CBRE report reveals
The luxury housing sector in the country is booming. Sales of homes priced above Rs 4 crore have surged significantly. There has been a 27% increase in sales during the first six months of this year. While 6,700 units were sold in this segment during the first half of last year, the number has risen to 8,500 units in the first six months of this year. Delhi, Mumbai, and Hyderabad are leading in luxury home sales. These three cities account for 84% of the total home sales. This information was revealed in the latest report by prominent real estate consultant CBRE.
Pune has also shown significant progress in luxury home sales. Last year, 200 luxury sales were recorded between January and June, whereas 1,100 units were sold in the same period this year. Looking at the cities individually, Delhi registered 2,900 home sales at the same time last year, which increased to 3,300 this time, marking a 13.8% growth. Mumbai saw 2,200 home sales in the first half of last year, which increased to 2,500, reflecting a 13.6% growth. In Hyderabad, 900 luxury homes were sold in the first six months of last year, and this year, 1,300 homes were sold during the same period, showing a 44% increase. Quarterly data also indicates growth in luxury home sales.
In the April-June quarter of this year, there was a 40.1% increase in the sale of luxury units across major cities in the country, totaling 4,410 units sold. In the same quarter last year, the number was 3,150. Delhi, Mumbai, and Hyderabad remained key players during this quarter, and luxury home sales in Kolkata also doubled. Overall, the residential segment continued its momentum in the first half of this year, with a total of 156,000 units sold. Additionally, 153,000 new units were launched across all categories. Mumbai, Pune, and Bengaluru together held a 63% share of the total home sales during January-June.
In terms of launches, Mumbai, Pune, and Hyderabad dominated with a 64% share. During the April-June quarter, 70,100 units were sold, and 69,600 new units were launched. Mumbai, Pune, and Delhi combined held a 62% share in apartment launches. The highest sales shares were also achieved by Mumbai, Pune, and Delhi, with Mumbai holding 30%, Pune 18%, and Delhi 15%. The housing sector is expected to maintain this momentum. “We anticipate a strong momentum in the housing market throughout the year. Ongoing mega infrastructure projects, including transportation networks, highways, airports, and metro systems across the country, will contribute to real estate growth,” said Anshuman Magazine, Chairman & CEO of CBRE India.
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