10 percent growth in the January-March quarter.
Mumbai tops the list of luxury home sales.
Hyderabad and Pune followed.
The luxury housing segment in the country is showing aggressiveness. The segment grew by 10 percent in seven major cities of the country during the January–March quarter. CBRE, a leading real estate consultant, has revealed that sales of Rs. 4 crore and above have increased by 10 percent in the first quarter of this year compared to the first quarter of last year. The luxury housing segment accounts for 5 percent of the total residential unit sales. Also, there was a 64 percent increase in new launches in the first quarter.
Mumbai is at the top in terms of sales of luxury homes across cities. Here, a 15 percent increase was recorded compared to the first quarter of last year, followed by Delhi, Hyderabad, and Pune. In Hyderabad, the sales increased by two times and in Pune by 4.7 times. In the first quarter of this year, Mumbai topped the list with a share of more than 40 percent of the total luxury inventory in the country. The main reason for this is that the city attracts many HNIs and UHNIs.
Here, the average ticket size ranges from Rs. 20 crore to Rs. 60 crore. Sometimes apartments costing more than Rs. 100 crore are also sold. Delhi stands second with a share of more than 25 percent of the luxury inventory. Here, the ticket size ranges from Rs. 40 crore to Rs. 60 crore. The Gurgaon region has emerged as a prominent luxury market in recent times. Here, the ticket size ranges from Rs. 10 crore to Rs. 20 crore. Hyderabad is third with a 10 percent share of luxury segment inventory. In areas like Jubilee Hills, Banjara Hills, Hi-Tech City, Raiduragam, and Neopolis, the average ticket size ranges from Rs. 20 crore to Rs. 40 crore.
8 percent growth in residential sales
In the first quarter of this year, residential sales in all categories across the country reached around 85,000 units. 8 percent growth on an annual basis. Developers have launched 80,000 new housing units in Q1 2024 as demand picks up. Mid-end projects (houses priced between Rs 45 lakh and Rs 1 crore) have emerged as a prominent category, driving sales. They accounted for 47 percent of the total sales in the first quarter of this year. Next are the high-end (between Rs. 1 crore and Rs. 2 crore) and affordable projects (under Rs. 45 lakh). Mumbai, Pune, and Hyderabad have a combined share of 69 percent of the total launches.
