Why Have Luxury Home Sales Across India Increased by Almost Twofold in 2023?

An Anarock report found that sales of high-end properties in the cities of Delhi-NCR, Chennai, and Bangalore increased by over twofold in 2023.

Anarock observed a similar pattern across seven large cities.

From January to September of this year, sales of luxury residential properties in seven major cities increased by more than twofold, from 39,300 to 84,400. Better demand and supply have resulted in a more than two-fold increase in sales of luxury residences priced over Rs 1.5 crore in Delhi-NCR this year, with 13,630 units transacted between January and September.

Anarock which is a leading real estate consulting firm in India - 6,210 high-end residences were sold between January and September of 2023.

A similar pattern of luxury home sales was noted across seven large cities. From January to September of this year, sales of luxury residential properties in seven major cities increased by more than twofold, from 39,300 to 84,400.

Anuj Puri, chairman of Anarock, has said that the demand for high-end property has increased significantly in the wake of the COVID outbreak. The idea of house ownership has been reinforced since COVID. Home improvements and expansions are also on the rise.

According to Anarock's numbers, the number of luxury house transactions in Hyderabad increased by more than thrice between January and September of 2023, from 3,790 to 13,630.

Sales of high-end properties in Bengaluru increased dramatically throughout the analysed time period, from 3,810 to 9,220. The number of luxury homes sold in the Mumbai Metropolitan Region (MMR) rose by 7,430, or 74%, to 36,130 from 20,820. Luxury home sales in Pune increased from $2,350 to $6,850, a roughly three-fold increase.

Additionally, the number of upscale home purchases in Chennai jumped from 1,370 to 3,330. Luxury home sales in Kolkata increased by 69% from January to September, from 950 units to 1,610 units.

Anarock statistics indicated that in the first nine months of this year, a total of 3.49 lakh units were sold across all price points in these seven cities. Twenty-four percent of them were very expensive residences. In the same time a year ago, luxury house sales accounted for 14% of the market.