Luxury Housing Leads Delhi-NCR Sales With 60% Units Above Rs 1 Crore In Jan-March

Nearly 60% of the total 10,060 housing units sold in Delhi-NCR during January-March this year were priced more than Rs 1 crore each, according to housing brokerage firm PropTiger. In January-March this year, Delhi-NCR witnessed sales of 10,060 units, out of which 59% were priced above Rs 1 crore each; 19% in the Rs 75 lakh-Rs 1 crore price bracket; 8% in the Rs 45-75 lakh price category; 11% in Rs 25-45 lakh price bracket; and 3% in price bracket of up to Rs 25 lakh.

Vikas Wadhawan, Group CFO of PropTiger.com and Housing.com, said the escalating demand for premium properties in January-March 2024 underscores the resilience of India's real estate market.

"With the rising costs of land, inputs, and construction, the once-luxurious threshold of Rs 1 crore in major cities is becoming increasingly common. Aspirations are evolving, with homebuyers seeking residences equipped with modern amenities and spacious layouts," he said.

This shift towards larger, amenity-rich homes contributes to the uptrend in property prices, Wadhawan said.

Across the top eight cities, these premium properties (over Rs 1 crore) accounted for a substantial 37% share of the total sales of 1,20,640 units during January-March this year. In the corresponding period of 2019, prior to the Covid pandemic, the share of such properties was only 16%.

Housing markets covered in the report include Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad, and Faridabad), Mumbai Metropolitan Region (MMR) which includes (Mumbai, Navi Mumbai, and Thane), and Pune.

PropTiger said the data indicates a significant trend in buyer behaviour, with a shift towards high-value acquisitions. "There has been a consistent increase in the sale of properties in higher price brackets, including those valued between Rs 75 lakh-1 crore and above Rs 1 crore."

This trend suggests a growing inclination towards upscale real estate offerings, potentially driven by factors such as increased disposable income and changing lifestyle preferences, the consultant added.