The share of home buyers preferring luxury homes priced above ₹1.5 crore has gone up to 16 percent in India’s top seven cities as against 9 percent in the pre-COVID-19 period, as per a survey conducted by Anarock Group.
The survey pertains to the data collected and compared between the first half or the January-June period of 2023, and the corresponding period of 2019, the year before the coronavirus pandemic broke out, the real estate consultancy group said.
The survey was conducted in Mumbai Metropolitan Region, Delhi-NCR, Chennai, Hyderabad, Pune, Bengaluru and Kolkata.
“Post pandemic, homebuyers have been seeking bigger homes and apart from high-end amenities and good location, luxury housing is primarily defined by generous floor space. Anarock’s most recent consumer sentiment survey also reflects this trend. In the pre-Covid edition of the survey (H1 2019), 9 percent respondents preferred luxury homes priced above ₹1.5 crore while in the current edition of H1 2023, this share has risen to 16 percent,” said Prashant Thakur, Regional Director & Head – Research, Anarock Group.
Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!
In the July-September period this year, the share of luxury homes stood at 31,180, or 27 percent, out of the total of 1,16,220 housing units launched, Anarock said in a release. This reflects a change in the trend of home buyers in India, it added, pointing out that the share of luxury homes out of the total housing units stood at “9 percent” in Q3 2018.
“Developers have been bullish about the luxury homes segment because of its superlative performance after the pandemic, with overall sales rising steeply across the top seven cities,” Thakur added.
Among the seven top cities, Hyderabad saw the highest new luxury homes supply in the July-September period. As many as 14,340 luxury units were launched in the city, comprising a nearly 46 percent share of the total new luxury supply in the quarter, Anarock said, adding that five years ago, in Q3 2018, just 210 units were launched in this category in the city.
Mumbai recorded the second highest new luxury home supply with approximately 7,830 units in Q3 2023, followed by 3,870 units in Delhi during the three-month period.
While luxury housing supply remains high, affordable houses – those priced at ₹40 lakh or lower – have seen a declining trend, Anarock said. The share of affordable houses in the overall housing units launched in Q3 2023 stood at 20,920 or 18 percent, which is way lower as compared to 41 percent in the pre-COVID-19 period of Q3 2019. Year-on-year, however, the share of affordable houses remained the same as it stood at 18 percent in Q3 2022.
“Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!” Click here!
Download the Mint app and read premium stories
Log in to our website to save your bookmarks. It’ll just take a moment.
You are just one step away from creating your watchlist!
Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
Your session has expired, please login again.
You are now subscribed to our newsletters. In case you can’t find any email from our side, please check the spam folder.
This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp