Luxury Housing Sales Double to 14% in H1 2022 from 7% in 2019, Approx. 25,680 luxury homes (units priced >1.5 Cr) were sold across the top 7 Indian cities in H1 2022, against 17,740 units in 2019
By Varun Singh
Indian luxury housing has performed remarkably well post the pandemic, with overall sales rising steeply across the top 7 cities. Latest ANAROCK Research data finds that of approx. 1.84 lakh units sold in these cities in H1 2022, about 14% (approx. 25,700 units) were in luxury homes. Contrastingly, of 2.61 lakh units sold in the whole of 2019, just 7% (approx. 17,740 units) were in the luxury category.
MMR and NCR have led luxury homes sales with H1 2022 seeing approx. 17,830 units sold in these two cities alone. In 2019, they accounted for a mere 11,890 luxury homes sold in the entire year.
In terms of overall sales share, MMR’s luxury housing sales share increased from 13% in 2019 to 25% in H1 2022. In NCR, the sales share rose to 12% in H1 2022, from 4% in 2019.
Anuj Puri, Chairman – ANAROCK Group, says, “These sales figures are even more remarkable if we consider that it is mainly end-users who are driving luxury housing sales across these cities today. There is a clear takeaway on overall economic performance. Even though the typical buyers in this budget segment were not as impacted by the pandemic as the rest, HNIs are conscious of cost. Discounts by developers made luxury properties very attractive for these buyers and NRIs have also been snapping up luxury homes in India because of the favourable exchange rate.”
Encouraged by this healthy demand for luxury offerings, developers have stepped up new supply in the luxury segment, launching over 28,000 units priced >INR 1.5 Cr across the top 7 cities in just first half of 2022. Approx. 28,960 luxury homes were launched in the entire 2019.
Affordable Housing Contracts Further
The affordable housing segment (units priced City-wise Luxury Homes Inventory ANAROCK data shows that the top 7 cities currently have approx. 97,140 luxury and ultra-luxury homes for sale. Also Read: Luxury Real Estate set to Rebound in 2023Luxury Housing Sales Share 2019 2020 2021 H1 2022 NCR 4% 3% 6% 12% MMR 13% 13% 18% 25% Bangalore 6% 4% 5% 10% Pune 1% 1% 2% 5% Hyderabad 10% 7% 7% 10% Chennai 2% 2% 5% 10% Kolkata 3% 1% 4% 6% Total 7% 6% 9% 14%
