Luxury Housing Clocks 12% Supply Share in Q2, Mumbai Leads in the Segment: PropEquity Study
By Varun Singh
In a report released by PropEquity, a real estate data, research and analytics firm, the luxury housing segment in India has seen its share rise to 12% in supply of all housing units in tier 1 cities in the second quarter of 2022.
The share of the luxury segment in supply pan India was 8% in Q2 2021. Mumbai is ranked number one in terms of luxury sales and supply in the second quarter of 2022 followed by Hyderabad.
Affordable Segment had a share of 63% in overall supply in Q2 2022 across all Tier 1 Cities while Mid Segment had a share of 26% in overall supply.
Q2 2022 saw a total supply of 77,941 units, out of which the largest share was of the affordable segment of about 48,993 units, followed by mid-segment share of 19,910 units and share of luxury units being 9,132 units.
In terms of sales, Q2-2022 saw a total sales of 1,02,311 units, out of which the largest share was of affordable segment of about 64% (65,173 units), followed by mid-segment share of 25% (26,484 units) and share of luxury units being 10% (10,654 units).
“In the last one year we have been witnessing a revival of luxury housing across top cities in India and this trend will continue to grow in the coming quarters. Demand for affordable housing in top metros are being in ways replaced by mid-segment and luxury housing as higher disposable income of nuclear families are looking for properties with premium amenities, larger built up area and in a well-developed location,” Samir Jasuja, Founder and Managing Director at PropEquity said.
“Luxury housing in the country has remained resilient during the last two years and now is witnessing an uptick with new launches and rightly located projects being sold out in a few weeks. We believe projects by branded and fundamentally strong developers would continue to witness strong demand even with inflationary roadblocks,” Abhishiekh Andlay, Founder of Andlay Estates said.
For affordable housing, Thane was the best city in terms of supply and sales and for mid-segment Hyderabad led the ranking for sales and Mumbai for supply.
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