In south Mumbai, 55% of total sales belonged to houses over Rs 5 crore.

Luxury home sales in India have gained momentum after the start of the pandemic as consumers look for more amenities. The share of luxury homes in total home sales in the top 7 Indian cities has increased by 3 percentage points, from 7% in 2019 to 10% in 2021. Of the 261,360 units sold in the Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru, Hyderabad, Pune, Chennai and Kolkata had 18,300 luxury segment units in 2019, according to data from ANAROCK.

This number rose to nearly 23,700 units in 2021, while total home sales declined slightly to over 236,520 units. The increased momentum in sales continues as over the past five months (October 2021 to February 2022), sales share has been somewhere between 10-12%, data shows.

In south Mumbai, 55% of total sales belonged to houses over Rs 5 crore. Central Mumbai, with total sales of Rs 25,000 crore, had Rs 15,500 crore coming from the luxury segment with houses priced above Rs 5 crore. The same trend continued in the central suburbs as well, with 80% of sales marked by apartments above Rs 2 crore and nearly a third of sales in eastern suburbs belonged to apartments priced between Rs 1 crore and Rs 5 crore. These findings were from a recent CREDAI-MCHI and CRE Matrix report.

Ramesh Ranganathan, CEO of K Raheja Corp Homes, told FE that there is an upward trend in demand for luxury properties, encouraging developers to build turnkey luxury homes that combine healthy lifestyles, high-end amenities and distinctive features. design. Aakash Ohri, group executive director & chief business officer at DLF, said the luxury buyer category has expanded over the past two years.

High net worth individuals (HNIs) and non-resident Indians (NRIs) have also boosted sales in this segment after a lull.
Anuj Puri, Chairman of ANAROCK Group, said: “Luxury homes are again seeing high demand from HNIs and NRIs due to attractive prices and the need for a second home away from home.” “While there has always been interest, people have preferred other asset classes to invest in than real estate, which has changed significantly since the start of the pandemic. In the past, it was fashionable to buy luxury products, but today’s discerning buyers have focused their purchasing decisions on luxury homes,” he said.

According to Puri, larger sizes, one of the defining features of luxury properties, have become a priority. In addition, low interest rates, discounts and developer offers, favorable government policies such as the cut in stamp duties in Maharashtra and a desire for state-of-the-art amenities have further contributed to this momentum.

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