CBRE South Asia's 'India Market Monitor Q1 2023' report shows that luxury residential sales and launch activities remained strong in Delhi-NCR, Mumbai, Hyderabad, Pune, and Kolkata.
The report reveals that Delhi-NCR saw a 216% surge in sales, Mumbai witnessed a 44% increase, Hyderabad grew by about 800%, Kolkata by 100%, and Pune by nearly 13 times on a year-on-year basis for the quarter ending Mar’ 23.
The number of units sold in Delhi was 1,900, Mumbai 1,150, and Hyderabad 430. In total, 4,000 luxury units were sold during the first quarter, up from 1,600 units last year.
The report highlights that out of the 78,000 housing units sold in Jan-Mar 2023, 49% were in the mid-end category, followed by affordable and budget projects.
Mumbai led in the number of total housing units sold at 19,000 units, followed by Pune (18,000 units), Delhi-NCR (11,600 units), and Bangalore (11,500 units). The gateway cities – Mumbai (25,300 units), Pune (16,000 units), and Delhi-NCR (11,200 units) accounted for 64% of the total new launches in Q1 2023.
According to Anshuman Magazine, chairman, and CEO- India, South-East Asia, Middle East & Africa, CBRE, demand for luxury housing this year will be primarily driven by the aspiration of continued home ownership.
He also added that projects with better amenities, focus on health and safety, and clean surroundings are likely to gain an edge amidst evolving consumer preferences.
Projects in the higher ticket range (Rs 1.5 crore and above) would continue to see traction in sales as the market has witnessed a spate of new launches in this bracket.
Larger developers foray into tier-II cities, and joint ventures and joint development initiatives would see a higher number of partnerships with local players, aiming to manage regulatory hurdles and understand consumer preferences.
