Demand for Luxury Home Surged: Sales of Homes Priced Over Rs 4 Crore Rise 10% in January-March in Top Seven Cities, Says Real Estate Consultant CBRE
Sales of housing units, each costing Rs 4 crore and above, rose 10 per cent during January-March across seven major cities, according to CBRE.
New Delhi, April 30: Sales of housing units, each costing Rs 4 crore and above, rose 10 per cent during January-March across seven major cities, according to CBRE. Real estate consultant CBRE South Asia released its report 'India Market Monitor Q1 2024', showing that the percentage share of luxury homes with prices Rs 4 crore and more in the overall housing sales stood at about 5 per cent in January-March 2024.
As per the data, the total sales in this price category stood at 4,140 units during January-March this year across seven major cities from 3,780 units in the year-ago period. "The Indian luxury real estate sector demonstrates robust fundamentals for sustained expansion, underpinned by consistent increases in household income and consumer spending power," Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa at CBRE, said. Bengaluru Sees Highest Rental Yield of 4.45% in First Quarter of 2024, Mumbai Next, Says Anarock Report
These factors are anticipated to cultivate a segment characterised by discerning buyers prioritising quality, financial prudence and a desire for an elevated living experience, he added. "Going forward, capitalising on the positive sales trend, developers nationwide are ramping up activity and are expected to launch new units in the segment," Magazine said. As per the data for sales of housing units costing Rs 4 crore and above, Delhi-NCR saw a decline in sales to 1,150 units from 1,880 units during the period under review. Strong Start to Office Real Estate in India in 2024: Report
In Bengaluru, sales fell to 10 units from 70 units. Kolkata too saw a decline to 70 units from 110 units. Sales in Mumbai rose to 1,330 units from 1,150 units, while sales in Pune surged multi-fold to 700 units from 150 units. In Hyderabad, sales grew to 800 units from 380 units. Sales of housing units (each costing Rs 4 crore and above) in Chennai declined to 60 units during January-March this year from 40 units in the year-ago period.
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