The high-end and luxury segments made up 34 per cent of residential launches in the first quarter, a momentum sustained from 2023, a Cushman & Wakefield report said. This segment’s share has steadily increased from a mere 13-14 per cent in 2019 to more than 30 per cent post 2022.

The mid-segment housing continues to be the volume leader, accounting for over 50 per cent of launches, consistent with the past 3-4 years.

According to the report, the total unit launches across top eight cities stood at 69,000, with Mumbai and Pune accounting for the highest contributions with 28 per cent and 16 per cent, respectively.

This was followed by Hyderabad and Bengaluru with 16 per cent and 13 per cent.

While the total launches represent a modest 7 per cent decline from a strong Q4 2023 (74,344 units) and a 15 per cent decrease compared with Q1 2023 (81,167 units), it remains above the average quarterly launches observed in 2022 (67,960 units), another positive year for the sector.

Shalin Raina, managing director, residential services, Cushman & Wakefield, said “Over the past year, a significant rise in demand for high-end and luxury properties has emerged at both national and local levels. This shift reflects a change in homebuyers’ growing desire to invest in a place not only to live, but as a high-quality asset that reflects their lifestyle aspirations.”