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Thursday, July 18, 2024

India’s Luxury Home Sales Rise 97% YoY from January to September 2023: Report

<p>According to a survey by real estate consulting company CBRE South Asia, sales of luxury homes in the top 7 cities in India, which include units priced at Rs 4 crore and above, increased 97% year over year (YoY) to about 9,200 units between January and September 2023. Approximately 90% of the total sales were reportedly accounted for by Hyderabad, Mumbai, and Delhi-NCR.<img decoding=”async” class=”alignnone wp-image-273990″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-the-internet-rejects-the-claim-that-patrick-dempsey-star-of-greys-anatomy-is-2023s.jpg” alt=”theindiaprint.com the internet rejects the claim that patrick dempsey star of greys anatomy is 2023s” width=”1157″ height=”648″ title=”India's Luxury Home Sales Rise 97% YoY from January to September 2023: Report 12″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-the-internet-rejects-the-claim-that-patrick-dempsey-star-of-greys-anatomy-is-2023s.jpg 300w, https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-the-internet-rejects-the-claim-that-patrick-dempsey-star-of-greys-anatomy-is-2023s-150×84.jpg 150w” sizes=”(max-width: 1157px) 100vw, 1157px” /></p>
<p>Sales of luxury homes had reached 4,700 units over the same time frame the previous year.</p>
<p>“Of the top seven cities, Delhi-NCR, Mumbai, and Hyderabad emerged as the top three markets, controlling sales and together accounting for about 90% of the total volume of luxury property sales. Delhi-NCR came in first place with almost a 37% share. Mumbai, Hyderabad, and Pune came next, making up around 35%, 18%, and 4% of the total, respectively, according to the CBRE research titled “India Market Monitor Q3 2023.”</p>
<p>Delhi-NCR, Mumbai, Pune, Bengaluru, Kolkata, Hyderabad, Chennai, and Bengaluru are the top 7 cities in the nation.</p>
<p>According to the report, the luxury housing market in India, which consists of apartments costing at least Rs 4 crore, continued to have high sales momentum in January–September 2023, with a 97% YoY rise. Approximately 9,200 luxury apartments were sold overall between January and September of 2023, as opposed to 4,700 units during the same time the previous year.</p>
<p>“The luxury home market had a 19% YoY growth in sales during the July–September 2023 quarter across the top seven cities, following a similar pattern. Total sales for the quarter were over 2,400 units, as opposed to roughly 2,000 units for the same period in 2022. According to the research, Mumbai, Hyderabad, and Delhi-NCR emerged as the top markets with the most sales throughout the quarter.</p>
<p>“2023 Will Be the Happiest Season for Residential Sales in Three Years”</p>
<p>The survey states that the housing market is poised for significant expansion with the upcoming Christmas season, building on the strong sales performance shown during the first nine months of 2023. It said that holiday home sales in 2023 are expected to surpass 150,000 units and shatter a three-year record.</p>
<p>Between January and September of 2023, there were over 230,000 home sales overall across all price ranges, representing a Y-o-Y increase of almost 5%. During the same time frame, developers launched over 220,000 additional housing units due to sustained market momentum.</p>
<p>From January to September of 2023, the majority of residential sales were comprised of mid-range projects, making up about half of the total sales. High-end and cheap projects followed in order of preference. Between January and September of 2023, Bengaluru, Pune, and Mumbai together accounted for 62% of sales.</p>
<p>However, throughout the first nine months of the year, Mumbai, Pune, and Hyderabad led the new launches, securing a noteworthy cumulative share of almost 64 percent.</p>
<p>Remarkably, during the July–September 2023 quarter, over 80,000 residential units were sold, compared to 72,000 new unit releases over the same time. With a combined share of 63%, Mumbai, Hyderabad, and Pune led the market for new apartment releases.</p>
<p>The chairman and CEO of CBRE for India, South-East Asia, the Middle East, and Africa, Anshuman Magazine, said, “We expect the present holiday season to further support the overall housing market in the next months of 2023. Developers’ holiday sales incentives and programs are expected to increase sales even more because of the break in the interest rate cycle.</p>
<p>He continued by saying that a significant number of first-time purchasers are anticipated in the October–December 2023 quarter, and end users who are on the fence are anticipated to make their selections during the deals and discounts of the holiday season. We have seen rising demand in the mid-end and premium segments as the home cycle develops under inflationary pressures.</p>
<p>In contrast, he said, “it is anticipated that the premium and luxury segment will become a highly sought-after investment avenue, especially for HNIs and NRIs looking to protect their investments in the face of global macroeconomic uncertainties.”</p>
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