According to Anarock, sales of luxury flats worth over Rs 1.5 crore in seven major cities stood at 25,680 units during January-June 2022, surpassing sales in the last three years. The Mumbai Metropolitan Region (MMR) contributed over 50 per cent of the total luxury housing sales in the first half of this year.
Property consultant Anarock said the luxury housing segment has performed “remarkably well” this year. As per the data, the sales of luxury homes during January-June 2022 stood at 25,680 units, which is higher than the 21,700 luxury flats sold in the entire 2021 calendar year across seven major cities – Delhi-NCR, MMR, Bengaluru, Pune, Hyderabad. Chennai and Kolkata. Throughout 2020, sales of luxury apartments fell to 8,470 units from 17,740 units in 2019 due to the impact of the COVID-19 pandemic.
“There are four-five reasons for the sharp increase in the sales of luxury homes. First, many luxury residential projects have been completed this year.
The demand for ready-to-move units was high as customers wanted to shift immediately,” Unrock Chairman Anuj Puri told PTI. Further, he said that high net worth individuals (HNIs) who have made money during the pandemic from the stock market are now investing in real estate.
“Joint families have realized the need for larger spaces during the pandemic and that too immediately. This is also one of the major demand drivers,” Puri said. The advisory also said that housing prices have risen after the second wave of the pandemic. “Prices are still at a reasonable level.
Potential buyers think rates may go up, so they are buying now.
Lastly, NRIs (Non-Resident Indians) are also snatching luxury homes in India due to favorable exchange rates.” Anarock data shows that luxury homes account for a total of 1.84 lakh units in seven cities. Before 2022 It rose to 14 per cent during the six months if compared to the pre-pandemic year of 2019, the share of luxury homes in total sales was just 7 per cent.
Mukesh Singh, Sales Director, Kalpataru Limited said: “With the onset of the pandemic, buyers are looking for homes that offer luxury amenities.
Consumers want to buy large and luxurious homes from renowned developers who have a strong track record of executing projects on time.”
The data shows that the sale of luxury homes in Delhi-NCR stood at 4,160 units in January-June this year. Sales were 1,680 units in 2019, 700 units in 2020 and 2,520 units in Delhi-NCR in 2021.
MMR saw sales of 13,670 units in the first six months of 2022. The city saw sales of 10,210 units in 2019, 5,840 units in 2020 and 13,720 units in 2021. In Bengaluru, sales of luxury units stood at 2,430 units during the January-June period. this year. Sales were 3,030 units in 2019, 930 units in 2020 and 1,550 units in 2021.
In the first six months of this calendar year, sales of luxury homes in Pune stood at 1,460 units. The demand in Pune was 500 units in 2019, 170 units in 2020 and 880 units in 2021. Hyderabad saw sales of 2,420 luxury homes in January-June 2022. Sales were 1,660 units in 2019, 620 units in 2020 and 1,880 units in 2021. ,
In the first six months of this year, sales of luxury residential properties in Chennai stood at 920 units. The city saw sales of 300 luxury homes in 2019, 120 units in 2020 and 660 units in 2021. In Kolkata, 630 units were sold in the luxury residential segment during January-June 2022. 390 luxury units were sold in 2019, 90 units in 2020 and 490 units in 2021.
With the increase in the share of the luxury housing segment in total sales, Anarock data showed that the share of affordable housing (units costing less than Rs 40 lakh) declined from 38 per cent in the full 2019 to 31 per cent in the first six months of 2022. After the pandemic, affordable housing was hit hard as this category of buyers took the biggest economic hit.
According to Anarock data, the total housing sales (in all categories – affordable, middle income and luxury) in 2013 in these seven cities were 3,18,399 units; 3,42,983 in 2014; 3,08,250 in 2015; 2,39,260 in 2016; 2,11,143 in 2017; 2,48,311 in 2018; 2,61,358 in 2019; 1,38,344 in 2020; 2,36,516 in 2021. Total sales in the first six months of 2022 were 1,84,475 units.
Anarock said home sales in 2022 are likely to exceed pre-pandemic levels. The unsold housing stock has fallen to around 6 lakh units from a peak of around 9 lakh units in these seven cities on better demand and controlled supply. The data includes all residential projects (apartments, villas, row-houses, villas and independent floors) but excludes plotted development projects.
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