Luxury housing sales in top 7 Indian cities rise by 97% YoY in Jan-Sep’23

financialexpress.com:

The luxury housing segment in India, comprising units priced at Rs 4 crore and above, maintained strong sales momentum in the Jan-Sep’23 period, registering a 97% Y-o-Y increase, according to CBRE’s ‘India Market Monitor Q3 2023’ report.

Total sales of luxury units across the top 7 cities in India stood at approximately 9,200 units during this period compared to 4,700 units during the same period last year.

Among the leading cities, Delhi-NCR, Mumbai, and Hyderabad emerged as the top 3 markets dominating sales, cumulatively accounting for nearly 90% of the total luxury housing sales across the top seven cities. Delhi-NCR topped with a share of about 37%. This was followed by Mumbai, Hyderabad, and Pune, accounting for approximately 35%, 18% and 4%, respectively.

A similar trend prevailed during the Jul-Sep’23 quarter in the luxury housing segment across the top 7 seven cities, registering a 19% Y-o-Y increase in sales. The quarter witnessed total sales of approximately 2,400 units, compared to about 2,000 units during the same quarter in 2022. Among the cities, Mumbai, Hyderabad and Delhi-NCR emerged as the top markets leading sales during the quarter.

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Building on the robust sales performance witnessed throughout the first nine months of 2023, the housing market is primed for further growth with the ongoing festive season. It is anticipated that 2023 festive housing sales are set to break a 3-year record, exceeding the 150,000-unit mark.

Overall residential sales across price categories exceeded 230,000 units during Jan-Sep’23, registering a Y-o-Y growth of about 5%. Sustained momentum in demand led developers to launch over 220,000 new housing units