Luxury properties are being sold like hotcakes in Delhi.
There is increased demand in Hyderabad too.
Delhi is booming in demand for high-end luxury apartments. All the flats in premium residential projects are being sold like hotcakes within days. Especially in projects where the price is more than Rs. 15,000 per square feet, people seem to be buying more flats. Among the eight major cities of the country, Delhi has an upper hand in this regard. Cushman and Wakefield revealed that 61 percent of the projects launched in Hastina in the January-March quarter of this year were luxury ones. Mumbai is in the second position with 26 percent, followed by Bengaluru with 19 percent. However, construction in this segment has increased significantly in almost all cities since COVID.
Builders are also mainly focusing on luxury projects to meet the expectations of buyers. While the share of luxury houses in Hyderabad was 42 percent in the January–March quarter of 2019, it increased to 53 percent in the first quarter of this year. Also, it has increased from 6 percent to 38 percent in Ahmedabad, from 11 percent to 19 percent in Bengaluru, and from 9 percent to 28 percent in Chennai. Ashwin Chadha, CEO of India South by International Realty, stated that there has been a huge change in home buying preferences in recent times, and buyers are giving preference to comfort and luxury. As a result, the demand for luxury and ultra-luxury projects has increased. Overall, the luxury segment, which had a share of 13 to 14 percent in the first quarter of 2019, has increased to 34 percent in the first quarter of this year, according to the Cushman and Wakefield report.
