Luxury segment housing sales rise in top seven cities of India: Survey

CBRE South Asia Treal estate consulting firm announced the findings of the January-June ’23 residential sector survey data highlighting trends in the top seven cities in India.

CBRE South Asia Treal estate consulting firm announced the findings of the January-June ’23 residential sector survey data highlighting trends in the top seven cities in India. The luxury housing segment registered a 130% Y-o-Y increase in the period. Total sale of luxury units stood at 6,900 compared to 3,000 units during the same period last year.

Hyderabad recorded the highest percentage increase in sales on a Y-o-Y basis, with nearly 14-fold growth with total sales of 1,400 units. This was followed by a nearly six-fold increase in sales in Pune and over three-fold jump in Delhi-NCR on a Y-o-Y basis.

A similar trend prevailed during the April-June ’23 quarter in the luxury housing segment across the top cities registering a 121% Y-o-Y increase in sales. It saw sales of 3,100 luxury housing units compared to 1,400 units during the same quarter last year. While luxury sales in Hyderabad increased by 20 times, it jumped three-fold in Delhi-NCR.

The surge in demand for luxury housing was primarily driven by a growing preference for enhanced amenities and more spacious living areas. Moreover, it is the aspirational class that has been on an upward trend and driving luxury sales. Besides, the rise in NRI investments in the Indian real estate market has significantly contributed to the heightened demand for luxury properties.

Overall, in the residential sector, during January - June ’23 period, a total of 154,000 units were sold, and over 151,000 new units were launched across all categories. During this period, sales increased by about 3% compared to the same period a year ago, whereas new launches recorded a growth of 9% Y-o-Y basis, highlighting a substantial rise in the newly launched residential properties compared to the corresponding period in the previous year.