NEW DELHI: As covid-19 pandemic woes have cooled down, more Indians are flocking towards luxury spaces. In the first half of CY2022, a total of 25,680 housing units, which are priced upwards of Rs 1.5 crore, were sold in India’s top 7 cities.
According to real estate consultant Anarock, 184,000 housing units were sold in the top seven Indian cities – the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Hyderabad, Bengaluru, Pune, Chennai, and Kolkata – in H1 of 2022. Of this, 14% (25,680 units) were luxury homes. Contrastingly, of 2.61 lakh units sold in 2019, only 7% (17,740 units) were in the luxury category. MMR and NCR led luxury homes sales with H1 2022 seeing approx. 17,830 units sold in these two cities alone. In 2019, they accounted for a mere 11,890 luxury homes sold in the entire year.
In terms of overall sales share, MMR’s luxury housing sales share increased from 13% in 2019 to 25% in H1 2022. In NCR, the sales share rose to 12% in H1 2022, from 4% in 2019. Anuj Puri, Chairman - ANAROCK Group, says, “Discounts by developers made luxury properties very attractive for these buyers and NRIs have also been snapping up luxury homes in India because of the favourable exchange rate.”
Meanwhile, the affordable housing segment (units priced rs 40lakh)