Approximately 1.84 lakh units were sold in the top seven cities in the first half of 2022, with about 14 percent (approximately 25,700 units) sales in the luxury category, ANAROCK Research has showed.
Of the 2.61 lakh units sold in the whole of 2019, just 7 percent (approximately 17,740 units) were in the luxury category.
MMR and NCR have led luxury homes sales with H1 2022 seeing approximately 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 percent in 2019 to 25 percent in H1 2022. In NCR, the same rose to 12 percent in H1 2022, from 4 percent in 2019.
MMR has the maximum share of 46 percent, with approximately 44,710 luxury homes currently available for sale. In H1 2022, 13,670 luxury homes were sold here. NCR comes second with approximately 19,470 luxury units currently available for sale. In H1 2022, approximately 4,160 units were sold in this segment
Hyderabad has approximately 11,730 luxury homes available for sale. In the first half of this year, approximately 2,420 units were sold in this budget category. Bengaluru has approximately 9,860 luxury units available for sale. In H1 2022, approximately 2,430 luxury homes were sold here.
"Mainly end-users are driving luxury housing sales across these cities today. There is a clear takeaway on overall economic performance. Even though the typical buyers in this budget segment were not as impacted by the pandemic as the rest, HNIs are conscious of cost. 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,” said Anuj Puri, Chairman - ANAROCK Group.
Encouraged by this healthy demand for luxury offerings, developers have stepped up new supply in the luxury segment, launching over 28,000 units priced more than Rs 1.5 crore across the top seven cities in just first half of 2022. Approximately 28,960 luxury homes were launched in the entire 2019.
Affordable Housing Contracts Further
The affordable housing segment (units priced less than Rs 40 lakh) saw its sales share dip from 38 percent in 2019 to 31 percent in H1 2022. Of 1.84 lakh homes sold in H1 2022, approximately 57,040 units were in this budget category.
Post-pandemic, affordable housing was significantly impacted because its target audience took the biggest economic hit. In terms of cities, Hyderabad saw the maximum dip in affordable housing sales share - from 23 percent in 2019 to 6 percent in H1 2022, followed by Chennai - from 52 percent in 2019 to 36 percent in H1 2022, the report said.
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