Luxury housing in India has performed remarkably well post the pandemic, with overall sales rising steeply across the top 7 cities. Latest ANAROCK Research data finds that of about 1.84 lakh units sold in these cities in H1 2022, about 14% (close to 25,700 units) were in luxury homes. Contrastingly, of 2.61 lakh units sold in the whole of 2019, just 7% (close to 17,740 units) were in the luxury category.
MMR and NCR have led luxury home sales with H1 2022 seeing close to 17,830 units sold in these two cities alone. In 2019, they accounted for a mere 11,890 luxury homes sold in the entire year. In terms of overall sales share, MMR’s luxury housing sales share increased from 13% in 2019 to 25% in H1 2022. In NCR, the sales share rose to 12% in H1 2022, from 4% in 2019.
Encouraged by this healthy demand for luxury offerings, developers have stepped up new supply in the luxury segment, launching over 28,000 units priced >Rs 1.5 crore across the top 7 cities in just the first half of 2022. Approx. 28,960 luxury homes were launched in the entire 2019.
ANAROCK data shows that the top 7 cities currently have approx 97,140 luxury and ultra-luxury homes for sale. MMR has the maximum share of 46%, with approx. 44,710 luxury homes currently available for sale. In H1 2022, 13,670 luxury homes were sold here. NCR comes second with approx. 19,470 luxury units currently available for sale. In H1 2022, approx. 4,160 units were sold in this segment.
Hyderabad has approx. 11,730 luxury homes available for sale. In the first half of this year, approx. 2,420 units were sold in this budget category. Bengaluru has approx. 9,860 luxury units available for sale. In H1 2022, approx. 2,430 luxury homes were sold here. In Chennai, approx. 4,020 luxury units are currently available for sale. In H1 2022, approx. 920 units in this category were sold here.
Pune has approx. 5,860 luxury homes available for sale. In H1 2022, approx. 1,460 luxury homes were sold here. Kolkata has the lowest available luxury homes stock with approx. 1,490 units currently for sale here. In H1 2022, approx. 630 units were sold in this category.