The luxury housing segment maintain a seemingly unstoppable growth curve in 2023, with overall sales rising steeply across the top 7 cities. Latest ANAROCK Research data finds that out of approx.- 3.49 lakh units sold in these cities in the first nine months of 2023, about 24% or approx. 84,400 units were luxury homes priced >INR 1.5 Cr.
In the same period of 2022, just 14% (approx. 39,300 units) of approx. 2.73 lakh units sold in same period of 2022 were in the luxury category. This denotes a steep 115% annual rise in the number of luxury units sold between January to September 2023 against the corresponding period in 2022.
- Approx. 84,400 luxury units (priced >INR 1.5 Cr) were sold in the top 7 cities b/w Jan.-Sept. this year, against approx. 39,300 in same period in 2022
- 24% rise in overall luxury housing sales share out of approx. 3.49 lakh units sold across top 7 cities in 9M 2023, from 14% in 9M 2022
- MMR, NCR & Hyderabad led luxury homes sales in 9M 2023 with approx. 63,390 units sold in these three cities alone; MMR stood out with approx. 36,130 luxury homes sold
- In the corresponding period of 2022, these three cities saw 30,820 luxury homes sold
- Individually, Hyderabad recorded over 260% yearly growth in sale of luxury homes – from approx. 3,790 units in 9M 2022 to approx. 13,630 units this year
- Pune saw second-best yearly growth of 191%, with approx. 6,850 luxury homes sold in 9M 2023 against 2,350 units in same period of 2022
Anuj Puri, Chairman – ANAROCK Group, says, “MMR, NCR and Hyderabad out-performed the other cities in luxury housing sales in 9M 2023, with these three cities together accounting for approx. 63,390 units sold. In the same period in 2022, just 30,820 luxury homes – less than half of the current year’s 9-month tally – were sold in these three cities. Interestingly, none of the top 7 cities saw any deceleration in luxury housing sales. In fact, they all went into overdrive.”
- Hyderabad saw luxury housing sales increase by a whopping 260% in this period with approx. 13,630 units sold in 9M 2023, from approx. 3,790 units sold in 9M 2022. Approx. 44,220 homes across all budget categories were sold in the city in 9M 2023, with the luxury share at 31%.
- MMR saw luxury housing sales increase by 74% annually – from approx. 20,820 units in 9M 2022 to approx. 36,130 units in 9M 2023. The city saw approx. 1,11,280 units sold across all budget categories in 9M 2023, of which the luxury share was 32%.
- NCR saw luxury housing sales rise by 119% in this period – from approx. 6,210 units in 9M 2022 to approx. 13,630 units in 9M 2023. Approx. 49,480 units were sold in the region across all budget categories in 9M 2023, of which luxury accounted for 28%.
- Pune saw luxury housing sales increase by 191% annually – from approx. 2,350 units in 9M 2022 to approx. 6,850 units in 9M 2023. Approx. 63,480 units were sold in the city across all budget categories in 9M 2023, of which the share of luxury stood at just 11%.
- Bengaluru saw a 142% annual jump in luxury units sold – from approx. 3,810 units sold in 9M 2022 to approx. 9,220 units sold in 9M 2023. The city saw approx. 47,100 units sold across all budget categories in 9M 2023, of which the share of luxury stood at 20%.
- Chennai saw luxury housing sales rise by 143% in this period – from approx. 1,370 units in 9M 2022 to approx. 3,330 units in 9M 2023. Of approx. 16,310 units sold in the city across all budget categories in 9M 2023, luxury accounted for a 20% share.
- Kolkata saw luxury housing sales increase by 69% annually – from approx. 950 units sold in 9M 2022 to approx. 1,610 units in 9M 2023. Of approx. 17,280 units sold in the city across all budget categories in 9M 2023, luxury accounted for just 9%.
Also Read: Luxury Housing Supply Share at 27% in Q3 2023, Hits 5-year Quarterly Share High