The sale of high-end homes in India registered a spike in the quarter ending March as a recent report said homes priced above Rs 1 crore had the highest share ever at 40% in total sales in this quarter.
According to real estate consultancy Knight Frank, the sale of these units was 39% in the previous quarter. The share of such homes in total sales has been increasing each quarter. The share was 29% in Q1 of calendar year 2023, and 31% in Q2 and 35% in Q3.
The report also highlighted that most homes priced above Rs 1 crore were sold in the National Capital Region at 10,558 units followed by Mumbai (7,401) and Hyderabad (6,112). In NCR, these homes accounted for 68% of the total sales volume.
The ‘India Real Estate: Office and Residential Report’ said 34,895 homes priced above Rs 1 crore were sold between January and March this year, 51% higher than the same quarter in 2023. It said the price category drove home sales growth, recording its second-best quarter with 86,345 units. This was 9% higher than 79,126 units in Q1 2023 and second only to 89,845 units in Q4 2023.
The report also highlighted that the homes priced below Rs 50 lakh and between Rs 50 lakh and Rs 1 crore witnessed a dip in total sales.Those priced below Rs 50 lakh fell from 25,714 units in Q1 2023 to 23,026 units in Q1 2024. The share of these homes in total sales was 27%, significantly lower than its peak of 41% in Q1 2022.
For homes priced between Rs 50 lakh and Rs 1 crore, the sales fell by 6% during the quarter to 28,424 units. Their share in total sales was 33 per cent, lower than 38% last year.