Luxury housing sales in Indian cities surge 151% in Q1 2023: Report

Delhi-NCR, Mumbai, Hyderabad, Pune and Kolkata lead in such property transactions

Luxury housing sales in India increased 151 per cent year-on-year (YoY) in the first quarter of calendar year 2023, said a report on Monday.

As many as 4,000 luxury units were sold in Q1 CY23 compared to 1,600 in the year-ago period, according to real estate consultant CBRE.

The sale of luxury flats in Delhi-NCR surged 216 per cent to 1,900 units in Q1 CY23 compared to 600 units in the year-ago period (Q1 CY22).

In Mumbai, such sales increased 44 per cent. As many as 1,150 luxury units were sold in Q1 CY23 compared to 800 in the same quarter of the last calendar year.

Hyderabad witnessed an increase of 800 per cent: 430 units sold compared to 50 in the same period. In Kolkata, luxury sales grew by 100 per cent: from 50 units in Q1 CY22 to 100 units in Q1 CY23.

In Chennai, sales of luxury apartments increased fivefold to 250 units in Q1CY23 from 50 units in the corresponding period a year ago.

Luxury residence continues the momentum in sales and launch activity of last year and is expected to continue doing well, said CBRE.

According to the report, more than 78,000 housing units were sold in Q1CY23 and about over 81,000 units were launched. At least 49 per cent of units sold were in the mid-end category, followed by affordable/ budget projects.

According to the real estate industry, a luxury apartment or house is in a premium neighbourhood and it has curated amenities and smart home features for privacy and security.