Housing sales in the luxury segment increased 151 per cent Y-o-Y during January-March 2023, according to a report by real estate consultant CBRE. It said the overall sales of residential units across all segments witnessed a 12 per cent q-o-q as well as Y-o-Y growth during the January-March 2023 period.
According to CBRE South Asia’s report, titled ‘India Market Monitor Q1 2023′, “After posting a strong performance in 2022, the luxury residential segment witnessed continued momentum in sales and launch activity.”
“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. Cities including Delhi-NCR, Mumbai, Hyderabad, Pune and Kolkata are leading cities where maximum traction for high-end units was recorded. Sales in Delhi-NCR surged by over 216 per cent, Mumbai by 44 per cent, Hyderabad by 800 per cent, Kolkata by 100 per cent and Pune by nearly 13 times on a Y-o-Y basis for the quarter ending January-March 2023,” the report added.
According to the report, a total of over 78,000 housing units were sold in January-March 2023 and about over 81,000 units were launched during this period. Out of this, 49 per cent share was recorded in the mid-end category in units sold, followed by affordable/ budget projects. The ‘Live, Work, Shop’ survey had earlier highlighted that more than half of Gen Z respondents planned to move to a new home in the next two years, compared to only 29 per cent of baby boomers.
“The past two years have seen a realignment in homebuyers’ priorities and the need for owning a house has been further accentuated due to the uncertainty that the pandemic ushered. Mumbai, Pune and Delhi-NCR had 62 per cent cumulative share in sales of housing units in January-March 2023,” the report added.
The report pointed out that Mumbai led in the number of total housing units sold at 19,000 units, followed by Pune (18,000 units), Delhi-NCR (11,600 units) and Bengaluru (11,500 units). On the new launches front, the gateway cities — Mumbai (25,300 units), Pune (16,000 units) and Delhi-NCR (11,200 units) cumulatively accounted for about 64 per cent share during Q1 2023.
Anshuman Magazine, chairman & CEO (India, South-East Asia, Middle East & Africa) of CBRE, said, “We foresee demand for luxury housing this year will primarily be driven by the aspiration of continued home ownership. The momentum is expected to continue in the coming quarters as well. Projects with better amenities, focus on health and safety and clean surroundings to further gain an edge amidst evolving consumer preferences.”
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