According to the data issued by real estate consultancy CBRE South Asia, the sale of luxury homes in India increased by 130% in the first half of 2023 compared to the corresponding period of the previous year. Between January-June of this year, 6,900 luxury homes costing US$ 488,011.96 (Rs. 4 crore) and above were sold, as opposed to 3,000 in 2022.
As per CBRE, a growing preference for enhanced amenities and spacious living areas was the primary factor driving the surge in demand for luxury homes.
Additionally, the aspirational class has been growing and is the main force behind luxury sales. Moreover, the increase in non-resident Indians (NRIs) involvement in the Indian real estate market has significantly fuelled the demand for luxury properties, according to the report.
Together, Delhi-NCR, Mumbai, and Hyderabad emerged as prominent markets in absolute terms, accounting for approximately 90% of all sales of luxury homes across the top seven Indian cities. The sales of these homes were the highest in Delhi-NCR at 2,900, which was followed by 1,900 in Mumbai and 1,400 in Hyderabad.
With an almost 14-fold growth compared to the 100 luxury homes sold between January-June of last year, Hyderabad experienced the biggest percentage growth in sales on a year-over-year (YoY) basis. It was followed by a six-fold rise in sales in Pune from 50 units to 300 units in 2023. From 950 units the previous year, Delhi-NCR saw a three-fold increase.
The luxury housing market saw a 121% YoY rise in sales during the April-June quarter. 3,100 luxury homes were sold in total during the quarter as opposed to 1,400 units during the same period last year.
Hyderabad, Mumbai, and Delhi-NCR became significant markets throughout the quarter. Sales in Delhi-NCR increased from 350 units in 2022 to 1,050 units this year, nearly a three-fold increase. Sales in Hyderabad increased by 20 times to 1,000 units.
