The real estate sector and housing segment which went through a tough time for over two years with the Covid outbreak started blossoming slowly. Looking at the situations becoming normal, people are showing interest in buying properties and houses giving a big breath to the sectors.
Looking at the trend in the country the luxury housing segment is riding high on the increase in sales. In the first six months of the year, there is a massive growth in sales in the top cities. The data was collected after gathering information on the sales in as many as seven top cities.
Popular real estate consultant CBRE South Asia in its recent report highlighted the increase in sales of luxury houses. There is a massive growth of 130 percent year-over-year (YoY) sales between January-June in 2023. While 3,000 luxury houses were sold last year, as many as 6,900 luxury houses were sold in just six months. If the same trend continues then the numbers would be even higher by the end of this year.
Delhi-NCR, Financial capital Mumbai and pearl city Hyderabad are the top players in the countries among the cities. The three cities account for the major share of sales of luxury houses that were recorded in the first half of the year.
“Delhi-NCR, Mumbai, and Hyderabad emerged as prominent markets, combined together accounting for nearly 90 per cent of the total luxury housing sales across top-7 cities,” the real-estate firm said in its report.
Delhi-NCR saw 2,900 followed by 1900 units and 1,400 units in Mumbai and Hyderabad respectively. While Delhi-NCR saw a growth of over 200 percent, Mumbai had a growth of 18 percent. On the other hand, luxury house sales increased in Hyderabad by 14 folds. Hyderabad stood at third place in luxury house sales by recording big numbers than cities like Pune, and Kolkata.
The increase in luxury houses is an example of the massive growth in the segment. Compared to normal houses, buyers have to spend bigger amounts in buying luxury house units as they come with all the required amenities and luxuries. NRIs living in other nations played a significant role in the massive growth in the sale of luxury house units.
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