According to the study, there has been a remarkable increase in the sales of luxury housing units, priced above $182,410 (INR 15 million), across the top seven cities in India in FY23.
According to recent market research, India's residential real estate segment achieved a remarkable milestone in FY23, with sales reaching an unprecedented $42.19 billion. This represents a substantial annual growth rate of 48 percent.
The latest research by Anarock, a prominent real estate consultancy operating in India and GCC, revealed that in terms of volume, FY23 witnessed the sale of 379,000 units across the top seven cities. This signifies an impressive 36 percent surge compared to the previous year.
Anuj Puri, Chairman of the Anarock Group, expressed that FY23 has established extraordinary milestones in both value and volume within the Indian housing sector.
In FY23, the Mumbai Metropolitan Region (MMR) took the lead, claiming the largest share in both sales value and volume. MMR accounted for 30 percent of the total units sold. On the other hand, Pune city exhibited the highest growth rate, recording an impressive 77 percent increase.
As per the study, the sales growth in the other six major Indian cities is estimated to range between 24 and 77 percent.
In FY23, the study highlighted a noteworthy increase in the sales of luxury housing units, priced above $182,410 (INR 15 million), across the top seven cities.
Puri stated that the surge in luxury housing can be attributed to an enhanced homeownership sentiment, improved earning potential, and a strong preference for homes that offer future-proofing in terms of size, lifestyle elements, and growth in resale value.
According to Puri, there is a clear willingness among people to invest in these factors, as evidenced by the recent success of luxury projects by renowned developers.
The study highlighted that luxury real estate, in particular, has experienced a notable upswing following the pandemic, as homebuyers have reimagined their housing preferences and choices.
In addition to the demand for larger living spaces, there is now a heightened desire for technologically advanced homes that fulfill all the requirements of a convenience-oriented lifestyle and instill a sense of pride in ownership.
In the fiscal year, MMR, Delhi-National Capital Region (NCR), and Bengaluru have emerged as the frontrunners in terms of the uptake of luxury housing.
During the last quarter of the fiscal year, there was a notable surge in demand for luxury housing, driven by the revision of capital gains tax in the Union Budget. The revised tax policy restricts the benefit to INR 100 million after the conclusion of the preceding fiscal year.
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