 "Luxury housing sales in India jumped 75% in 2023, threefold in Delhi: CBRE")
The sales of luxury homes in India, priced Rs 4 crore and above, jumped 75 per cent last year, doubling the share of these homes in total housing sales, a report released by real estate consultancy CBRE on Wednesday said. A total of 12,935 such homes were sold in 2023, compared to 7,395 in 2022.
According to the "India Market Monitor Q4 2023", the share of luxury segment in total sales now stands at 4 per cent. It was 2 per cent in 2022. The new launches also rose 45 per cent, on the back of increased demand.
"A 75 per cent surge in luxury unit sales and a substantial 45 per cent rise in launches underscore the sector's vibrancy. The evolving market dynamics, especially in key cities like Delhi-NCR, Mumbai, Pune, Hyderabad, and Bangalore, reflect a nuanced demand for high-end residences," said Anshuman Magazine, chairman and chief executive officer (India, South-East Asia, Middle East & Africa), CBRE.
The highest rise in sales of luxury homes was witnessed in Delhi and the National Capital Region (NCR). A total of 5,530 units were sold in the city in 2023, 197 per cent higher than 1,860 units in 2022.
This was followed by Pune, Hyderabad, and Mumbai, registering an annual growth of about 144 per cent, 64 per cent, and 24 per cent, respectively.
The overall home sales across price categories rose 9 per cent in 2023, as compared to 2022. A total of 322,000 units were sold last year. Sustained momentum in demand also led developers to launch over 313,000 new housing units in 2023, a 6 per cent year-on-year increase.
Mid-end projects emerged as the leading category driving sales, recording a 45 per cent share in total sales for 2023, followed by high-end and affordable projects.
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"In light of the changing landscape, the premium and luxury sectors are expected to sustain their attractiveness, supported by favourable market conditions driving healthy growth in the foreseeable future," Magazine said.
"While regional dynamics may lead to fluctuations in capital values, the overall outlook remains positive."