A total of 84,400 luxury properties valued at more above ₹1.5 crore were sold between January and September of this year due to increased demand

 A total of 84,400 luxury properties valued at more above ₹1.5 crore were sold between January and September of this year due to increased demand

The demand for luxury homes in India has been strong throughout the first nine months of the current fiscal year. In 2023, seven major cities in the nation saw the sale of almost 84,400 luxury apartments (costing above ₹1.5 crore) between January and September, compared to about 39,300 units sold during the same time in 2022, according to a research by Anarock Property Consultant.

Based on the statistics, in the first nine months of 2023, around 24%, or roughly 84,400 units, of the approximately 3.49 lakh units sold in eight cities (Delhi-NCR, Mumbai area, Bengaluru, Pune, Hyderabad, Chennai, and Kolkata) were luxury residences priced over ₹1.5 crore.

Hyderabad had a 260% increase in luxury home sales between January and September of FY 2024, out of the eight Indian cities. 13,630 units were sold over this time, compared to 3,790 units sold in nine months in 2023, according to Anarock statistics.

In Telangana's capital, 44,220 houses in all price ranges were sold between January and September, with 31% of them being luxury properties.

The first nine months of this year showed a 74% yearly growth in luxury property sales in the Mumbai Metropolitan Region (MMR), going from 20,820 units (estimated) to 36,130 units during the same time. Up to September 2023, 1,11,280 apartments in the city were sold in all price ranges, with 32% of them being luxury homes.

Between January and March, 49,480 units in the NCR were sold, with 28% of them being luxury homes.

In terms of sales of luxury property in the ninth month of 2023, MMR, NCR, and Hyderabad did better than the other cities combined, with 63,390 units sold. Just 30,820 luxury homes—less than half of the current year's nine-month total—were sold in these three cities during the same time period in 2022. It's interesting to note that sales of luxury homes did not decline in any of the top 7 cities. They all really pushed into overdrive, according to Anuj Puri, Chairman of ANAROCK Group.

Bengaluru saw an approximate increase of 142% in sales of luxury apartments each year, from 3,810 units in 9M 2022 to 9,220 units (approximately) in 9M 2023. In 2023 (Jan-Sept), around 47,100 apartments were sold in the city across all price ranges, with 20% of those units being luxury.

Up to September of this year, 6,850 luxury housing units were sold in Pune, while 3,330 units were sold in Chennai, a 143% rise in sales.

Between January and September of 2023, luxury home sales in Kolkata increased by 69% yearly, from about 950 units in 2022 to 1,610 units in 2023.