NewsVoir
New Delhi [India], October 10: The luxury real estate market in India, especially Delhi-NCR market, is witnessing an exciting phase of transformation after many years. The icing on the cake is the upcoming festive season, which is expected to take the luxury realty to an all-new high.
Key Highlights:
* Luxury residential segment witnessed significant growth in both, demand and sales, with YoY growth of 150%.
* The first quarter of 2023, saw a total of 4,000 luxury housing units sold in India's prime residential markets, compared to 1,600 units in the same period of the previous year, with Delhi-NCR on top of the list witnessing a substantial growth of 216% in this quarter.
* The NCR Region has witnessed an increase of over 22% in luxury housing supply in the last 5 years.
* 47% homebuyers today prefer 3BHK and are looking for bigger spaces, with no compromise on comfort, class and convenience.
Given the strong desire in consumers to live life king-size, and make the most of the festive deals, this year's festive season is expected to see huge surge in the sale of luxury homes in Delhi-NCR markets. In fact, luxury housing sales rose by about 150% annually in the January-March 2023 quarter. The NCR Region alone has witnessed an increase of over 22% in luxury housing supply in the last 5 years, thanks to the post-pandemic shift in buying trends where homebuyers are now seeking larger spaces and have a higher preference for homeownership with better amenities.
The first quarter of 2023 (Q1 2023), saw a total of 4,000 luxury housing units sold in India's prime residential markets, compared to 1,600 units in the same period of the previous year, with Delhi-NCR on top of the list witnessing a substantial growth of 216% in this quarter. The demand for 2-BHK, 3BHK, and above, in the price range of 1.5-4 Cr, is only going upwards. Higher RoI and festive mood is going to take the surge further up in the coming months.
Vishesh Prakash, Head, R&R by Rise Infraventures, explains the trend, "The luxury real estate market in India, especially Delhi-NCR market, is witnessing an exciting phase of transformation after many years. The icing on the cake is the upcoming festive season, which is expected to take the luxury realty to an all-new high. A great amalgamation of comfort, leisure and opulence - luxury homes provide world-class amenities, with meticulous attention to detailing and comfort. In such a scenario, more is less when it comes to paying the price. And, that's exactly the reason people don't mind shelling out anything to buy their dream homes."
There are multiple factors contributing to this never-seen-before trend, including higher disposable incomes; the desire to live life king-size; unparalleled experience of luxury homes; and to top it all, exciting festive deals! Another very critical aspect of Delhi-NCR is its globe-trotting population who have had a taste of luxury, and would not compromise it for anything. And, thus was borne the concept of luxury or bespoke living for which money is no preserve.
Key highlights:
* Luxury residential segment witnessed a significant growth in both, demand and sales, with YoY growth of 150%
* In the first quarter of 2023 (Q1 2023), a total of 4,000 luxury housing units were sold in India's seven prime residential markets, compared to 1,600 units in the same period of the previous year
* Prices of luxury homes in the top 7 cities in 2018, averaged out at approx. INR 12,400 per sq. ft., and in 2023, have increased to approx. INR 15,350 per sq. ft.
* Delhi-NCR emerged as the leader in luxury home sales during this quarter, experiencing a substantial growth rate of 216%
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