India's luxury housing units have witnessed a robust demand in the first nine months of the current fiscal year. According to a report by the Anarock Property Consultant, approximately 84,400 luxury units (priced over ₹1.5 crore) were sold between January and September in seven metropolitan cities in the country in 2023, against 39,300 (Approx) units sold in the same period in 2022.
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According to the data, out of the approximately 3.49 lakh units sold in eight cities (Delhi-NCR, Mumbai region, Bengaluru, Pune, Hyderabad, Chennai, and Kolkata) in the first nine months of 2023, about 24% or roughly 84,400 units were luxury homes priced above ₹1.5 crore.
Among the eight Indian cities, luxury housing sales rose by 260% in Hyderabad between January-September in FY 2024. Anarock data showed that 13,630 units were sold during this period as against 3,790 units sold in nine months in 2023.
A total of 44,220 homes across all budget categories were sold in Telangana's capital between January and September with luxury share at 31%.
The Mumbai Metropolitan Region (MMR) saw luxury housing sales increase by 74% annually from 20,820 units (approx) in the first nine-month to 36,130 units in the same period this year. The city saw around 1,11,280 units sold across all budget categories until September 2023 of which the luxury share was 32%.
In NCR, 49,480 units were sold between January and March of which luxury accounted for 28%.
"MMR, NCR, and Hyderabad outperformed the other cities in luxury housing sales in 9M 2023, with these three cities together accounting for approx. 63,390 units sold. In the same period in 2022, just 30,820 luxury homes - less than half of the current year's 9-month tally - were sold in these three cities. Interestingly, none of the top 7 cities saw any deceleration in luxury housing sales. In fact, they all went into overdrive," Anuj Puri, Chairman - ANAROCK Group said.
Bengaluru saw a 142% annual jump in luxury units sold – from approx. 3,810 units sold in 9M 2022 to 9,220 units (Approx) sold in 9M 2023. The city saw approx. 47,100 units sold across all budget categories in 2023 (Jan-Sept), of which the share of luxury stood at 20%.
In Pune, as many as 6,850 luxury housing units were sold until September this year while in Chennai, the sales increased by 143% at 3,330 units.
Kolkata saw luxury housing sales increase by 69% annually--from around 950 units in 2022 to 1,610 units in 2023 between January and September.