At a time when the affordable housing sector is witnessing an apparent slump, the luxury residential market in NCR cities is booming with a year-on-year increase in its share.
This inference can be drawn from the latest report by real estate consultants Anarock that has recorded close to a 12% luxury housing market share in NCR cities in the first half of the calendar year — an almost 100% jump from 6% in 2021. In 2019, the luxury housing share in NCR cities was barely 4%.
In Mumbai Metropolitan Region (MMR) and NCR together, approximately 19,470 luxury units are available for sale. And in the first half of 2022, approximately 4,160 units were sold in this segment in these two cities, according to Anarock. The luxury residential market share in Bengaluru, Chennai and Hyderabad is 10% each. In Kolkata, it’s 6% and 5% in Pune. According to the report, of a total 1.84 lakh units sold in these cities in the first half of this calendar year, about 14% (around 25,700 units) were luxury homes. In contrast, of 2.61 lakh units sold in the whole of 2019, just 7% (around 17,740 units) were in the luxury category.
Anuj Puri, chairman of Anarock, said, “Encouraged by this healthy demand for luxury offerings, developers have stepped up new supply in the luxury segment, launching over 28,000 units (priced above Rs 1.5 crore) across the top seven cities in just the first half of 2022.”
City-based developers attributed the growth in luxury housing market share to demand for bigger homes post-Covid and a reversal in real estate cyclical trend.
Kalyan Chakrabarti, CEO of Emaar India, said, “The growth of the Indian luxury realty segment must be looked at from the perspective of the potential it holds for the growth of the economy in the post-Covid phase. The buoyant demand is backed by macro-economic growth factors, a reversal in real estate cyclical trend and structural change in demand drivers post-Covid.”
Amarjit Bakshi, CMD of Central Park, said, “The buyers have chosen the segment which defines the concept of luxury living offering the quintessential global lifestyle and impeccable hospitality services, catering to the evolved taste of the globally travelled Indians. These most prominent factors led to an uptick in the luxurious housing segment, for the first half of 2022.”
Source : TOI