Luxury housing sales across top 7 cities rise by 130% YoY in Jan-June’23
financialexpress.comThe luxury housing segment in India maintained strong sales momentum, registering a 130% Y-o-Y increase in Jan-Jun’23 period. Total sales of luxury units during Jan-Jun’23 period stood at 6900 compared to 3000 units during the same period last year, according to a CBRE report.
Among the leading cities in absolute terms, Delhi-NCR, Mumbai, and Hyderabad emerged as prominent markets, combined together accounting for nearly 90% of the total luxury housing sales across the top seven cities. Hyderabad recorded the highest percentage increase in sales on a Y-o-Y basis with nearly 14-fold growth with total sales of 1400 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.
In terms of the quantum of sales of luxury residential units, Delhi-NCR topped with sales of 2,900 units, marking a 205%Y-o-Y increase, followed by Mumbai, which recorded sales of 1,900 units, an 18% Y-o-Y growth, while sales in Kolkata stood at 200 units, a 100%Y-oY increase, and Pune recorded sales of 300 units, registering a 500% Y-o-Y increase during this period.
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A similar trend prevailed during the Apr-June’23 quarter in the luxury housing segment across the top cities, registering a 121% Y-o-Y increase in sales. The quarter saw total sales of 3100 luxury housing units compared to 1400 units during the same quarter last year. Among the cities, Delhi-NCR, Mumbai, and Hyderabad emerged as prominent markets during the quarter, 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
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