New Delhi, July 19 (IANS) With the continued boom in the real estate sector, sales of homes costing Rs 4 crore and above rose 27 per cent in the first half of this year.
According to a latest report by real estate consultant CBRE, India's luxury housing segment has maintained strong growth in sales, reaching total sales of around 8,500 luxury units in 2023, compared to around 6,700 units in the same period of 2023.
Delhi-NCR, Mumbai and Hyderabad accounted for nearly 84 per cent of total luxury housing sales in the top seven cities. While sales in Delhi-NCR grew 14 per cent to 3,300 units, Mumbai saw a 14 per cent increase to 2,500 units. Housing sales in Hyderabad stood at 1,300 units, registering a 44 per cent year-on-year growth.
As per reports, Pune recorded sales of 1,100 units during the period, registering a growth of 450 per cent year-on-year.
Anshuman Magazine, CBRE chairman and CEO – India, South-East Asia, Middle East and Africa, said, “The luxury housing segment, especially for homes priced at Rs 4 crore and above, is set to see a boom in the industry as buyers look for homes that suit their opulent lifestyles.”
Another report earlier this month showed that the real estate market is expected to see high-end luxury housing sales rise in the first half of 2024 due to a strong economy and rising demand for luxury lifestyles.
Property advisory firm Knight Frank's report said housing sales above Rs 1 crore accounted for 41 per cent of total sales in the first half of 2024. The figure was 30 per cent in the same period of 2023.
A total of 1,73,241 homes were sold in the first half of 2024, the highest number of sales in 11 years.
A third report this month also revealed that sales of luxury homes costing Rs 10 crore and above in Mumbai were the highest ever half-yearly sales, at Rs 12,300 crore.
This is 8 per cent higher than the sales of Rs 11,400 crore in the first half of 2023, according to India Sotheby's 'International Realty & CRE Matrix' report.
The primary luxury segment witnessed sales of Rs 8,752 crore, the second best half-yearly sales in the last five years.
According to Sudarshan Sharma, executive director, India Sotheby's International Realty, this growth reflects the increasing demand for top-end luxury real estate, driven by India's economic recovery and rising prosperity among the higher-income groups.
–IANS
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