Indian Economy News

Luxury housing sales double in the first half of 2022, Mumbai region takes top spot

  • IBEF
  • August 23, 2022

In the first half of 2022, compared to 2021, demand for smart luxury homes with high-tech surveillance and AI-based capabilities, such as automatic temperature, light, and voice control features, nearly doubled.

According to Anarock, the top seven Indian cities of Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Hyderabad, Bengaluru, Pune, Chennai, and Kolkata sold 184,000 units in the first half of 2022, and luxury residences made up 14% (or 25,680 units) of this total. Cost per unit was greater than Rs. 1.5 crore (US$ 188,249.40). In contrast, 261,000 units were sold during the comparable period in 2019, of which only 7% (17,740 units) were luxury residences.

In the first half of 2022, MMR sold the most luxury homes—more than 13,670 units—followed by the NCR with 4,160 units.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.