Luxury home sales in January-June show uptick

NEW DELHI: Sales of luxury flats, priced above Rs 1.5 crore, stood at 25,680 units across seven major cities during January-June 2022 and have surpassed annual sales in the last three years, according to Anarock.

The Mumbai Metropolitan Region (MMR) contributed more than 50 per cent of the total luxury housing sales in the first half of this year.

Property consultant Anarock said the luxury housing segment has performed “remarkably well” this year, helped by discounts offered by developers and demand from non-resident Indians (NRIs).

As per the data, sales of luxury homes were 25,680 units during January-June 2022, which is higher than 21,700 units sold in the entire 2021 calendar year across seven major cities -Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Pune, Hyderabad, Chennai and Kolkata.

In full 2020, sales of luxury apartments fell to 8,470 units from 17,740 units in 2019 due to the impact of the pandemic.

The data suggests that share of luxury homes in the overall housing sales of 1.84 lakh units across the seven cities rose to 14 per cent during the first six months of 2022. If compared with the pre-pandemic year of 2019, the share of luxury homes in the total sales was just 7 per cent.

On the findings, Anarock chairman Anuj Puri said it is end-users who are driving luxury housing sales. “Discounts by developers made luxury properties very attractive for these buyers and NRIs have also been snapping up luxury homes in India because of the favourable exchange rate,” he added.

Anarock data showed that luxury homes sales in Delhi-NCR stood at 4,160 units in January-June this year. Sales were 1,680 units in 2019, 700 units in 2020 and 2,520 units in 2021. The MMR saw sales of 13,670 units in the first six months of 2022. Sales were 3,030 units in 2019, 930 units in 2020 and 1,550 units in 2021.

Sales of luxury residential properties in Chennai stood at 920 units in the first six months of this year. The city saw sales of 300 luxury homes in 2019, 120 units in 2020 and 660 units in 2021.

With rise in share of luxury housing segment in the overall sales, Anarock data showed that the share of affordable housing (units priced below Rs 40 lakh) dipped to 31 per cent in the first six months of 2022 from 38 per cent in full 2019.