Sales of luxury housing continued to top the charts, especially during after the pandemic, particularly in MMR, where rates in this segment had dropped during the first wave. According to ANAROCK data, 24 per cent annual decline can be seen in MMR's unsold stock of homes priced above Rs 2.5 crore. MMR's unsold stock in this category at Q1 2022-end stood at almost 20,480 units. This fell to 15,520 units by Q1 2023-end. The data revealed that during pre-Covid period (Q1 2019-end), MMR's luxury stock was 23,130 units.
“Luxury homes are driving housing sales across most cities since the first Covid-19 wave,” said Anuj Puri, chairman, ANAROCK Group.
Overall unsold housing stock across all budget categories in MMR saw a yearly rise of 13 per cent, from 1,77,560 units by Q1 2022-end to 2,00,540 units by Q1 2023-end. The luxury segment was the only one to see the 24 per cent decline in the period. Unsold stock of mid-segment homes (priced Rs 40 - 80 lakh) in MMR saw the highest rise of 33 per cent in the year, from about 40,245 units by Q1 2022-end to 53,550 units by Q1 2023-end.
According to ANAROCK, MMR's inventory of homes priced Rs 80 Lakh to Rs 1.5 crore jumped by 23 per cent in the period, while inventory of homes priced between Rs 1.5 crore to Rs 2.5 crore saw a 7 per cent jump. The stock of affordable homes (priced within Rs 40 lakh) jumped up by 6 per cent in MMR from 50,860 units in Q1 2022 to 53,970 units in Q1 2023.
Puri said, "The quest for more space, one of the defining characteristics of luxury homes, fuels most of this demand, which has helped developers to clear significant chunks of their unsold luxury stock. Data also reveals a 1 per cent decline in the overall unsold stock of luxury homes priced above Rs 2.5 crore across all top 7 cities; however, MMR saw a 24 per cent yearly decline in its unsold luxury stock. In fact, the current luxury stock of 15,520 units is the lowest the city has held in this category in a long time.”