MUMBAI: The unwavering demand for luxury housing since the pandemic has kicked off a spate of new launches in this category.
Latest Anarock data shows that out of 1,16,220 units launched in Q3 2023 in the top 7 cities across various budget categories, approx. 27% (approx. 31,180 units) were in the luxury category.
This is the highest quarterly luxury supply entering the market in the last five years. Back in Q3 2018, the supply share of luxury housing was just 9% - of approx. 52,120 units launched across budget segments then, just 4,590 were luxury homes.
Q3 2023 saw Hyderabad churn out the highest new luxury supply - approx. 14,340 units - followed by MMR with 7,830 units. In terms of overall luxury share Hyderabad clocked in at 46% and MMR at 25%.
Prashant Thakur, Regional Director & Head – Research, Anarock Group, says, “Developers have been bullish about the luxury homes segment because of its superlative performance after the pandemic, with overall sales rising steeply across the top 7 cities.
Post pandemic, homebuyers have been seeking bigger homes and apart from high-end amenities and good location, luxury housing is primarily defined by generous floor space.
While luxury housing supply continues its bull-run, affordable housing (homes priced at or under Rs 40 lakh) has reduced further to 18% in Q3 2023. Chennai witnessed new luxury supply of nearly 460 units in Q3 2023, against 580 units in the corresponding period of 2018. It is the only city to see its luxury supply decline further.