According to CBRE's 'India Market Monitor Q1 2023' report, the luxury residential market has continued to experience growth in sales and launch activity for the second year in a row in 2023. Between January 2023 and March 2023, an increase of almost 151% YoY was recorded. With a 216% increase in luxury house sales in Q1CY23 compared to Q1CY22, Delhi-NCR is currently in first place. Other major cities with the most demand for high-end real estate properties include Mumbai, Hyderabad, Pune, and Kolkata.
According to the research, "Sales in Delhi-NCR surged by over 216%, Mumbai by 44%, Hyderabad by roughly 800%, Kolkata by 100%, and Pune by nearly 13 times on a YoY basis for quarter ending Jan- Mar' 23." Luxury home ownership is thought to have increased during the pandemic as a result of homebuyers' shifting priorities, who are now more interested in larger homes with better amenities.
A home that costs Rs 40 million or more belongs to the luxury housing market, whereas those priced between Rs 10-15 million are considered premium or high-end. During the months of January through March 2023, the total sales of residential units across all categories showed a 12% increase both quarter over quarter (QoQ) and year over year (YoY). Between January and March 2023, more than 78,000 residential units were sold, while over 81,000 new units were introduced during this time.
According to the survey, of the housing units sold, inexpensive and budget projects came in second with 49% of the market. In an earlier poll conducted by CBRE, it was found that compared to only 29% of baby boomers, more than 50% of Gen-Z respondents expected to move to a new house within the next two years.
