Most luxury home sales came from Mumbai, and its suburb Thane leads in affordable homes

• Demand for affordable housing in top metros is being replaced by mid-segment, says PropEquity.
  
• The maximum number of housing units sold in the mid-segment were from Hyderabad.
  
• Thane sold the highest number of houses under the affordable segment housing category.
  

The luxury housing sector in India has seen a 12% jump across Tier 1 cities during the second quarter of 2022, as per PropEquity’s India Residential Market report.

Unsurprisingly, the most expensive homes sold the most in Mumbai, which was ranked number one in terms of luxury sales and supply.

“In the last one year we have been witnessing a revival of luxury housing across top cities in India. Demand for affordable housing in top metros is being replaced by mid-segment and luxury housing as higher disposable income of nuclear families are looking for properties with premium amenities,” said Samir Jasuja, founder and managing director at PropEquity said.

Thane was the best city in terms of affordable housing sales. In the mid-segment, Hyderabad ranked high in terms of maximum number of housing units, the report stated.

The Indian affordable housing segment had a share of 63% in overall supply across all Tier 1 cities while the mid-segment had a slice of 26%.

The second quarter saw a total sales of 1,02,311 units, out of which the largest share was of the affordable segment of about 64%, followed by mid-segment share of 25% and the share of luxury units being 10%.

“Luxury housing in India has remained resilient during the last two years. New launches and rightly located projects are being sold out in a few weeks. We believe projects by fundamentally strong developers would continue to witness heavy demand even with inflationary roadblocks,” said Abhishiekh Andlay, founder of Andlay Estates.

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