Delhi-NCR witnesses 2-fold jump in luxury home sales; festive season gives further boost to sector

Post-COVID, the concept of home ownership has strengthened and people are upgrading to better and bigger homes. The same was witnessed in a recent Anarock report which stated that the sales of luxury residential properties jumped more than two times to 84,400 units across seven major cities during January-September this year from 39,300 units in the corresponding period of the last year.

Including all price brackets, Anarock data showed that a total of 3.49 lakh units were sold in seven cities (Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru, Pune, Hyderabad, Chennai and Kolkata) in the first nine months of this year. Out of that, the share of luxury homes was 24 per cent.

Delhi-NCR has witnessed over two-fold jump in sales of luxury homes priced above Rs 1.5 crore to 13,630 units in January-September this year on better demand and supply.

The festive season has further given a boost to the sector with Saya Group witnessing an overwhelming response for its newly launched project in the Indirapuram area of Ghaziabad.

The Noida-based real estate developer has announced that it sold inventories worth Rs 100 crores at Saya Gold Avenue which was launched on the occasion of Navratri.

As the festive season continues, all signs indicate that the positive momentum in the real estate sector may persist beyond New Year celebrations.

"The rise in income is redefining the demand and transforming the skylines. The increase in sales numbers has indeed brought a spark to the real estate sector. The recent surge, changing preferences and the industry's adaptability are all encouraging signs," Vikas Bhasin, MD, Saya Group, said. 

Anarock chairman Anuj Puri said that the luxury housing segment has been growing rapidly on demand surge after the Covid pandemic. The supply in this segment too has improved.