Buying Expensive Homes : The luxury housing market in India is growing rapidly. People today are looking for modern amenities, comfort, and a great living environment. In Mumbai, the sale of homes priced at ₹4 crore and above increased from 4,200 units last year to 5,500 units this year. The demand for luxury homes priced over ₹4 crore was strong in 2024, with sales in seven major cities across the country jumping 53% to reach 19,700 units.
The highest sales in this category during 2024 were recorded in the National Capital Region (NCR)—Delhi, with 10,500 units sold compared to 5,525 units in 2023. Anshuman Magazine, the Chairman and CEO of CBRE for India, Southeast Asia, West Asia, and Africa, stated that the residential real estate market is progressing on a solid foundation. He also mentioned that several cities traditionally associated with mid-level developments, like Noida, Bengaluru, Pune, and Chennai, are now shifting their focus toward more upscale housing projects. In Mumbai, sales of homes priced at ₹4 crore and above rose from 4,200 units last year to 5,500 units this year.
Demand for Tax Cuts on Affordable Housing Projects
The top real estate organization, CREDAI, has urged the government to set the income tax rate for affordable housing projects at just 15% in the upcoming budget. CREDAI believes that this move will help increase the supply of low-cost homes, which are in high demand. In its suggestions, the Confederation of Real Estate Developers’ Associations of India (CREDAI) proposed redefining the term “affordable housing,” offering tax exemptions to real estate companies building affordable homes, and increasing the deduction limit on the principal and interest paid by individuals on housing loans.
