Luxury and premium homes in india There has been a big jump in demand in the last five years. The number of luxury homes among the houses sold in the first quarter of 2019 was 7 percent, which has increased to 21 percent in the first quarter of 2024. During this period, there has been a 20 percent decline in the sales of budget homes or affordable homes. This information came to light in the report released on Friday.
Demand for luxury homes increased three times
A report by property consultant firm Anarock said that during the period from January to March, a total of 1.30 lakh houses were sold in seven big cities of the country, out of which 27,070 units (21 percent) were luxury houses. At the same time, in the first quarter of 2019, this figure was at 7 percent, that is, it has seen an increase of 3 times in the last five years. 26,545 affordable homes were sold in the first quarter of 2024, which was 20 percent of total home sales. Five years ago this number was at 37 percent.
Both demand and supply of expensive houses increased
Anarock Group Chairman Anuj Puri Said, “There is an increase in both demand and supply of luxury homes. At the same time, the demand for affordable homes is currently low. The demand for luxury homes from branded developers in good locations is increasing rapidly.” Sales of affordable homes have declined to 18 percent of total sales in the first quarter of 2024. It was at 40 percent in the same period five years ago.
Why has the demand for premium apartments increased?
Antriksh India CMD Rakesh Yadav told India TV Told that after the Corona epidemic, big size houses have become the first choice of the people. Due to this, the demand for larger apartments with better facilities has increased. Due to this, the demand for premium and luxury homes has increased manifold. If we talk about house price, the sale of houses priced at Rs 1 crore or more has increased from 20 per cent to 30 per cent. To meet the demand of home buyers, builders are constructing bigger houses. Due to this, the average size of flats in seven major cities of the country has increased by 11 percent.
Bumper sale of luxury homes in Delhi-NCR
A total of 15,645 homes were sold in Delhi-NCR in the first quarter, of which 6,060 units or 39 percent were luxury homes and were priced above Rs 1.5 crore. Five years ago, a total of 13,740 houses were sold in Delhi-NCR, out of which only 4 percent were luxury houses. Most of the homes sold in Bengaluru, Mumbai Metropolitan Region (AMR), Chennai, Pune and Hyderabad in Q1 2024 were in the mid-range and premium segments (Rs 40 lakh to Rs 1.5 crore).
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