Growing Demand for Luxury Housing
Luxury housing sales in India’s seven major markets went up 21% in February to 8,219 units from 6,786 units a year ago, according to a report by real estate data analytics firm PropEquity.
Delhi-NCR emerged as the biggest market with a 54% increase in luxury housing sales. Mumbai Metropolitan Region (MMR) was next with a 37% increase, followed by Bengaluru (13%), Pune (12%), Chennai (8%), and Kolkata (7%).
New project launches in the luxury segment have also gone up. A report from Anarock also suggests that nearly 5,300 luxury homes are launched between January and March 2021 in the top seven markets, a 31% jump from 4,040 units a year ago. It is an indication that the high demand for luxury homes is likely to continue in 2021.
The luxury housing market has seen a renewed level of interest from buyers since the breakout of the pandemic. It has changed the priorities of homebuyers. Amenities like private outdoor space or in-home relaxation avenues have become more important for the affording ones.