From Mumbai, Hyderabad to Delhi-NCR, Luxury Home Sales above Rs 1.5 crore Jump 115%. Are you buying?
The luxury housing segment continues to maintain a seemingly unstoppable growth curve in 2023. According to Anarock Research data, overall sales have been increasing steeply across the top 7 cities in 2023 compared to the previous year.
In the first nine months of 2023, approx 3.49 lakh units were sold in the 7 cities, of these about 24% or approx. 84,400 units were luxury homes priced above Rs 1.5 crore.
In the first nine months of 2022, just 14% (approx. 39,300 units) of approx. 2.73 lakh units sold were in the luxury category. This denotes a steep 115% annual rise in the number of luxury units sold between January to September 2023 against the corresponding period in 2022.
City-wise data show that Delhi-NCR, Mumbai Metropolitan Region (MMR) and Hyderabad have outperformed other cities in luxury home sales.
“MMR, NCR and Hyderabad outperformed the other cities in luxury housing sales in 9M 2023, with these three cities together accounting for approx. 63,390 units sold. In the same period in 2022, just 30,820 luxury homes – less than half of the current year’s 9-month tally – were sold in these three cities,” says Anuj Puri, Chairman, ANAROCK Group.
“Interestingly, none of the top 7 cities saw any deceleration in luxury housing sales. In fact, they all went into overdrive,” he adds.
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Hyderabad saw luxury housing sales increase by a whopping 260% in this period with approx. 13,630 units sold in 9M 2023, from approx. 3,790 units sold in 9M 2022. Approx. 44,220 homes across all budget categories were sold in the city in 9M 2023, with the luxury share at 31%.
MMR saw luxury housing sales increase by 74%
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