CBRE South Asia Pvt. Ltd., India’s reports, the luxury segment housing (units priced INR 4Cr and above) has recorded a 75% Y-o-Y growth in sales in 2023. A ~45% Y-o-Y increase in unit launches was recorded in 2023. The percentage share of the luxury segment in the overall residential unit sales stood at 4% in 2023, nearly doubling its proportion of 2% in 2022.
The report indicates robust growth in luxury unit sales across cities in 2023. Delhi-NCR recorded the highest surge registering a 197% Y-o-Y increase. This was followed by Pune, Hyderabad, and Mumbai, registering an annual growth of about 144%, 64%, 24% and 4% respectively. New launches also kept pace with the sales, recording a 45% Y-o-Y growth in 2023.
The overall residential sales across price categories exceeded 3, 22,000 units in 2023, registering a 9% Y-o-Y growth. Sustained momentum in demand also led developers to launch over 3,13,000 new housing units in 2023, a 6% Y-o-Y increase. Mid-end projects emerged as the leading category driving sales, recording a 45% share in total sales for 2023, followed by high-end and affordable projects. Pune, Mumbai and Bangalore cumulatively accounted for 61% of the total sales. Unit launches in Mumbai, Pune, and Hyderabad, on the other hand, accounted for a 67% share during 2023.
During Oct-Dec ‘23, overall, ~86,000 residential units were sold, and 90,000 units were launched, during the quarter on an overall basis. The report further highlights that in Oct-Dec’23, the new unit launches recorded around 22% Y-o-Y increase and about 26% growth on a quarterly basis. Premium and luxury segments accounted for about 10% and 4% shares, respectively, during this period. During Oct-Dec ‘23, Pune recorded the highest residential sales, with a 24% share, followed by Mumbai with about 21% share.
Delhi-NCR and Hyderabad accounted for about 17% and 15% of the market, respectively. In terms of unit launches during the same period, Mumbai took the lead with a 27.5% share, closely followed by Hyderabad with 26.9%, and Pune with 19%. Mid-end segment accounted for around 36% share in unit launches, trailed by high-end segment at 33% and premium category at 14% during this period.