Indian luxury housing segment witnessed a massive spike in sales for the units in the range of Rs 4 crore and above, maintaining a sustainable growth momentum for the period between January and September 2023, CBRE’s ‘India Market Monitor Q3 2023’ report said.

The total sales of luxury units across 7 Indian cities stood at approximately 9200 as compared to 4700 units for the same period last year.

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Delhi-NCR, Mumbai, and Hyderabad emerged as the top three markets dominating sales, cumulatively accounting for nearly 90 per cent of the total luxury housing sales across the top seven cities.

Out of these cities, Delhi-NCR topped with a share of about 37 per cent, followed by Mumbai, Hyderabad, and Pune, accounting for approximately 35 pc, 18 pc and 4 pc respectively.

During the July to September 2023 period, a similar trend prevailed in the luxury housing segment across the top seven cities, registering a 19 pc Y-o-Y increase in sales.

The total sales were approximately 2,400 units, compared to about 2,000 units during the same quarter in 2022.

Mumbai, Hyderabad, and Delhi-NCR emerged as the top markets leading sales during the quarter.

The report said that robust sales performance was witnessed throughout the first nine months of 2023. The sales is further projected to spike during the festive season and are set to break a 3-year record, exceeding the 150,000-unit mark.

In Jan-Sep’23, residential sales were dominated by mid-end projects accounting for almost half of the total sales, followed by high-end and affordable projects.

Mumbai, Pune and Bangalore cumulatively accounted for a 62 pc share in sales during the Jan-Sep’23 period, the report said.

On the other hand, Mumbai, Pune, and Hyderabad dominated the new launches during the first nine months of the year, capturing a significant cumulative share of about 64 pc.

Over 80,000 residential units were sold during the Jul-Sep’23 quarter, while new unit launches stood at 72,000 during the same period.

The report highlighted that the Oct-Dec’23 quarter is poised to attract a substantial number of first-time buyers, with fence-sitting end-users expected to make decisions during the festive season offers and discounts.

Projects in the premium/luxury segment would continue to witness healthy traction amidst a spate of new launches; mortgage rates to have a relatively muted impact on demand from this segment, the report highlighted.