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Record Rise of Luxury Housing

Torbit - September 04, 2022 - - 0 |

Post- pandemic , luxury housing has performed remarkably well with high end residential sales doubling in H1 2022 and Mumbai Metropolitan Region (MMR) topping the sale charts.

Luxury housing has performed remarkably well post the pandemic, with overall sales rising steeply across the top 7 cities. The latest Anarock research data of 7 top cities  finds that of approx. 1.84 lakh units sold in these cities in H1 2022, about 14% (approx. 25,700 units) were luxury homes. Contrastingly, of 2.61 lakh units sold in the whole of 2019, just 7% (approx. 17,740 units) were in the luxury category.

MMR and NCR have led luxury homes sales with almost 17,830 units sold in these two cities alone. In 2019, they accounted for  the sale of  mere 11,890 luxury homes in the entire year.

In terms of overall sales share, MMR’s luxury housing sales share increased from 13% in 2019 to 25% in H1 2022. In NCR, the sales share rose to 12% in H1 2022, from 4% in 2019.

According to Anuj Puri, Chairman, Anarock Group  these sales figures are even more remarkable if we consider that it is mainly end-users who are driving luxury housing sales across these cities today.  HNIs are conscious of cost and discounts by developers made luxury properties very attractive for these buyers and NRIs have also been snapping up luxury homes in India because of the favourable exchange rate.

Encouraged by this healthy demand for luxury offerings, developers have stepped up new supply in the luxury segment, launching over 28,000 units priced >INR 1.5 Cr across the top 7 cities in just first half of 2022. Approx. On the other hand, in whole of 2019, 28,960 luxury homes were launched.

Whine  the demand for luxury homes has been on the upswing,the affordable housing segment (units priced <INR 40 lakh) saw its sales share dip from 38% in 2019 to 31% in H1 2022. Of 1.84 lakh homes sold in H1 2022, approx. 57,040 units were in this budget category. Post-pandemic, affordable housing was significantly impacted because its target audience took the biggest economic hit. In terms of cities, Hyderabad saw the maximum dip in affordable housing sales share – from 23% in 2019 to 6% in H1 2022, followed by Chennai – from 52% in 2019 to 36% in H1 2022.

Luxury Housing Sales Share

Source: ANAROCK Research

City – Wise Luxury Homes Inventory

Anarock  data shows that the top 7 cities currently have about 97,140 luxury and ultra-luxury homes for sale.

  • MMR has the maximum share of ,   46% with approx. 44,710 luxury homes currently available for sale. In H1 2022, 13,670 luxury homes were sold here.
  • NCR comes second with approx. 19,470 luxury units currently available for sale. In H1 2022, approx. 4,160 units were sold in this segment.
  • Hyderabad has approx. 11,730 luxury homes available for sale. In the first half of this year, approx. 2,420 units were sold.
  • Bengaluru has approx. 9,860 luxury units available for sale. In H1 2022, approx. 2,430 luxury homes were sold here.
  • Pune has approx. 5,860 luxury homes available for sale. In H1 2022, approx. 1,460 luxury homes were sold here.
  • In Chennai, approx. 4,020 luxury units are currently available for sale. In H1 2022, approx. 920 units in this category were sold.
  • Kolkata has the lowest available luxury homes stock with approx. 1,490 units currently for sale here. In H1 2022, approx. 630 units were sold in this category.

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