Explorer

Luxury Homes Rise 24 Per Cent In Average Price In Top 7 Cities Since 2018: Report

Prices of luxury homes in the top 7 cities in 2018 averaged out at Rs 12,400 per sq. ft. and at this point in 2023, have increased to Rs 15,350 per sq. ft

The Covid-19 pandemic has been an indubitable boon for the previously lacklustre luxury homes segment, with sales and new supply increasing manifold since then. Prices were bound to catch up with the demand. On analysing the average price trends in the top 7 cities across different budget segments, Anarock Research data reveals that luxury homes have recorded the highest average price appreciation of 24 per cent in the past five years.

Prices of luxury homes in the top 7 cities in 2018 averaged out at Rs 12,400 per sq. ft. and at this point in 2023, have increased to Rs 15,350 per sq. ft.

Among the top 7 cities, Hyderabad recorded the highest jump of 42 per cent in the average price of luxury homes in this period, from Rs 7,450/sq. ft. in 2018 to Rs 10,580/sq. ft in the first half of 2023. Bengaluru and MMR recorded the second-highest average price hike in this budget segment at 27 per cent each. In Bengaluru, the average price of luxury homes in 2018 stood at Rs 10,210/sq. ft, as on date, it has risen to Rs 12,970/sq. ft. In MMR, the average price in the Rs 1.5 crore category back in 2018 was Rs 23,119/sq. ft. while currently it is Rs 29,260/sq. ft.

Affordable homes priced less than Rs 40 lakh notched up a more modest 15 price appreciation in the same period. The average price in this category across the top 7 cities was Rs 3,750/sq. ft. in 2018. Currently, it averages out at Rs 4,310/sq. ft.

At 19 per cent, NCR saw the highest average price jump in this category, from Rs 3,120/sq. ft. in 2018 to Rs 3,700 per sq. ft. in H1 2023. Budget homes in Hyderabad saw the second-best price appreciation of 16 per cent in this period, from Rs 3,460/sq. ft. in 2018 to Rs 4,000/sq. ft. in H1 2023.

Anuj Puri, chairman, Anarock Group, says, "Extremely robust sales ably supported by good supply pipeline have resulted in luxury homes witnessing the most significant price appreciation. Considering the relative price stagnation in this segment in earlier years, a 24 per cent increase over the last five years is notable. In the pre-pandemic period in 2019, sales in this segment were anything but stellar and this reflected in non-existent or negligible price growth."

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

President Appoints Governors In 5 States, Ajay Bhalla Named Manipur Guv, Arif Mohammed Khan Shifted To Bihar
President Appoints Governors In 5 States, Ajay Bhalla Named Manipur Guv, Arif Shifted To Bihar
Delhi: Congress Releases Second List Of 26 Candidates, Names Ex-AAP MLAs Asim Khan, Devinder Sehrawat
Delhi Elections: Congress Releases Second List Of 26 Candidates, Fields 2 AAP Turncoats
5 Jawans Killed After Army Vehicle Falls Into Gorge In J&K's Poonch, Several Others Injured
5 Jawans Killed After Army Vehicle Falls Into Gorge In J&K's Poonch, Several Others Injured
Goa Braces For Beef Shortage Amid Festive Season As Traders Begin Strike Over ‘Harassment’ By Cow Vigilantes
Goa Braces For Beef Shortage Amid Festive Season As Traders Begin Strike Against Cow Vigilantes
Advertisement
ABP Premium

Videos

Manu Bhaker expresses disappointment after not being included in Khel Ratna Award listKumar Vishwas targets Shatrughan Sinha family, sparks controversy with remarks on RamayanaDelhi Govt. issues guidelines regarding illegal Bangladeshi student admissions in schoolsSambhal News: Shahi Jama Masjid survey report won't be presented today, technical revisions ongoing

Photo Gallery

Embed widget