Delhi-NCR sees over 2-fold surge in luxury home sales, with 13,630 units sold in 2023

The Delhi-NCR region has experienced a surge in the sale of luxury homes priced at over Rs 1.5 crore, with 13,630 units sold from January to September this year, marking a more than two-fold increase from the 6,210 luxury homes sold during the same period last year, according to Anarock data. This trend was observed in seven major cities.

Across these seven major cities, the sale of luxury residential properties has more than doubled to 84,400 units during January-September this year, compared to 39,300 units in the corresponding period of the previous year. Anarock Chairperson Anuj Puri attributes this growth to increased demand and supply in the luxury housing segment, driven by a surge in demand following the COVID-19 pandemic. Many people are opting for larger and more upscale homes, and the concept of homeownership has become more robust post-COVID.

City-wise luxury housing boom

Hyderabad saw an increase in luxury home sales, surging over three-fold to 13,630 units from 3,790 units in the same period the previous year. Bengaluru also witnessed a rise in luxury home sales, with 9,220 units sold, compared to 3,810 units in the previous year.

In the Mumbai Metropolitan Region (MMR), luxury housing sales increased by 74 per cent, totalling 36,130 units, up from 20,820 units. Pune experienced a nearly three-fold increase in luxury housing sales, reaching 6,850 units from 2,350 units. Chennai also saw an increase in luxury housing sales, with 3,330 units sold, up from 1,370 units. Luxury housing sales in Kolkata rose by 69 per cent to 1,610 units during January-September this year, compared to 950 units in the same period the previous year.

Taking all price ranges into account, data reveals a total of 3.49 lakh units were sold in these seven cities in the first nine months of this year, and luxury homes accounted for 24 per cent of this total. In the same period last year, the share of luxury home sales in the overall market was 14 per cent.