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.
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.