According to a consulting firm, luxury real estate sales in the top 7 Indian cities are expected to surpass 2019 estimates.
According to a news release
from the consulting company, the target market for cheap housing has been
particularly hard struck by the pandemic.
According to the study, the
Mumbai Metropolitan Region (MMR) has recorded the most sales in the
“luxury unit” category.
According to industry sources,
sales of luxury apartments have been brisk throughout the nation at a time when
sales of affordable housing units (priced under Rs 40 lakh) have suffered.
As opposed to 17,740 luxury
apartments (units priced over Rs 1.5 crore) sold in the whole calendar year
2019, 25,680 units were sold in the first half of 2022, according to an analysis
of national sales data by a real estate consultant.
According to the research, the
Mumbai Metropolitan Region (MMR) has recorded the most significant sales in
this category. 13,670 units were sold in this area, while 4,160 were sold in
Delhi’s National Capital Region (NCR). 11,890 units were sold between these two
marketplaces in 2019. According to the research, sales of luxury and
ultra-luxury apartments have increased significantly in Pune (1,460), Kolkata
(630), Bengaluru (2,430), Chennai (920), and Hyderabad (2,420).
The construction takes place at
a time when the market for affordable homes has suffered. 31% of the units sold
in the first six months of this year were in the affordable housing sector,
down from 38% in 2019. 57,040 of the 1,84 lakh dwellings sold up through the
end of June 2022 were in the cheap housing category. According to a news
release, the target market for inexpensive housing has been particularly hard
struck by the pandemic, which is the primary reason for the decline.
Chairman of a Real Estate
Business Group, praised the sales results as extraordinary. Let’s consider that
end-users are primarily responsible for pushing luxury house purchases in major
locations today. The sales numbers are even more astounding. The conclusion on the
state of the economy as a whole is evident. Even though the average consumer in
this price range was less affected by the epidemic than the others, HNIs remain
cost-conscious. According to an expert, these purchasers found luxury
residences to be quite alluring because of developer discounts, and NRIs have
also been buying up luxury properties in India due to the favourable exchange
rate.
