1. Home
  2. Real Estate
  3. Sales of luxury homes segment increased by 151%, Delhi-NCR at 216%
Sales of luxury homes segment increased by 151%, Delhi-NCR at 216%
Real Estate

Sales of luxury homes segment increased by 151%, Delhi-NCR at 216%

10 May 2023 2 Min Read CW Team
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.

Redefine the future of urban mobility! Join us at the Metro Rail Conference 2025 to explore groundbreaking ideas and insights. 👉 Register today!

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.

Next Story
Infrastructure Transport
14 Jan 2025

Telangana CM Seeks Regional Ring Road and Rail Support for Hyderabad

Telangana Chief Minister A. Revanth Reddy has appealed to Prime Minister Narendra Modi to approve the Regional Ring Road (RRR) and the proposed 'regional ring rail' to facilitate Hyderabad's transformation into a global city. Speaking at the launch of UNIKA, the autobiography of former Maharashtra Governor Ch. Vidyasagar Rao, Reddy emphasised the need for federal cooperation to propel Telangana toward becoming a $1 trillion economy. Reddy highlighted Hyderabad’s contribution of 60% to Telangana’s income and sought Union support for key initiatives, including a dry port and the expedited c..

Read More
Next Story
Infrastructure Urban
14 Jan 2025

PM Modi to Commission Three Naval Combatants, Inaugurate ISKCON Temple

Prime Minister Narendra Modi is set to dedicate three advanced naval combatants—INS Surat, INS Nilgiri, and INS Vaghsheer—during their commissioning ceremony at the Naval Dockyard in Mumbai. Additionally, he will inaugurate the Sri Sri Radha Madanmohanji Temple, an ISKCON project, in Kharghar, Navi Mumbai, as part of his visit to Maharashtra, according to a statement from the Prime Minister’s Office (PMO). The commissioning of these naval assets is a significant milestone in India’s journey toward becoming a global leader in defence manufacturing and maritime security. INS Surat, the f..

Read More
Next Story
Infrastructure Transport
14 Jan 2025

Navi Mumbai Airport to Ease General Congestion at Mumbai Airport

Mumbai’s growing aviation congestion has prompted plans to relocate most business jets, turboprops, and charter aircraft from the city’s airport to Navi Mumbai International Airport (NMIA) by year-end. Currently, these aircraft are parked in general aviation bays off the main runway of Mumbai Airport. A spokesperson for Adani Airports Holdings Ltd confirmed that NMIA, set to commence operations in 2025, will feature advanced infrastructure, including dedicated hangars for private and charter aircraft. The transition aims to create additional aeronautical assets at Mumbai Airport, which wi..

Read More

Opinion Poll

Question : Which technological advancement do you believe will most transform the real estate industry in the coming years?

Latest updates

Telangana CM Seeks Regional Ring Road and Rail Support for Hyderabad
ROADS & HIGHWAYS
14 Jan 2025

Telangana CM Seeks Regional Ring Road and Rail Support for Hyderabad

PM Modi to Commission Three Naval Combatants, Inaugurate ISKCON Temple
ECONOMY & POLICY
14 Jan 2025

PM Modi to Commission Three Naval Combatants, Inaugurate ISKCON Temple

Navi Mumbai Airport to Ease General Congestion at Mumbai Airport
AVIATION & AIRPORTS
14 Jan 2025

Navi Mumbai Airport to Ease General Congestion at Mumbai Airport

Nagpur Airport Expansion Clears Land in Shivangaon Village
AVIATION & AIRPORTS
14 Jan 2025

Nagpur Airport Expansion Clears Land in Shivangaon Village

Kolkata Metro's East-West Corridor Begins CBTC Signalling Work
ECONOMY & POLICY
14 Jan 2025

Kolkata Metro's East-West Corridor Begins CBTC Signalling Work

YEIDA Explores Road Link for Noida International Airport Connectivity
ROADS & HIGHWAYS
14 Jan 2025

YEIDA Explores Road Link for Noida International Airport Connectivity

India to Outpace Major Steel-Consuming Economies In 2025
Steel
14 Jan 2025

India to Outpace Major Steel-Consuming Economies In 2025

Oil Prices Remain Near Four-Month Highs
OIL & GAS
14 Jan 2025

Oil Prices Remain Near Four-Month Highs

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000