Sales of luxury homes grew 27% year-on-year. This was revealed in the report of real estate consultant CBRE. Survey conducted in seven major cities of the country.
If you are also worried about the rising inflation day by day, then you are a common man because inflation is not affecting the rich of the country. A recent report by real estate consultant CBRE shows that the rich of the country are buying luxury properties in large numbers. In the first half of this year, i.e. from January to June, in seven major cities of the country, the sale of luxury houses worth four crores and above has increased by 27% on an annual basis. In these cities, a total of 8,500 luxury houses were sold in a period of just six months, contributing 84% to the sales.
Highest sales in Delhi-NCR
In January-June, Delhi-NCR sold the highest number of luxury houses at 3,300, which is 14 percent more on an annual basis. Sales in Mumbai also increased by 14 percent to 2,500 units, while sales in Hyderabad increased by 44 percent to 1,300 units. 100 and 200 houses were sold in Chennai and Kolkata respectively. Sales in Pune increased by 450 percent to 1,100 units. Sales in Bangalore remained zero.
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Real estate deals worth $1.56 billion
The real estate sector witnessed 19 deals worth $1.56 billion in April-June 2024, which is eight times more than the $200 million of the previous quarter (January-March). According to a Grant Thornton report, the Indian realty market is witnessing vigorous activity in the second quarter of this year.
House prices are rising in tier-2 cities
Due to high demand for houses, house prices have increased by 94 percent in the top-30 tier-2 cities in four years. According to data analytics company PropEquity, the average offer price of 2023-24 projects is much higher than the rates of 2019-20.
Manoj Gaur, President of CREDAI NCR and CMD of Gaur Group, says that the increasing demand for luxury homes in Delhi-NCR is proof that people are now investing in raising their standard of living. We can proudly say that our group is a part of this changing trend. It is clear that the growing interest in luxury property is a sign of the Indian economy being healthy and prosperous.
Amit Modi, Director, County Group, says that this growth in the real estate market is a positive sign, people have money and that is why they are now moving towards a safe and comfortable life. Deepak Kapoor, Director, Gulshan Group, says that the increase in demand for luxury homes in Delhi-NCR reflects the changing needs and preferences of our customers. This change indicates to us that both investors and buyers in the real estate sector are getting attracted towards new possibilities and high lifestyle.
While Sanjay Sharma, director of SKA Group, says that this increase in demand for luxury property is not just an economic trend but also a sign of a lifestyle. People are now investing in luxury properties to give a new direction to their lives. Yash Miglani, MD of Migson Group, says that the increase in the sale of luxury houses in seven major cities shows that the rich class is turning their investments towards safe and attractive properties. This trend is expected to continue in the coming times as well.
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Tags: Delhi news, Gurgaon S07p09, real estate investment, Property Tax
FIRST PUBLISHED : July 20, 2024, 16:46 IST