Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
The luxury housing market in India has witnessed an impressive growth, as reported by CBRE South Asia Pvt. Ltd. According to their latest findings, the luxury segment, comprising units priced at INR 4 crore and above, experienced a remarkable 75% year-on-year growth in sales throughout 2023. Notably, there was also a significant increase of approximately 45% in the number of units launched during the same period.
In a noteworthy trend, the luxury housing sector's share in the overall residential unit sales doubled from 2% in 2022 to 4% in 2023, indicating a notable shift in consumer preferences towards upscale living spaces.
The report from CBRE South Asia Pvt. Ltd. also shows a high growth trend in luxury unit sales across various cities in India. Delhi-NCR led the rise with a 197% year-on-year increase, followed by Pune, Hyderabad, and Mumbai, which saw annual growth rates of approximately 144%, 64%, 24%, and 4%, respectively. The surge in new launches remained in tandem with sales, witnessing a substantial 45% year-on-year growth in 2023.
While the overall residential sales across different price categories surpassed 3,22,000 units in 2023, marking a respectable 9% year-on-year growth, developers also responded to sustained demand by introducing over 3,13,000 new housing units during the same period, reflecting a 6% year-on-year increase.
Mid-end projects emerged as the top performers in terms of driving sales, capturing a commanding 45% share of the total sales in 2023, closely followed by high-end and affordable projects. Pune, Mumbai, and Bangalore collectively accounted for 61% of the total sales, while unit launches in Mumbai, Pune, and Hyderabad dominated with a 67% share in 2023.
During the last quarter of 2023, approximately 86,000 residential units were sold, while 90,000 units were launched, showcasing a balanced market activity. The report also notes a substantial 22% year-on-year increase and a 26% quarterly growth in new unit launches during this period. Premium and luxury segments accounted for 10% and 4% shares, respectively, during October-December 2023.
Pune emerged as the leader in residential sales during the quarter, securing a 24% share, closely followed by Mumbai with approximately 21%. Delhi-NCR and Hyderabad also made significant contributions, accounting for about 17% and 15% of the market, respectively.
In terms of unit launches during the same period, Mumbai led the charts with a 27.5% share, followed closely by Hyderabad with 26.9% and Pune with 19%. The mid-end segment dominated the launch landscape, capturing around 36% of the share, trailed by the high-end and premium categories at 33% and 14%, respectively.
The surge in luxury housing sales reflects evolving consumer preferences and high market dynamics, signalling promising opportunities for real estate developers and investors in India's upscale residential sector.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
We use cookies to give you the best possible service while using our website, please click accept and carry on browsing if you're happy with this. For more information see our Privacy Policy.
Okay, Got it!This disclaimer ("Disclaimer") is applicable to the entire Site. Upon entering the Site it is recommended that you immediately read the Terms and Conditions and Privacy Policy listed therein. Your continued usage of this Site will indicate your unconditional acceptance of the said Terms and Conditions and Privacy Policy. You hereby agree that Propscience reserves the right to modify at any time, the Terms and Conditions and Privacy Policy governing this Site without prior notification. Your usage of the Site implies that you will be bound by any such modification. You agree and acknowledge that it is your responsibility to periodically visit the Site and stay updated with the Terms and Conditions and Privacy Policy of the Website.
The information contained in this Site has been provided by Propscience for information purposes only. This information does not constitute legal, professional or commercial advice. Communication, content and material within the Site may include photographs and conceptual representations of projects under development. All computer-generated images shown on the Site are only indicative of actual designs and are sourced from third party sites.
The information on this Site may contain certain technical inaccuracies and typographical errors. Any errors or omissions brought to the attention of Propscience will be corrected as soon as possible. The content of this Site is being constantly modified to meet the terms, stipulations and recommendations of the Real Estate Regulation Act, 2016 ("RERA") and rules made thereunder and may vary from the content available as of date. All content may be updated from time to time and may at times be out of date. Propscience accepts no responsibility for keeping the information in this website up to date or any liability whatsoever for any failure to do so.
While every care has been taken to ensure that the content is useful, reliable and accurate, all content and information on the Site is provided on an "as is" and "as available" basis. Propscience does not accept any responsibility or liability with regard to the content, accuracy, legality and reliability of the information provided herein, or, for any loss or damage caused arising directly or indirectly in connection with reliance on the use of such information. No information given under this Site creates a warranty or expands the scope of any warranty that cannot be disclaimed under applicable law.
This Site provides links to other websites owned by third parties. Any reference or mention to third party websites, projects or services is for purely informational purposes only. This information does not constitute either an endorsement or a recommendation. Propscience accepts no responsibility for the content, reliability and information provided on these third-party websites. Propscience will not be held liable for any personal information of data collected by these third parties or for any virus or destructive properties that may be present on these third-party sites.
Your use of the Site is solely at your own risk. You agree and acknowledge that you are solely responsible for any action you take based upon this content and that Propscience is not liable for the same. All details regarding a project/property provided on this Site are updated on the basis of information available from the respective developers/owners/promoters. All such information will not be construed as an advertisement. To find out more about a project / development, please register/contact us to visit the site you are interested in. All decisions taken by you in this regard will be taken independently and Propscience will not be liable for any such loss in connection with the same. This Site is for guidance only. Your use of this Site - including any suggestions set out in the Site and or any use of the resources available on this Site, do not create any professional - client relationship between you and Propscience. Propscience cannot accept you as a client until certain formalities and requirements are met.
We use cookies to give you the best possible service while using our website, please accept it and continue browsing if you're happy with this. For more information see our Privacy Policy