Sales of luxury residential properties — each priced Rs 4 crore and above — jumped 2.5 times to 4,000 units in January-March this year across 7 cities on strong demand for large apartments with better amenities, according to CBRE.
In its report, real estate consultant CBRE said the sales of luxury homes stood at 1,600 units in the year-ago period.
As per the data, sales of luxury flats in Delhi-NCR jumped over three-fold to 1,900 units in the March quarter from 600 units in the year-ago period.
Sales of premium apartments in Mumbai increased to 1,150 units from 800 units.
In Pune, sales stood at 150 units, a sharp jump from 10 units in the year-ago period. Bengaluru saw flat demand at 50 units.
Sales of luxury homes doubled to 100 units from 50 units in Kolkata.
Hyderabad witnessed more than eight-time rise to 430 units from 50 units.
Sales of luxury apartments in Chennai rose five times to 250 units in January-March 2023 from 50 units in the corresponding period a year ago.
After posting a strong performance in 2022, the luxury residential segment witnessed a continued momentum in sales and launch activity, the consultant said.
“Post-pandemic uptick in ownership of luxury housing results from homebuyers’ mindset looking for larger spaces and a higher preference for home ownership with better amenities,” it added.
Anshuman Magazine, Chairman and CEO – India, South-East Asia, Middle East & Africa at CBRE, said, the demand for luxury housing this year will primarily be driven by the aspiration of continued home ownership.
“The momentum is expected to continue in the coming quarters as well. Projects with better amenities, focus on health and safety and clean surroundings to further gain an edge amidst evolving consumer preferences,” he said.
According to the report, a total of 78,700 housing units were sold in January-March 2023 across these seven cities and all segments, as against 70,500 units in the year-ago period.
India Sotheby’s International Realty, which mainly provides consultancy service for luxury properties, MD Amit Goyal said, “We foresee steady growth in the India’s residential real estate demand, especially in the premium and luxury segments. Typically, real estate markets follow a bull and bear cycle pattern with each cycle lasting about 5-7 years. We are in decisively in a bull cycle which started post-pandemic, and is likely continue for a few more years.” M3M India Director Pankaj Bansal said the demand for luxury housing has risen exponentially in the last few years.
“The globetrotter population of India is well exposed to the international standards of living, they look for luxury amenities and lifestyles in their dream homes as well. Therefore, owing to the increased purchasing power and growing desire, many Indian home buyers are also buying elite homes,” Bansal said.
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