The total residential real estate sales in the top seven cities in India rose 48 per cent to Rs 3.47 trillion in 2022-23 (FY23), according to data released by property consultancy Anarock Group on Monday. The total number of houses sold jumped 36 per cent to 379,000 units during the year.
The Mumbai Metropolitan Region (MMR) saw the highest market share in terms of value and volume in FY23. According to the data, 30 per cent of all houses sold were in this region alone. These were sold at a total value of Rs 1.67 trillion, 48 per cent of the total market share in terms of value.
In terms of the number of houses sold, MMR was followed by Pune and National Capital Region (NCR) with a share of 17 and 16 per cent, respectively. Interestingly, Pune also saw the sharpest growth in terms of sale value as well as volume among the major cities.
Compared to FY22, the value of total houses sold in Pune saw a 77 per cent rise.
The luxury housing segment, with houses priced above Rs 1.5 crore, continued to see a rise in the total units sold for the second consecutive year. In terms of volume, the total market share of these houses rose to 20 per cent in FY23 from 10 per cent in FY22. It was 5 per cent in FY21.
"The uptrend in luxury housing is the result of overall improved homeownership sentiment, improved earning potential, and the desire for homes that are future-proofed in terms of size, lifestyle quotient, and resale value growth," said Anuj Puri, chairman at Anarock Group. "People are willing to pay for these factors, as has been amply vouchsafed by recent record runs on luxury projects by leading developers."
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According to the consultancy, luxury real estate has especially picked up after the Covid-19 pandemic. "Apart from larger space, there is now increased demand for technologically equipped homes that tick all the boxes in terms of a convenience-driven lifestyle and pride of ownership," it said.
MMR, NCR, and Bengaluru saw the highest sales of luxury homes in India in FY23.