- Demand for luxury villas is on the riseli>
- 75% increase in sales in 2023
- Sales increased by 60 percent in Hyderabad
- CBRE report revealed
- Demand for luxury homes is increasing in the country. As part of the changed preferences after COVID, more buyers are turning towards spacious and luxurious homes. This is evidenced by the fact that the sales of houses costing more than Rs. 4 crore in seven major cities of the country, including Hyderabad, will increase by 75 percent in 2023. CBRE, a leading real estate consultancy firm, revealed that the wealthy are especially interested in buying luxury houses.
Sales of luxury homes in Hyderabad last year stood at 2,030 units. It is noteworthy that in the previous year (2022), these were 1,240 units. Sales of houses worth Rs 4 crore and above in seven major cities across the country, including Hyderabad, were 12,935 units in 2023 as against 7,395 in 2022. Looking city-wise, the sales of luxury houses in Delhi-NCR were 5,530 units in 2023 and 1,860 units in 2022. In Mumbai, 4,190 units were sold in 2023, and 3,390 units were sold in 2022. While 450 units were sold in Pune, 190 units were sold in 2022. Only 265 units were sold in 2023 and 2022 in Bangalore. In Kolkata, 300 units of luxury homes will be sold in 2022, up from 310 units last year. Sales increased from 150 units to 160 units in Chennai. Overall home sales in seven major cities across the country in 2023 across all price categories stood at 3,22,000 units, which is nine percent higher than the previous year.
Developers launched 3,13,000 new housing units because of improved demand. This is 6 percent more than in 2022. Expensive and luxurious houses will continue to be popular. Market conditions are also favourable, and healthy growth will be recorded in the near future. “Despite some regional volatility, the overall future market remains favorable,” said Anshuman Magazine, CBRE India Chairman and CEO.
Luxury is everyone’s focal point
