As the pandemic blues subside, Indians flock to buy luxury homes

Beating the pandemic blues, home buyers in India have flocked to the luxury housing market. Sales of luxury homes, residential properties priced above Rs 1.5 crore, have risen sharply since the pre-pandemic days, according to data from market analyst Anarock Property Consultants.

In the first six months of the year, January-June 2022, some 25,680 luxury units were sold, compared to 17,740 in all of 2019. For perspective, the full year 2021 saw luxury home sales continue to increase after the second wave of Covid. 21,700 – 18.3 percent less than in the first half of 2022.

“India’s luxury real estate has performed remarkably well post-pandemic, with overall sales increasing significantly in the top 7 cities. Recent ANAROCK research data finds roughly that. Of the 1.84 lakh units sold in these cities in H1 2022, 14 percent were in luxury homes. In contrast, only 7 per cent of the 2.61 lakh units sold in the whole of 2019 were in the luxury category, Anarock analysts said.

Mumbai Metro Region (MMR) reported the highest number of luxury home sales – over 13,670 units sold in H1 2022, followed by NCR (National Capital Region) with 4,160 units. In total sales, MMR’s share of luxury home sales increased from 13 percent in 2019 to 25 percent in H1 2022.

“These sales figures are even more impressive if we consider that today it is the primary consumers who are driving the sale of luxury homes in these cities. There is a clear approach to the overall economic performance. However, there were not the usual buyers in this budget segment. Like everyone else, the pandemic has affected HNIs (High Net Worth (individuals) know their value. Discounts offered by developers on luxury properties for these buyers and NRIs are also snapping up luxury homes in India due to the favorable exchange rate,” said Anuj Puri, Chairman, Anarock Group.

According to analysts, buoyed by healthy demand for luxury offerings, developers have ramped up new supply in the luxury segment, opening more than 28,000 units worth more than 28,000 units in the first half of 2022 across the seven major cities. In 2019, the whole year started.

Design: Mohsin Shaikh

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