In 2023, nearly 3000 new luxury apartments were sold in Greater Mumbai with an overall value of Rs 38,000 crore. Sales of flats costing over Rs 5 crore doubled last year. Additionally, the pandemic has led to an increase in demand for luxury housing. The most sought-after areas for luxury flats are south and central Mumbai.
High Net-worth Individuals (HNIs), celebrities, and industrialists are buying these flats.
According to a report by ToI, citing data from Liases Foras, it said that 1,916 luxury apartments bought last year were in the price range of Rs 5 cr to 10 cr and those with a value of over Rs 10 crore were around 1000 in numbers.
In another report by real estate consultant CBRE, it was found that HNIs are showing keen interest in buying luxury residential properties as sales of homes costing Rs 4 crore and above rose 75 per cent last year across seven major cities.
CBRE report showed a 75 per cent increase in sales of luxury homes (each priced Rs 4 crore and above) to 12,935 units in 2023 calendar year from 7,395 units in the previous year.
In Mumbai, sales of luxury homes in Rs 4 crore and above price category rose to 4,190 units from 3,390 units, CBRE report said.
Delhi-NCR saw a nearly three-fold jump in sales of luxury homes last year. It also recorded the highest sales among seven major cities.
Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE, said, “In light of the changing landscape, the premium and luxury sectors are expected to sustain their attractiveness, supported by favourable market conditions driving healthy growth in the foreseeable future.” While regional dynamics might lead to fluctuations in capital values, he said the overall outlook remains positive.”
According to the data, the sales of luxury homes in Delhi-NCR jumped to 5,530 units in 2023 from 1,860 units in the previous year.
Sales of luxury residential properties in Hyderabad rose to 2,030 units from 1,240 units.
Pune witnessed sales of 450 units last year as against 190 units in 2022.
Sales of luxury homes in Bengaluru remained flat at 265 units last year.
Kolkata saw a marginal increase in sales of luxury homes to 310 units from 300 units.
In Chennai too, sales rose marginally to 160 units last year from 150 units in 2022.
As per the CBRE data, the overall housing sales across price categories exceeded 3,22,000 units in 2023, registering a 9 per cent year-on-year growth.
Sustained momentum in demand also led developers to launch over 3,13,000 new housing units in 2023, a 6 per cent Y-o-Y increase, the consultant said.
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