Sales of luxury homes, costing Rs 50 cr & more, rose 51 pc to Rs 4,319 cr last yr: Report
New Delhi, Mar 26 (PTI) Sales of luxury homes, priced Rs 50 crore and above, rose 51 per cent in value terms to Rs 4,319 crore during the last calendar year on strong demand, according to JLL India.
Real estate consultant JLL India data showed that at least 45 homes, priced Rs 50 crore and above, were sold in 2023 for Rs 4,319 crore.
During the 2022 calendar year, at least 29 homes valuing Rs 2,859 crore were sold in this price category.
JLL said that luxury transactions include both bungalows and apartments. It encompasses both primary market and resale transactions. It does not include any gift transactions and joint ventures.
"Notably, out of the 45 luxury homes sold in 2023, 14 homes were in the price segment of Rs 100 crore and above, with majority (79 per cent) of them in Mumbai," Samantak Das, Chief Economist and Head of Research at JLL India, said.
Mumbai witnessed most transactions, primarily in the Malabar Hill and Worli micro markets. Golf Links and Vasant Vihar were the top performing submarkets in terms of luxury residential sales in Delhi NCR. Gurugram also saw a couple of luxury apartment transactions.
"The surge in demand for ultra-luxury homes in the Indian real estate industry is unprecedented, fuelled by a rise in wealth creation and economic resilience among affluent segments.
"This shift is driven by a newfound appreciation for real estate as both an appreciating asset and a source of tangible and intrinsic value," DLF Home Developers Ltd Joint Managing Director and Chief Business Officer Aakash Ohri said.
The pandemic has transformed the luxury homes narrative into one centred around an overall living experience, with convenience, amenities, and facilities enabling individuals to pursue their passions, he added.
"Additionally, the emotional ties, favourable currency exchange rates, and simplified investment processes have spurred investment from the UHNI Indian diaspora, further bolstering the luxury real estate market," Ohri said.
India Sotheby's International Realty CEO Ashwin Chadha said, "The demand for such residential real estate has been registering significant growth since 2021 and it continues its momentum into 2024." "While traditionally only bungalows, farmhouses, and independent luxury villas commanded prices above Rs 50 crore, now apartments and penthouses in high-rise buildings in top pin codes also fetch such prices due to the exclusive lifestyle and luxury amenities they offer," Chadha said.
Noida-based realty firm County Group Director Amit Modi said, "What is noteworthy about this finding is the growing prominence of NCR's real estate".
"Another critical aspect is an increase in the share of apartment complexes, which at 58 per cent is significantly higher than the bungalows, and the report signals a shift in preference towards apartment living, even in the super-luxury segment. We expect this trend to continue in the coming year," Modi said. PTI MJH SHW
