ said that luxury residential sales surged in the first half of 2024.

Housing sales above Rs 1 crore accounted for 41 per cent of total sales in H1 2024.

This figure was 30 per cent in the same period in 2023.

In the first half of 2024, residential sales in the top eight cities of the country, including Mumbai, Delhi-NCR, Bengaluru, Pune, and Hyderabad, have seen an increase of 11 per cent compared to the same period last year.

A total of 1,73,241 homes were sold in H1 2024, the highest sales figure in 11 years.

According to the report, 27 per cent of total residential sales in the first six months of 2024 were budget homes, while the figure was 32 per cent in the same period of 2023.

Mumbai is the largest residential market in the country and 47,259 houses were sold in H1 2024.

Demand for houses costing more than Rs 1 crore in the country's financial capital has increased by 117 per cent compared to last year.

During this period, there was an increase of 16 per cent in sales on an annual basis.

While 28,998 units have been sold in Delhi-NCR, 27,404 units have been sold in Bengaluru.

These three cities account for 59 per cent of total residential sales.

Gulam Zia, Senior Executive Director, Research, Advisory, Infrastructure, and Valuation, Knight Frank India said, “The robust performance in the residential market resulted in the sale of over 1,73,000 units in the first half of 2024, marking a decade-high record. This growth is firmly anchored by the premium category which saw a significant rise moving from 15 per cent in H1 2018 to 34 per cent in H1 2024."

"Looking forward, we understand that the economic conditions will remain stable with the Indian economy continuing to grow, we expect sales momentum to remain robust for the rest of the year," he added.