In the first quarter, luxury home sales hit a three-year high
According to a report by Anarock Property Consultants, luxury property sales and supply in India hit a three-year high in the first quarter of 2022, driven by pent-up demand, cheap interest rates and stable prices.
Luxury home accounted for 12% of total home sales in the first quarter of 2022, compared to 7% in the first quarter of 2019, as ultra-high net worth individuals bought larger homes to meet the demands of work and school homes and more open space during the pandemic.
“The new supply in the luxury category in the first quarter of 2022 is the highest in any quarter in the last three years,” said Anuj Puri, Chairman of Anarock Group. “According to Anarock Research, up to 13,330 units were launched in the luxury category in the seven largest cities. The previous quarter of Q4 2021 saw the second-highest supply in the category at around 9,350 units, and Q1 2020 was just under 4,040 new units.”
Aakash Ohri, Group Executive Director and Commercial Director of DLF Home Developers Ltd., said: “Luxury home is no longer about bricks and mortar, it is about the holistic living experience, an exclusive address complemented by an unparalleled lifestyle, residing in privacy The most important trend this year is the increasing demand for properties in the luxury and super luxury segment.”
Earlier this year, DLF Ltd., India’s largest listed real estate company, announced a sale valued at Rs 1,500 crore of the first phase of its highly anticipated ONE Midtown luxury residential development in New Delhi.
According to experts, demand in the luxury segment increased significantly after the end of the first lockdown wave.
“The pandemic has increased the need and desire for larger homes with private lawns and open spaces, exclusive spaces to work and study from home, entertainment and lifestyle requirements such as a gym and swimming pool,” said Akash Puri, International Director , India Sotheby’s International Realty.
Sotheby’s International Realty India, which deals in luxury real estate, has posted annual growth of more than 30% in 2020 and 2021 and is expected to end this year with even better numbers.