Luxury Real Estate Sales Gain Pace Amid Pandemic
Sales of luxury homes in India have gained momentum after the onset of the pandemic, as consumers look for more amenities. The share of luxury houses in overall residential sales across the top 7 Indian cities has risen 3 percentage points, from 7% in 2019 to 10% in 2021.Of the 261,360 units sold across the Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru, Hyderabad, Pune, Chennai and Kolkata in 2019, 18,300 units were in the luxury segment, according to data sourced from ANAROCK. This number increased to nearly 23,700 units in 2021, while the overall sales of houses tapered slightly to stand at over 236,520 units. The increased momentum in sales continues, as in the last five months (October 2021 to February 2022), the sales share is anywhere between 10-12%, data showed In south Mumbai, 55% of total sales belonged to houses above Rs 5 crore. Central Mumbai, which clocked total sales of Rs 25,000 crore, had Rs 15,500 crore coming in from luxury segment with houses priced at above Rs 5 crore. The same trend continued in the central suburbs too with 80% of sales marked by apartments above Rs 2 crore and almost a third of the sales in eastern suburbs belonged to apartments priced between Rs 1 crore and Rs 5 crore. These findings were from a recent CREDAI-MCHI and CRE Matrix report.
Tags : Luxury Real Estate Sales Gain Pace Pandemic CREDAI-MCHI and CRE Matrix report Mumbai Metropolitan Region (MMR) Delhi-NCR Bengaluru Hyderabad Pune Chennai Kolkata ANAROCK