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.
The segment registered a 130% Y-o-Y increase in sales across the top 7 cities in India.
The segment registered a 130% Y-o-Y increase in sales across the top 7 cities in India.
The city recorded a 14-fold increase in luxury sales on a Y-o-Y basis, followed by Pune and Delhi-NCR.
The city sold 2,900 luxury units in Jan-Jun’23, marking a 205% Y-o-Y rise, followed by Mumbai, Kolkata.
The segment saw a 121% Y-o-Y growth in sales during the quarter, with Delhi-NCR, Mumbai, and Hyderabad as prominent markets.
Enhanced amenities, spacious living areas, aspirational class and NRI investments contributed to the surge in demand.
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.
These three cities accounted for an impressive 61% share in total sales in India during Jan-Jun’23.
These three cities captured a cumulative share of 65% in new unit launches in Jan-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.