Sales increased by 97%
Reveals CBRE report
The sale of luxury homes is galloping in the Indian real estate sector. The sale of houses, each costing Rs 4 crore and more, is on the increase. The sale of the houses during the period from January to September registered an increase of 97%.
This year, the sale of luxury homes during the period was 9200 units, as opposed to 4700 during the corresponding period last year, according to noted real estate consulting agency CBRE South Asia Private Limited.
In a report released by it with the title India Market Monitor Q3-2023, it said Delhi, Mumbai, and Hyderabad occupied the first three positions in the sale of luxury homes. The share of the three cities in the sale of luxury segment houses across the seven main cities of the country is set at 90%. Delhi’s share would be 37%, while that of Mumbai would be 35%. The share of Hyderabad in the sale was 18%.
The share of Pune in the sale of luxury segment homes was only 4%.
The growth of luxury home sales during the July–September quarter across seven major cities was 19 percent on an annual basis.
The third quarter of 2022 saw the sale of over 2000 luxury homes, compared to 2400 during the same period in 2023.
Sales are expected to increase further during the holiday season
The experts predict that the sale of luxury units will increase further during the current festive season. The festive season is predicted to give a boost to the sales of luxury homes achieved in the first nine months of the current year.
The report indicated that the festive season in 2023 would break the record for the past three years by selling over 1,50,000 housing units. In the first nine months, the sale of all kinds of houses put together was 2.30 lakh units, registering 5% growth over the sale of housing units during the same period last year.
At the same time, developers have tightened their belts to build 2.20 lakh units. The mid-end projects have gained supremacy over other projects during the nine-month period this year. Their share would be 50% of the total sale of the units.
The share of Mumbai, Pune, and Bangalore markets in the sale of housing units was 62%, while the share of Mumbai, Pune, and Hyderabad in the launch of projects was 64%.
CBRE India Chairman and CEO Anshuman Magazine predicted that the housing market would rally further during the festival season as the incentives and sales promotion schemes offered by the developers push up sales further. During the October–December period, the sale of housing units is predicted to increase significantly, he said.
Festival offers, slashing rates of interest on lending, and other factors propel intending purchasers to come forward to buy houses during the festival season, he opined.
