luxury home sales have increased by 97%, according to CBRE

According to CBRE’s “India Market Monitor Q3 2023” report, the Indian luxury housing category had a sharp increase in sales for units priced at Rs 4 crore and above, continuing a sustained growth trajectory for the months of January through September 2023.

Approximately 9200 luxury flats were sold overall across 7 Indian cities during the same time last year, up from 4700 units during the same period previous year.

Together, Hyderabad, Mumbai, and Delhi-NCR emerged as the top three markets driving sales, making up roughly 90% of all sales of luxury homes in the top seven cities.

Delhi-NCR was the largest of these cities, making up around 37% of the total. Mumbai, Hyderabad, and Pune came in second, third, and fourth, respectively, with about 35%, 18%, and 4% of the total.

In the luxury home market, sales increased 19 percent year over year in the top seven cities from July to September of 2023, following a similar pattern.

Approximately 2,400 units were sold overall, as opposed to roughly 2,000 units during the same period in 2022.

Delhi-NCR, Hyderabad, and Mumbai turned out to be the top markets with the most sales throughout the quarter.

According to the research, there was strong sales activity in the first nine months of 2023. It is anticipated that sales would surpass 150,000 units and smash a three-year record over the holiday season.

Almost half of all residential sales in the period of January to September of 23 were comprised of mid-end developments, with high-end and cheap projects following closely behind.

As a whole, Mumbai, Pune, and Bangalore accounted for 62 percent of sales between January and September of 23.

However, throughout the first nine months of the year, Mumbai, Pune, and Hyderabad dominated the new launches, securing a sizable cumulative share of almost 64 percent.

over the July–September 23 quarter, over 80,000 residential units were sold, while 72,000 new units were introduced over the same time frame.

According to the survey, a significant number of first-time purchases are anticipated in the Oct.–Dec. 23 quarter, and end users who are on the fence are anticipated to make choices during the holiday season’s deals and discounts.

Despite a flurry of new launches, projects in the premium/luxury market would continue to have strong momentum; the research noted that mortgage rates would have a relatively muted influence on demand from this group.