Luxury housing rebounds in India with almost three times more launches after two years
- As many as 16,100 new units in the
luxury housingsegment have been launched in India.
- These include launches in top cities including Bangalore, Hyderabad, Pune, Mumbai Metropolitan Region(MMR) and the National Capital Region (NCR).
- Most of these were launched in the range of ₹ 1.5 Crore to ₹2.5 Crore at 9,940 units.
- The housing sales in 2018 increased by 15% in the west and 20% in the southern cities in India with new launches up by 77%.
As many as new 16,100 luxury housing units since 2017 in cities like Bangalore, Hyderabad, Pune,
This is a significant upsurge in new supplies, as compared to 5,240 units 2017. In 2018, the supply increased by 40% at 7,350 units.
What is surprising is that 46,200 luxury homes still unsold which cost anywhere between of ₹1.5 to ₹2.5 crore.
Yet, builders believe that the market has a lot of juice. In 2019, as many as 9,940 units have been launched. Bangalore and Hyderabad launched 1,970 ultra-luxury units which cost ₹2.5 crore and above.
Even as the Indian housing sales are rebounding from their three year lull, the most homes which are being sold are in the affordable range, a ccording to Anarock.
The housing sales in 2018 increased by 15% in the west and 20% in the southern cities in India with new launches up by 77%.