According to CBRE, sales of luxury residential properties, each priced at Rs 4 crore or more, increased 2.5 times to 4,000 units between January and March this year across 7 cities due to a high demand for spacious flats with greater facilities.
According to CBRE's study, 1,600 units of luxury residences were sold during the same time period last year.
According to the statistics, sales of luxury apartments in Delhi-NCR increased by more than three times, from 600 units in the same quarter last year to 1,900 units in the March quarter.
Mumbai's sales of luxury flats grew from 800 units to 1,150 units.
Sales in Pune reached 150 units, a substantial increase from the 10 units sold during the same time last year. Demand in Bengaluru was constant at 50 units.
In Kolkata, sales of luxury residences increased by 100 percent from 50.
From 50 units, Hyderabad saw a more than eight-fold increase to 430 units.
In Chennai, sales of luxury flats increased five times, from 50 units in the same period the previous year to 250 units in January-March 2023.
The premium residential market saw ongoing momentum in sales and launch activity after recording a great result in 2022, the consultant said.
“Post-pandemic uptick in ownership of luxury housing results from homebuyers' mindset looking for larger spaces and a higher preference for home ownership with better amenities,” it said.
The desire to maintain house ownership will be the main driver of the demand for luxury housing this year, according to Anshuman Magazine, Chairman and CEO of CBRE for India, South-East Asia, the Middle East, and Africa.
“The momentum is anticipated to extend into the next quarters, too. Better facilities, a focus on health and safety, and clean surroundings will provide projects an advantage in the face of changing customer expectations, he added.
In comparison to the same time last year, 78,700 dwelling units were sold overall between January and March 2023 throughout these seven cities and all categories.
India Sotheby's International Realty's MD Amit Goyal said, “We predict continuous increase in the India's residential real estate market, notably in the premium and luxury categories. Real estate markets often go through bull and down cycles, with each cycle lasting between 5-7 years. We are firmly in a bull cycle that began after the epidemic and will probably go for a few more years.
According to Pankaj Bansal, director of M3M India, demand for luxury residences has increased dramatically in recent years.
The population of travellers in India is well-versed in the luxury lifestyles and facilities found elsewhere, and they also search for these amenities and lifestyles in their ideal residences. As a result, many Indian house buyers are also acquiring upscale properties thanks to their rising desire and improved spending power, according to Bansal.