Latest News

Luxury Housing Demand increases in India [Data]


➡️ Click here to join our Whatsapp Group

Luxury housing in India is experiencing a significant surge as the country’s affinity for opulence extends to various sectors. Anarock Research data reveals that in the first quarter of 2024, out of the 130,170 units sold in the top 7 cities, luxury homes priced above ₹ 1.5 crore accounted for an impressive 21% share, totaling approximately 27,070 units.

Segment Wise Sold Units – Q1 2024

CityAffordable SegmentMid & High-End SegmentLuxury SegmentTotal
NCR4,3055,2806,06015,645
MMR12,65020,9209,36042,930
Hyderabad28513,6205,75519,660
Bangalore1,38012,9503,45517,785
Pune4,60016,8601,53022,990
Chennai5604,4205305,510
Kolkata2,7652,5053805,650
PAN India26,54576,55527,0701,30,170

This surge represents a threefold increase compared to the first quarter of 2019, where luxury homes constituted only 7% of sales.

Delhi NCR’s Dominance in Luxury Housing

In Delhi NCR, out of the approximately 15,645 units sold in the first quarter of 2024, luxury homes priced above ₹ 1.5 crore dominated sales, with around 6,060 units sold, comprising 39% of the total.

Growth in the Indian Residential Property Sector

Anarock Research’s latest data indicates that the Indian residential property sector has continued to experience significant growth in the first quarter of 2024, with notable increases in both sales and new launches.

Anuj Puri, Chairman of the ANAROCK Group, highlights that the mid-range and premium housing segment accounted for the majority of sales, with approximately 76,555 units sold during the period, representing nearly 59% of the overall sales share. Puri adds that affordable housing has not been able to match its stellar sales share from 2019.

2023 Data

Changing Trends in Different Cities

City-wise analysis reveals interesting trends, with Delhi NCR witnessing a significant shift from the dominance of affordable housing in the first quarter of 2019 to luxury housing commanding the highest sales share in the first quarter of 2024. On the other hand, Kolkata continues to show a preference for affordable housing.

New Launches in the Luxury and Affordable Segments

During the first quarter of 2024, approximately 28,020 luxury homes were launched, constituting 25% of the total new launches. In contrast, affordable housing saw a decline, accounting for only 18% of the total new launches.

In 2019, luxury homes made up around 11% of the overall new supply across the top 7 cities. However, in the first quarter of 2024, this share has skyrocketed to 25%.

Furthermore, while only 25,770 luxury units were launched throughout the entire year of 2019, a staggering 28,020 luxury homes were introduced in just the first quarter of 2024.

In contrast, affordable housing has experienced a significant reversal in its trend. In 2019, affordable homes accounted for 40% of the overall new supply additions, totaling approximately 2.37 lakh units across the top 7 cities. However, data from the first quarter of 2024 indicates a sharp drop in its supply share, plummeting to a mere 18% of the total new launches.

Leave a Reply

Your email address will not be published. Required fields are marked *

Home
Calculators
Menu
Search