The luxury housing segment, which comprises units priced at Rs 4 crore and above, registered sales of about 9,200 units between January and September compared to 4,700 in the year-ago period.
Delhi-NCR, Mumbai and Hyderabad emerged as the top three markets dominating sales, cumulatively accounting for nearly 90% of the total luxury housing sales across the top seven cities.
Delhi-NCR topped with a share of about 37%, followed by Mumbai, Hyderabad and Pune, which accounted for approximately 35%, 18% and 4% share, respectively.
“The October-December 23 quarter is poised to attract a substantial number of first-time buyers, with fence-sitting end-users expected to make decisions during the festive season,” said Anshuman Magazine, chairman & CEO-India, South-East Asia, Middle East & Africa, CBRE. “As the residential cycle matures amidst inflationary pressures, we have witnessed increasing demand in the mid-end and premium categories.”
The premium and luxury segment is expected to emerge as a sought-after investment avenue, particularly among HNIs and NRIs seeking to safeguard their investments amid global macroeconomic uncertainties.Overall residential sales across price categories exceeded 230,000 units during January-September 2023, registering a year-on-year growth of about 5%. Sustained momentum in demand led developers to launch over 220,000 new housing units during the period.Over 80,000 residential units were sold during the July-September 2023 quarter, while new unit launches stood at 72,000 during the period.
Both sales and new launches could reach a 10-year high in 2023, touching or even exceeding the 300,000-unit mark. Projects in the premium and luxury segment would continue to witness healthy traction amidst a spate of new launches, with mortgage rates having a relatively muted impact on demand from this segment.
The capital value growth is expected to see divergent trends among specific regions and property categories and is likely to be governed by unsold inventory levels and inventory overhang.
