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Housing sales drop 11% in top 7 Cities in Q3 2024: Here’s what you need to know!

Ultra-luxury homes hit ₹2,443 cr in sales in 8 months across top cities

<ul><li><keyword id="85530" type="General" weightage="20" keywordseo="new-projects" source="Orion">New projects</keyword> are selling out on launch day, highlighting the urgency among buyers to secure a property </li><li>The average rent increase has been higher than average salary increments across cities, prompting potential home buyers to take the plunge </li><li>Those who were initially considering homes in the 60-80 lakh range are now being priced out and are opting for more affordable options. </li></ul>India's major cities are experiencing a housing boom in 2024. <keyword id="6357824" type="General" weightage="20" keywordseo="sales" source="Orion">Sales</keyword> have gone up by 20% in the first quarter so far (January 1 to March 15) with nearly 147,000 units sold across Delhi, Mumbai, Bengaluru, Hyderabad, Chennai, and Pune, according to a report by NoBroker, a property search portal. According to the report, this positive trend is likely to have been led by a combination of factors. The Indian economy is on a strong growth trajectory, and the government's stable economic policies are boosting buyer confidence in the real estate market. People feel secure about investing in property, despite ongoing increases in property prices, according to the report. Growing aspiration to own than to rent A clear desire for homeownership is evident, possibly driven by the security and stability that owning a physical asset like a house provides. Additionally, relatively affordable home loan interest rates, currently ranging between 8.30% and 11.15% per annum, are further greasing the wheels of the housing market. Says Amit Agarwal, CEO &amp; Co-founder of NoBroker.com, "The average rent increase has been higher than average salary increments across cities which has prompted potential home buyers to take the plunge. While rents may stabilise with more supply coming in gradually, they will not come down.” According to NoBroker’s annual report 2023, 74% of participants indicated that they favoured real estate as an option over other investment choices like Systematic Investment Plans (SIPs), stocks, gold, and Bitcoin. This momentum in <keyword id="1390483" type="General" weightage="20" keywordseo="housing-sales" source="Orion">housing sales</keyword> has been continuing for a while. Even in December 2023, housing sales were up 31% year on year, revealed a report by property consultant ANAROCK. Diverging implications on the <keyword id="6358021" type="General" weightage="20" keywordseo="budget" source="Orion">budget</keyword> of <keyword id="185169" type="General" weightage="20" keywordseo="homebuyers" source="Orion">homebuyers</keyword> However, an interesting trend is emerging within the buyer pool. Average urban buyers, who were previously looking at properties priced between ₹80 lakh and ₹1 crore, are now setting their sights on more expensive options, exceeding the ₹1 crore mark. This shift in preference suggests a desire for larger living spaces and the security of gated communities. On the other hand, those who were initially considering homes in the 60-80 lakh range are now being priced out. Such buyers are opting for even more affordable options albeit at faraway places with lesser amenities. It is important to acknowledge the uneven impact on different income groups — while some buyers are capitalising on the positive market conditions, others are struggling to keep up with rising prices. New projects in high demand New projects are selling out on launch day, highlighting the urgency among buyers to secure a property. This surge in demand is driving up prices, especially for near-completion properties, as buyers rush to lock in purchases before prices climb further. Interestingly, the gap between established developers (Grade A) and newer companies (Grade B) is narrowing. Grade B builders are commanding prices closer to their Grade A counterparts, suggesting a more competitive market. However, the recent easing of inflation in India could improve affordability for buyers, making it easier to get loans and participate in the market. This easing inflation might offer some relief for those looking to enter the Indian housing market.

Housing markets remain strong in 2024, sales rise 20% across six metro cities in Q1

New Delhi, <keyword id="1390483" type="General" weightage="20" keywordseo="Housing-sales" source="Orion">Housing sales</keyword> rose 8 per cent annually during the April-June period to 80,250 units across eight major cities, mainly on increased demand in Mumbai and Pune, according to PropTiger. Sales stood at 74,320 units in the year-ago period across primary (fresh sales) residential markets of the top eight cities. The housing brokerage firm on Wednesday released its Real Insight Residential - April-June 2023 report, stating that housing sales rose in three cities Mumbai, Pune and Ahmedabad but declined in other five major cities -- Delhi-NCR, Bengaluru, Hyderabad, Chennai and Kolkata. "India's top eight residential markets continue on a growth path. The RBI's decision to pause the hike in the key lending rate helped in sustaining strong positive sentiments for buying residential properties," Vikas Wadhawan, group CFO of REA India, said. PropTiger, Housing.com and Makaan.com platforms are owned by REA India, which is part of Australian firm REA, and News Corp. "The driving factors behind the uptick in housing sales over the last two years are pent-up demand from the COVID-affected period, growing appetite for home ownership, revival in the economy post-pandemic, and the evolving need for more spacious homes," he said. As per the data, housing sales in Ahmedabad increased 17 per cent to 8,450 units during the April-June period to 7,240 units in the year-ago period. Bengaluru saw a 19 per cent decline in sales to 6,790 units from 8,350 units while Chennai witnessed a 5 per cent fall to 3,050 units from 3,210 units. Housing sales in Delhi NCR fell 28 per cent to 3,230 units from 4,510 units. Hyderabad too witnessed a 3 per cent drop in demand to 7,680 units from 7,910 units. Housing sales in Kolkata decreased 40 per cent to 1,940 units from 3,220 units. Mumbai Metropolitan Region (MMR) saw a 16 per cent increase in sales to 30,260 units during April-June period from 26,160 units in the year-ago period. In Pune, sales increased 37 per cent during April-June to 18,850 units from 13,720 units in the corresponding period of the previous year. Delhi-NCR market includes Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad while MMR includes Mumbai, Navi Mumbai and Thane. REA India Head of Research Ankita Sood noted that MMR and Pune contributed 61 per cent to total housing sales across 8 cities. Demand in localities such as Thane West and Dombivali in Mumbai and Charholi Budruk and Hadapsar in Pune have been high, she said. In terms of new housing supply, PropTiger reported that launches increased 11 per cent to 1,13,770 units during the April-June from 1,02,140 units in the corresponding period of the previous year.

Housing property sales in Bengaluru, Delhi sees a decline but Mumbai, Pune maintain pace

<ul><li>Overall sales increased by 14% over Q1 2022 across top 7 cities. </li><li>New launches in top 7 cities witnessed a 23% yearly rise. </li><li>Average residential property prices across the top 7 cities increase 6-9%. </li></ul>Despite global economic uncertainties, including layoffs by several large and small companies, the bull run in the Indian housing market continued in the January to March quarter 2023 (Q1 2023). According to the research data by real estate consultancy Anarock, quarterly housing sales are at an all-time high in the last decade, with approximately 1,13,770 units sold in Q1 2023 across the top 7 cities. This is a 14% yearly rise against approximately 99,550 units sold back in Q1 2022. NCR, MMR, Bengaluru, Pune, and Hyderabad together accounted for 89% sales in the quarter. Says Anuj Puri, Chairman, Anarock group, “The residential market’s winning streak continued in the first quarter of 2023 with housing sales in top cities breaching the previous high of Q1 2022. The quarter has recorded the highest ever sales in the last decade amid significant rise in demand for high-ticket priced homes (homes costing more than ₹1.5 crore). In spite of a high number of new launches in this and the previous quarter, the available inventory in the top 7 cities remained almost similar at about 6.27 lakh units by Q1 2023-end. On a sequential basis, unsold stock saw a 1% dip across the top 7 cities. Among the top cities, NCR saw the highest decline in its unsold stock in January to March quarter 2023 by 22%. “The housing sector is experiencing strong sales due to increased affordability over the years. We anticipate closing this fiscal year with the highest number of housing units sold, since our inception. Despite a rise in home loan interest rates, there has been minimal impact on demand nationwide. We anticipate that the demand in the housing sector will continue for at least a few more years,” said Pradeep Aggarwal, founder &amp; chairman, Signature Global (India), commenting on the Anarock report. Puri however added that persistent inflation concerns along with another possible rate hike by the RBI in the near future could dent the housing market’s growth trajectory in the upcoming two quarters. Average residential property prices across the top 7 cities increased in the range of 6-9% in Q1 2023 when compared to Q1 2022, mainly due to increase in the prices of construction raw materials and overall rise in demand. MMR and Bangalore recorded the highest 9% annual jump. New launches in top 7 cities witness a 23% yearly rise New launches across the top 7 cities also breached the one lakh mark and witnessed 23% yearly rise – from 89,140 units in Q1 2022 to over 1,09,570 units in Q1 2023. Interestingly, Mumbai Metropolitan Region (MMR) and Pune again saw the maximum new supply, accounting for 52% of the total new launches across the top 7 cities. Individually, the two cities saw 58% and 34% yearly increases in their new supply, respectively. MMR saw approximately 37,260 units launched in Q1 2023 – a significant increase of nearly 58% over Q1 2022. More than 62% new supply was added in the sub-₹80 lakh budget segment. On the other hand, Pune added a new supply of approximately 19,420 units in Q1 2023 compared to 14,490 units in Q1 2022 – an increase of 34%. · Chennai added approximately 6,410 units in Q1 2023, a yearly increase of a whopping 110% over Q1 2022. It was the only city to see three-digit growth in new supply. While Hyderabad added approximately 14,620 units in Q1 2023, a yearly decline of 32%, Bangalore added approximately. 13,560 units in Q1 2023, yearly increase of just 3%. NCR saw an increase of 34% in new launches against Q1 2022 with approximately 12,450 units launched in Q1 2023, while Kolkata added approximately 5,850 units in Q1 2023, an increase of 50% over Q1 2022. Approximately 70% new supply was added in the mid segment priced between ₹40 lakh-₹80 lakh.

Indian housing market stays strong despite global headwinds: Anarock Research

<keyword id="6357824" type="General" weightage="20" keywordseo="sales" source="Orion">Sales</keyword> of <keyword id="47359" type="General" weightage="20" keywordseo="apartments" source="Orion">apartments</keyword> across seven <keyword id="480949" type="General" weightage="20" keywordseo="major-cities" source="Orion">major cities</keyword> are estimated to rise by 20 per cent to around 2.6 lakh units, the highest since 2008, on better demand, according to JLL India. Sales stood at 2,15,621 units in the last calendar year in Delhi-NCR, Mumbai, Chennai, Kolkata, Hyderabad, Bengaluru and Pune. Real estate consultant JLL India on Thursday said sales in the first nine months of 2023 reached 1,96,227 units as against 1,61,575 units in the year-ago period. Only apartments are covered in the report while <keyword id="4454413" type="General" weightage="20" keywordseo="row-houses" source="Orion">row houses</keyword>, <keyword id="46887" type="General" weightage="20" keywordseo="villas" source="Orion">villas</keyword>, and plotted developments are excluded. Mumbai includes Mumbai city, Mumbai suburbs, Thane and Navi Mumbai. In 2024, the consultant expects residential sales to be around 2,90,000 to 3,00,000 units on the back of robust demand and quality launches. "Despite the increase in home loan interest rates and <keyword id="72248" type="General" weightage="20" keywordseo="rising-prices" source="Orion">rising prices</keyword>, the overall sentiment in the domestic housing market remains positive, with homebuyers maintaining an upbeat attitude towards purchasing homes. "In 2023, residential sales are expected to surpass 2,60,000 units and launches 2,80,000 units to reach a historic high post-2008," Samantak Das, Chief Economist and Head of Research, India at JLL, said. Commenting on the report, Akhil Saraf, founder of HDFC Capital-backed Reloy, said the real estate industry has undergone a comprehensive transformation in recent years, encompassing regulatory changes and a shift in the mindset of both suppliers and consumers. Reloy helps builders in generating referral sales. "Developers are increasingly adopting a customer-centric approach, focusing on meeting the specific needs and demands of homebuyers. This renewed focus has bolstered confidence among potential buyers, reaffirming real estate as a viable asset class," Saraf added. Pradeep Aggarwal, Chairman of realty firm Signature Global, said the real estate sector has witnessed an impressive surge this year across major cities, including Delhi-NCR. "In areas like Dwarka Expressway, New Gurugram, South of Gurugram (Sohna) and SPR (Southern Peripheral Road), residential demand has seen a significant upswing, driven by a keen interest from buyers towards mid-housing and massive infrastructure development in these locations," Aggarwal said. Construction and real estate firm BCD Group MD Angad Bedi said the real estate sector has demonstrated remarkable resilience in 2023 despite uncertainties related to the global recession and rising interest rates.

Sales of apartments in top 7 cities may rise 20 pc to 2.6 lakh units this year: Report

<keyword id="1390483" type="General" weightage="20" keywordseo="housing-sales" source="Orion">Housing sales</keyword> rose 36 per cent year-on-year to a record 1,20,280 units across seven major cities during the July-September period on robust demand amid stable mortgage rate, according to Anarock. Housing sales stood at 88,230 units in the year-ago period across the seven major cities. Releasing the data, real estate consultant Anarock said average <keyword id="6468581" type="General" weightage="20" keywordseo="housing-prices" source="Orion">housing prices</keyword> across the seven cities grew 11 per cent annually in the July-September period this year. Hyderabad saw the highest rise of 18 per cent. Anarock highlighted that quarterly sales in July-September touched an all-time high. In housing data, sales of apartments, villas and independent floors are included while plots are excluded. Anarock Chairman Anuj Puri highlighted that Mumbai Metropolitan Region (MMR) and Pune contributed 51 per cent of the total sales. Puri noted that the continued healthy sales momentum is at least partially attributable to the repo rate pause maintained by the Reserve Bank of India in the two recent monetary policies. "This has kept <keyword id="173069" type="General" weightage="20" keywordseo="home-loan-interest" source="Orion">home loan interest</keyword> rates stable, keeping housing purchase sentiment high," he added. According to the data, housing sales in Delhi-NCR rose 6 per cent to 15,865 units during July-September 2023 from 14,970 units in the year-ago period. In MMR, housing sales increased 46 per cent to 38,500 units from 26,400 units during the period under review. Housing sales in Bengaluru went up 29 per cent to 16,395 units during July-September this year from 12,690 units in the corresponding period of last year. In Pune, sales grew maximum by 63 per cent to 22,885 units from 14,080 units. Sales of <keyword id="135249" type="General" weightage="20" keywordseo="residential-properties" source="Orion">residential properties</keyword> in Hyderabad increased 41 per cent to 16,375 units from 11,650 units. In Chennai, housing sales rose 42 per cent to 4,940 units from 3,490 units. Housing sales in Kolkata went up 7 per cent to 5,320 units during July-September from 4,950 units in the year-ago period. "The ever-rising aspiration of owning a home mainly driven by rising income levels has meant a strong demand for housing over the last couple of years. The trend is expected to continue in the foreseeable future," Gurugram-based realty firm Krisumi Corporation Managing Director Mohit Jain said. The demand for <keyword id="457183" type="General" weightage="20" keywordseo="luxury-housing" source="Orion">luxury housing</keyword> too is likely to remain strong amid the desire for upscale living experiences, he said. "Keeping pace with the demand for luxury homes, the supply is also expected to remain strong," Jain said.

Housing sales up 36 pc in Jul-Sep in top 7 cities to record 1,20,280 units: Anarock

<keyword id="1390483" type="General" weightage="50" keywordseo="housing-sales" source="Orion">Housing sales</keyword> rose 36% year-on-year to a record 1,20,280 units across seven major cities during the July-September period on robust demand amid stable mortgage rate, according to Anarock. Housing sales stood at 88,230 units in the year-ago period across the seven major cities. Releasing the data, <keyword id="6354553" type="General" weightage="80" keywordseo="real-estate" source="Orion">real estate</keyword> consultant Anarock said average housing prices across the seven cities grew 11% annually in the July-September period this year. Hyderabad saw the highest rise of 18%. Anarock highlighted that quarterly sales in July-September touched an all-time high. In housing data, sales of apartments, villas and independent floors are included while plots are excluded. Anarock Chairman Anuj Puri highlighted that Mumbai Metropolitan Region (MMR) and Pune contributed 51% of the total sales. Puri noted that the continued healthy sales momentum is at least partially attributable to the repo rate pause maintained by the Reserve Bank of India in the two recent monetary policies. "This has kept home loan interest rates stable, keeping housing purchase sentiment high," he added. According to the data, housing sales in Delhi-NCR rose 6% to 15,865 units during July-September 2023 from 14,970 units in the year-ago period. In MMR, housing sales increased 46% to 38,500 units from 26,400 units during the period under review. Housing sales in Bengaluru went up 29% to 16,395 units during July-September this year from 12,690 units in the corresponding period of last year. In Pune, sales grew maximum by 63% to 22,885 units from 14,080 units. Sales of residential properties in Hyderabad increased 41% to 16,375 units from 11,650 units. In Chennai, housing sales rose 42% to 4,940 units from 3,490 units. Housing sales in Kolkata went up 7% to 5,320 units during July-September from 4,950 units in the year-ago period. "The ever-rising aspiration of owning a home mainly driven by rising income levels has meant a strong demand for housing over the last couple of years. The trend is expected to continue in the foreseeable future," Gurugram-based realty firm Krisumi Corporation Managing Director Mohit Jain said. The demand for luxury housing too is likely to remain strong amid the desire for upscale living experiences, he said. "Keeping pace with the demand for luxury homes, the supply is also expected to remain strong," Jain said.

Housing sales up 36% in Jul-Sep in top 7 cities: Anarock

<ul><li>In 2018, luxury home prices in the top seven cities averaged around ₹12,400 per <keyword id="1390002" type="General" weightage="20" keywordseo="square-foot" source="Orion">square foot</keyword>, which has now escalated to approximately ₹15,350 per square foot. </li><li>Bengaluru and Mumbai Metropolitan Region (MMR) followed Hyderabad closely with a 27% average price increase each. </li><li>Affordable homes priced below ₹40 lakh experienced a more modest 15% price appreciation during the same period.</li></ul>The <keyword id="386983" type="General" weightage="20" keywordseo="luxury-homes" source="Orion">luxury homes</keyword> segment, which pre-pandemic was in a lacklustre state, received a remarkable boost during the lockdown period resulting in substantial growth in <keyword id="6357824" type="General" weightage="20" keywordseo="sales" source="Orion">sales</keyword> and thus new supply being added. With demand surging, it was only a matter of time before prices caught up. An analysis of average <keyword id="2116392" type="General" weightage="20" keywordseo="price-trends" source="Orion">price trends</keyword> across the top seven cities in different budget categories, based on ANAROCK Research data, reveals that luxury homes have seen the most significant price appreciation at 24% over the past five years. In 2018, luxury home prices in these cities (Delhi-National Capital Region (NCR), Mumbai Metropolitan Region, Chennai, Kolkata, Bengaluru, Hyderabad and Pune) averaged around ₹12,400 per square foot, which has now escalated to approximately ₹15,350 per square foot. <cmsannotation type="cmsannotation" annotationid="Hyderabad sees significant rise, followed by Bengaluru" comment="subhead" text="Hyderabad sees significant rise, followed by Bengaluru">Hyderabad sees significant rise, followed by Bengaluru</cmsannotation> Among the top seven cities, Hyderabad witnessed the most substantial leap of 42% in the average price of luxury homes during this period, rising from around ₹7,450 per square foot in 2018 to about ₹10,580 per square foot in the first half of 2023. Bengaluru and Mumbai Metropolitan Region (MMR) followed closely with a 27% average price increase each. In Bengaluru, the average price of luxury homes was ₹10,210 per square foot in 2018, which has now risen to ₹12,970 per square foot. In MMR, homes in the ₹1.5 crore category had an average price of ₹23,119 per square foot in 2018, which has now reached ₹29,260 per square foot. <cmsannotation type="cmsannotation" annotationid="Affordable homes experience a more muted rise" comment="subhead" text="Affordable homes experience a more muted rise">Affordable homes experience a more muted rise</cmsannotation> Contrastingly, the affordable segment - which was on a high before Covid-19 - saw compromised sales that also reflected in its average price growth. Affordable homes priced below ₹40 lakh experienced a more modest 15% price appreciation during the same period. The average price in this category across the top 7 cities was ₹3,750 per square foot in 2018, and it now stands at ₹4,310 per square foot. NCR witnessed the most significant average price increase in this category at 19%, going from ₹3,120 per square foot in 2018 to ₹3,700 per square foot in H1 2023. Hyderabad's budget homes came in second with a 16% price appreciation, rising from ₹3,460 per square foot in 2018 to ₹4,000 per square foot in H1 2023. Anuj Puri, Chairman - ANAROCK Group, says, "Extremely robust sales ably supported by good supply pipeline have resulted in luxury homes witnessing the most significant price appreciation. Considering the relative price stagnation in this segment in earlier years, a 24% increase over the last five years is notable. In the pre-pandemic period in 2019, sales in this segment were anything but stellar and this reflected in non-existent or negligible price growth." <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td colspan="4" style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Avg. Price Appreciation in Top 7 Cities (₹/sq.ft.) - 2018 Vs 2023 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Affordable (&lt;₹40 Lakh) </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mid &amp; Premium (₹40 lakh - ₹1.5 Cr) </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Luxury (&gt; ₹1.5 Cr) </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2018 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,750 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6,050 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">12,400 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2023 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">4,310 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,120 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">15,350 </td></tr></tbody><tbody></tbody><tbody></tbody></table>

Hyderabad leads spike in luxury home prices – top 7 cities see 24% price rise in five years

<ul><li>The weighted average price of the homes sold in 2022 jumped by 33% as compared to 2021. </li><li>Average price of new launches in 2022 shot up by 64% as compared to the year before. </li><li>The share of the affordable homes stood at 39% and that of the luxury segment at 48% when sales were concerned. </li></ul>Delhi NCR saw brisk sales of residential homes in 2022, registering an impressive 19% jump over the previous year according to a report by real estate consultancy, PropEquity. The total sales in the region were at 32,789 units in 2022, as compared to 27,553 units in 2021. This is in spite of the fact Delhi NCR’s weighted average price of the homes sold in 2022 jumped by a whopping 33% to ₹9,512 per square feet as compared to the year before. In 2022, the average price of new launches shot up by 64% to ₹10,958 per square feet as compared to the year before. Even at higher prices, there is sizable demand and healthy absorption for these new launches. “There seemed exuberance in the property market all throughout in 2022 and the momentum seems to be continuing in 2023 as well. There are new developers entering the fray in the Delhi NCR market, while existing players continue to launch new projects,” says Samir Jasuja, founder and managing director at PropEquity. About 48% of all sales of residential property in 2022 were accounted for by the luxury segment homes – with a ticket price more than ₹1.5 crore. “Each micro market within NCR is seeing positive traction, especially in Gurugram where developers are bringing newer offerings with enhanced features of security and lifestyle. Companies are launching properties at newer price points coupled with attractive schemes and offers which are enticing for the buyers,” said Ankush Kaul, chief business officer- Ambience Group. However, Delhi NCR’s new launches showed a negative growth of 28% in 2022 at 15,699 units as compared to the preceding year. The inventory overhang (an estimate of the amount of time it would take to sell all of the current listings in an area, provided that there are no new listings) stood at 15 months at the end of 2022 on the basis of the current rate of sales. With total sales being almost twice the new launches in 2022, the inventory overhang has dropped significantly. This indicates an increasing demand post-Covid, which paves the way for new launches in the coming year. The share of luxury segment homes was the largest in both new launch and sales categories. Most of the home buyers were seen inclined more towards this segment housing in Delhi NCR. The share of the affordable segment (ticket price less than ₹75 lakh) of houses stood at 17% and that of the luxury segment was 70% among the new launches. As far as sales are concerned, the share of the affordable category of homes stood at 39% and that of the luxury segment was 48%.

You Searched For "housing sales delhi" and got 10 results

Housing sales drop 11% in top 7 Cities in Q3 2024: Here’s what you need to know!

Prerna Tyagi

Ultra-luxury homes hit ₹2,443 cr in sales in 8 months across top cities

Prerna Tyagi

Housing markets remain strong in 2024, sales rise 20% across six metro cities in Q1

Anagh Pal

Housing property sales in Bengaluru, Delhi sees a decline but Mumbai, Pune maintain pace

PTI

Indian housing market stays strong despite global headwinds: Anarock Research

Anagh Pal

Sales of apartments in top 7 cities may rise 20 pc to 2.6 lakh units this year: Report

PTI

Housing sales up 36 pc in Jul-Sep in top 7 cities to record 1,20,280 units: Anarock

PTI

Housing sales up 36% in Jul-Sep in top 7 cities: Anarock

PTI

Hyderabad leads spike in luxury home prices – top 7 cities see 24% price rise in five years

Anagh Pal

Delhi-NCR property prices rose 33% in 2022, but that didn’t affect sales: PropEquity

Anagh Pal

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