High Net-worth Individuals (HNIs) are showing keen interest in buying luxury residential properties as sales of homes costing Rs 4 crore and above rose 75 per cent last year across seven major cities, according to real estate consultant CBRE.
Delhi-NCR saw a nearly three-fold jump in sales of luxury homes last year. It also recorded the highest sales among seven major cities.
CBRE on Wednesday released a report, showing a 75 per cent increase in sales of luxury homes (each priced Rs 4 crore and above) to 12,935 units in 2023 calendar year from 7,395 units in the previous year.
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Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, said, "In light of the changing landscape, the premium and luxury sectors are expected to sustain their attractiveness, supported by favourable market conditions driving healthy growth in the foreseeable future."
While regional dynamics might lead to fluctuations in capital values, he said the overall outlook remains positive.
According to the data, the sales of luxury homes in Delhi-NCR jumped to 5,530 units in 2023 from 1,860 units in the previous year.
In Mumbai, sales of luxury homes in Rs 4 crore and above price category rose to 4,190 units from 3,390 units.
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Sales of luxury residential properties in Hyderabad rose to 2,030 units from 1,240 units.
Pune witnessed sales of 450 units last year as against 190 units in 2022.
Sales of luxury homes in Bengaluru remained flat at 265 units last year.
Kolkata saw a marginal increase in sales of luxury homes to 310 units from 300 units.
In Chennai too, sales rose marginally to 160 units last year from 150 units in 2022.
Gurugram-based realty firm Krisumi Corporation MD Mohit Jain said, "Higher economic growth is resulting in higher disposable income and better job opportunities, which has brought an enhanced lifestyle within reach for many."
"Homebuyers are increasingly seeking spacious dwellings in well-established societies. They are willing to pay a premium for the same," Jain added.
The trend would not only continue but is expected to be further amplified by India's rapid growth and ever-increasing economic prosperity, he said.
As per the CBRE data, the overall housing sales across price categories exceeded 3,22,000 units in 2023, registering a 9 per cent year-on-year growth.
Sustained momentum in demand also led developers to launch over 3,13,000 new housing units in 2023, a 6 per cent Y-o-Y increase, the consultant said.
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