Luxury housing sales soar in India, records 130% rise in Jan-Jun 23

Published by: Vivek Dubey

The residential sector in India witnessed a robust growth in the first half of 2023, with luxury housing segment registering a 130% Y-o-Y increase in sales, according to a report by CBRE South Asia.

Here are key trends and drivers of the residential market across India:

Luxury housing sales soared in Jan-Jun’23

The segment registered a 130% Y-o-Y increase in sales across the top 7 cities in India.

Delhi-NCR, Mumbai, and Hyderabad lead the segment

The segment registered a 130% Y-o-Y increase in sales across the top 7 cities in India.

Hyderabad witnessed the highest percentage growth

The city recorded a 14-fold increase in luxury sales on a Y-o-Y basis, followed by Pune and Delhi-NCR.

Delhi-NCR topped in terms of absolute sales

The city sold 2,900 luxury units in Jan-Jun’23, marking a 205% Y-o-Y rise, followed by Mumbai, Kolkata.

Luxury sales maintained momentum in Apr-Jun’23

The segment saw a 121% Y-o-Y growth in sales during the quarter, with Delhi-NCR, Mumbai, and Hyderabad as prominent markets.

Demand for luxury housing driven by multiple factors

Enhanced amenities, spacious living areas, aspirational class and NRI investments contributed to the surge in demand.

Overall residential sector saw modest growth

1.54 lakh units were sold and over 1.5 lakh new units were launched across all categories, recording a 3% and 9% growth respectively.

Pune, Mumbai, and Bangalore dominated sales

These three cities accounted for an impressive 61% share in total sales in India during Jan-Jun’23.

Mumbai, Pune, and Hyderabad dominated launches

These three cities captured a cumulative share of 65% in new unit launches in Jan-Jun’23.

Sales and launches remained strong in Apr-Jun’23

Over 75,000 units were sold and over 70,000 new units were launched during the quarter, with Pune leading sales and Mumbai leading launches.

For more webstories, click below