According to CBRE’s ‘India Market Monitor Quarter 1 2023’ study, the luxury residential market in India will continue to rise in sales and launch activity in 2023 for the second year in a row. An increase of over 151% Year on Year was registered between January 2023 and March 2023.
Delhi-NCR is currently in first place, with a 216% rise in luxury housing sales in Quarter 1 2023 compared to Quarter 1 2022. Other significant cities with considerable demand for luxury real estate include Mumbai, Hyderabad, Pune, and Kolkata.
“Overall housing sales in Delhi-NCR increased by more than 216%, Mumbai by 44%, Hyderabad by nearly 800%, Kolkata by 100%, and Pune by nearly 13 times on a Year on Year basis for the January -March 2023 quarter,” according to the study.
Luxury property ownership is reported to have increased during the epidemic as a result of changed priorities among homebuyers, who are now more interested in larger homes with more facilities.
A residence that costs Rs 40 million or more is classified as luxury, while those priced between Rs 10-15 million are classified as premium or high-end.
Total residential unit sales across all categories increased by 12% from January to March 2023, both quarter over quarter and year over year. More than 78,000 residential apartments were sold between January and March 2023, while over 81,000 additional units were introduced.
According to the survey, affordable and low-cost housing developments accounted for 49% of the market. In a previous CBRE data, more than 50% of residents planned to move to a new house within the next two years.
Source-ET
