NEW DELHI: Demand for luxury living continues to rise in top top metro cities as apartments priced at Rs 1 crore now account for 62 percent of total sales. In contrast, apartment prices below Rs 1 crore are finding fewer buyers owing to a steep rise in property prices amid uncertainty in the economic environment.
According to property consultant JLL India, apartments priced at Rs 1 crore and above accounted for approximately 62 percent of total sales in the first nine months of calendar year 2025, up from 52 percent in the same period of 2024. This increased contribution was primarily driven by a 10 percent growth in demand for the Rs 1.5-3.0 crore housing segment. While premium homes gained market share so far in 2025, the mass segment’s (sub-Rs 1 crore) share dropped from 48 percent to 38 percent compared to the same period last year.
JLL data showed that while total residential sales fell 12 percent Y-o-Y to 202,756 units in January-September 2025, premium homes valued at Rs 1 crore and above posted 4 percent growth over the same period. Growing interest in high-end and premium residential developments has dampened mass housing market momentum, evidenced by a significant 30 percent Y-o-Y decline in sub-Rs 1 crore home sales during the first nine months of 2025.
“January-September 2025 showed a shift toward a "value-driven" market with premium housing demand driving overall sales despite 12 percent Y-o-Y drop-in total units sold. Interesting to note, demand for projects launched during the same quarter has been witnessing sustained momentum, with Q3 2025 following this trend. Even for the period between January to September 2025, approximately 24 percent of sales were contributed by properties launched during the first nine months of 2025, marginally higher than the share observed during January-September 2024.” said Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.
Consistent with the nine-month pattern, India's top seven cities posted a 9 percent Y-o-Y and 2 percent Q-o-Q sales decline in Q3 2025, totalling 67,980-unit sales, except Pune and Chennai which posted 14 percent and 13 percent Y-o-Y growth when compared to Q3 2024, as per JLL data.
As per JLL, home prices in India's seven major cities maintained their upward trajectory in Q3 2025, posting annual increases ranging from 6% to 16 percent. Kolkata topped the list with 16 percent growth, followed by Chennai at 14 percent, while Delhi NCR and Bengaluru both recorded 13 percent growth.
JLL said that the Indian housing market is moving toward a balanced phase after strong growth as rising property prices create affordability concerns and sales slowdown. The consultant stated that home prices will keep rising due to strong luxury demand, low inventory, and developers' pricing power, even as sales moderate.
