Luxury home sales up 115 pc in first nine months

Chennai: Sales of luxury homes jumped 115 per cent in the first nine months of 2023 to 84,400 units in the top cities.

Around 84,400 luxury units, priced over Rs 1.5 crore, were sold between January and September in top 7 cities against 39,300 units in the same period last year. This increased the share of luxury homes to 24 per cent of total housing sales of 3.49 lakh units against 14 per cent ) of around 2.73 lakh units sold in the same period of 2022, as per the data of Anarock Consultants.

Mumbai, National Capital Region and Hyderabad led accounted for 63,390 units against 30,820 units in the year ago period. Of this, Mumbai itself sold around 36,130 luxury homes.

Hyderabad recorded over 260 per cent yearly growth in sale of luxury homes from 3,790 units last year to 13,630 units during this year’s nine-month period. Pune saw second-best yearly growth of 191 per cent. Apart from Mumbai and Kolkata, all other cities witnessed more than 100 per cent growth in sales.

In Mumbai, luxury units accounted for 32 per cent of the total housing sales during the 9-month period. In NCR, the share of luxury units was 28 per cent, in Chennai and Bangalore the share was 20 per cent.

“Interestingly, none of the top 7 cities saw any deceleration in luxury housing sales. In fact, they all went into overdrive," Anuj Puri, Chairman, Anarock Group.