Luxury home sales in the Delhi-NCR region in the first nine months of the current calendar year increased two-fold on a year-on-year (YoY) basis. The sales of luxury homes priced above Rs 1.5 crore stood at 13,630 units in the region in the January-September period in the year, owing to an increase in demand and supply, data from Anarock revealed.
The data from the real estate consultant market firm stated that during the Jan-Sept period last year, 6,210 luxury homes were sold in the region, reported PTI.
This trend was almost similar across seven major cities tracked by Anarock, namely Bengaluru, Delhi-NCR, Mumbai Metropolitan Region, Pune, Chennai, Kolkata, and Hyderabad. The data revealed that in all these major cities, luxury residential properties logged an increase of more than two times in their sales to 84,400 units in 2023, against 39,300 units sold in the corresponding period a year earlier.
Anuj Puri, Anarock Chairman, commented that the luxury housing market has seen a boost in growth over the increase in demand after the COVID-19 pandemic. This demand has been followed by a surge in supply as well. After the pandemic, home ownership, as a concept, has strengthened. “People are also upgrading to better and bigger homes,” Puri noted.
The data showed that Hyderabad recorded an over three-fold growth in sales of luxury homes to 13,630 units in the first nine months of the year, compared to 3,790 units sold in the same period a year earlier.
Similarly, Bengaluru reported an increase in sales of luxury homes to 9,220 units in the reporting period, against 3,810 units sold in the January to September period a year ago.
The Mumbai Metropolitan Region (MMR) logged an increase of 74 per cent in luxury home sales at 36,130 units sold during the period, against 20,820 units sold in the same period last year.
The data found that Pune reported an almost three-fold jump in luxury house sales to 6,850 units during the reporting period, against 2,350 units sold in the same period in 2022. Chennai also logged an increase in sales in the segment to 3,330 units during the period under review, compared to 1,370 units, on a year-on-year (YoY) basis. While Kolkata recorded a 69 per cent increase in luxury home sales to 1,610 units during the January to September period in the year, up from 950 units sold in the corresponding period a year earlier.
Looking at all price brackets, the data showed that overall 3.49 lakh units were sold in these seven cities during the first nine months of 2023, out of which luxury homes accounted for 24 per cent. For the same period in 2022, luxury home sales contributed 14 per cent to the total sales.
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