Luxury Housing Sales: Despite the cost of home loans, the demand for luxury housing remains high. Between January and March 2023, there has been a jump of 151 percent in the sales of luxury housing. According to the real estate consultant, there has been a huge demand for large apartments with better facilities in seven major cities of the country.
According to the India Market Monitor report, the first quarter of 2023, from January to March, saw a 12 percent jump in sales of residential units across all segments as compared to the previous quarter. Delhi NCR has seen a 216 per cent jump in luxury housing sales in the first quarter as compared to the first quarter of 2022.
Apart from Delhi-NCR, the demand for luxury residential units has also increased in Mumbai, Hyderabad, Pune, Kolkata. In the January-March quarter this year, the sales of expensive residential units have increased two and a half times to 4,000 units. According to CBRE, there is a huge demand for bigger apartments with better amenities in seven major cities of the country. CBRE said in a report that in the same period a year ago, there were 1,600 units of expensive residential units.
As per the data, sales of premium homes in Delhi-NCR tripled to 1,900 units in the March quarter. During the same period a year ago, this figure was 600 units. Sales of high-end apartments in Mumbai increased from 800 units to 1,150 units. This momentum is expected to continue in the coming quarters as well, said Anshuman Magazine, CBRE’s chairman and chief executive officer (CEO) – India, South-East Asia, West Asia and Africa.
If we look at the launch of new housing units, 25200 units have been launched in Mumbai. A total of 16000 housing units have been launched in Pune. While Delhi-NCR has seen the launch of 11,200 units. In the January to March quarter, a total of 64 per cent units were launched in these cities only.