Luxury Homes Costing Rs 4 Crore And Above Become Popular, Delhi NCR Leads In Sales: CBRE

Delhi-NCR clocked a three-fold rise in luxury home sales in the 2023 calendar year and also marked the highest sales among the seven cities analysed, the study revealed

The sales for homes priced Rs 4 crore and above collectively stood at 12,935 units in 2023, up from 7,395 units in the preceding year

Source : Getty

Luxury residential properties priced Rs 4 crore and above clocked a jump of 75 per cent in sales last year across seven major cities, data from real estate consultant, CBRE, revealed. The study found that high net-worth individuals (HNIs) showed active interest in purchasing luxury residential properties. 

The sales number for homes priced Rs 4 crore and above collectively stood at 12,935 units in 2023, up from 7,395 units in the preceding year, reported PTI. Amongst the cities, Delhi-NCR clocked a three-fold rise in luxury home sales in the 2023 calendar year and also marked the highest sales among the seven cities analysed, the study noted. The region logged sales of 5,530 units in the year under review, against 1,860 units in the year-ago period.

Commenting on the trends, Anshuman Magazine, Chairman and CEO - India, South-East Asia, Middle East, and 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, the overall outlook remains positive.”

After Delhi-NCR, Mumbai clocked sales of luxury homes in the price range of Rs 4 crore and above at 4,190 units in 2023, against 3,390 units a year earlier. Sales in Hyderabad touched 2,030 units in the reviewing period, from 1,240 units in 2022. 

On the other hand, Pune registered sales of luxury homes at 450 units in 2023 against 190 units a year earlier, and Bengaluru saw a flat trend in the sales at 265 units in the reviewing period. Kolkata clocked a marginal rise in the sale numbers at 310 units, from 300 units a year earlier. Similarly, Chennai also saw sales inch up to 160 units in 2023, from 150 units sold in the year-ago period. 

Explaining the factors behind the growth, Mohit Jain, MD, Krisumi Corporation, said, “Higher economic growth is resulting in higher disposable income and better job opportunities, which has brought an enhanced lifestyle within reach for many. Homebuyers are increasingly seeking spacious dwellings in well-established societies. They are willing to pay a premium for the same. The trend would not only continue but is expected to be further amplified by India's rapid growth and ever-increasing economic prosperity.”

The total housing sales across price categories crossed 3,22,000 units in 2023, logging a 9 per cent growth on a year-on-year (YoY) basis, the data revealed.