Indian Economy News

Luxury housing sales in India jumped 75% in 2023, threefold in Delhi: CBRE

  • IBEF
  • February 15, 2024

In 2023, luxury home sales in India, priced at US$ 4,81,927 (Rs. 4 crore) and above, surged by an impressive 75%, doubling their share in total housing sales, according to a real estate consultancy CBRE report. The "India Market Monitor Q4 2023" revealed that 12,935 luxury homes were sold, compared to 7,395 in 2022. The luxury segment's share in total sales increased from 2% in 2022 to 4% in 2023, with a simultaneous 45% rise in new launches driven by heightened demand. Delhi and the National Capital Region saw the most significant rise, with luxury home sales soaring by 197%, totaling 5,530 units in 2023.

The overall real estate market experienced a 9% increase in home sales across price categories in 2023, with 322,000 units sold. Developers responded to sustained demand by launching over 313,000 new housing units, marking a 6% year-on-year increase. Mid-end projects led the sales, capturing a 45% share, followed by high-end and affordable projects. CEO at CBRE, Mr. Anshuman Magazine, expects the premium and luxury sectors to maintain their appeal, supported by favorable market conditions and driving healthy growth in the foreseeable future.

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