Friday, May 24 2024 | Time 12:39 Hrs(IST)
Business Economy

High-end residential market sees a phenomenal 1.5X Year-on-Year increase

Kolkata, Mar 26 (UNI) Luxury homes priced Rs 50 crore and above had seen a surge in sales value from Rs 2,859 crore in 2022 to Rs 4,319 crore in 2023, an increase by 1.5X, JLL India said in a statement on Tuesday.
At least 45 luxury homes were sold in 2023 as compared to 29 homes in 2022.
Mumbai led with a total of at least 29 luxury homes sold worth Rs 3,031 crore. Delhi NCR followed with at least 12 homes sold worth Rs 1,043 crore.
Bengaluru also saw at least four such transactions with a total sales value of Rs 245 crore.
Apartments accounted for 58 percent of the total luxury homes sold, while bungalows comprised the remaining 42 pc.
The luxury residential market showcased its resilience and vigour, with a combined sales value of around Rs 7,177 crore for the years 2022 and 2023. This upward trajectory in sales reflects the strong economic fundamentals of the luxury real estate market and the rising demand for distinctive living experiences among affluent home buyers.
Mumbai witnessed most transactions, primarily in the Malabar Hill and Worli micro markets. Golf Links and Vasant Vihar were the top performing submarkets in terms of luxury residential sales in Delhi NCR. Gurgaon also saw a couple of luxury apartment transactions. The average size of apartments sold increased by 18% compared to the previous year, indicating a preference for larger homes.
According to, Chief Economist and Head Research & REIS, India, JLL,. Samantak Das “The increase in the number of luxury residential transactions in 2023 demonstrated the robust demand for such high-end properties in India. Notably, out of the 45 luxury homes sold in 2023, 14 homes were in the price segment of Rs 100 crore and above, with majority (79 pc) of them in Mumbai. The interest for such properties is expected to strengthen in future as there is both the aspiration for high-end bespoke living and the confidence of affluent buyers in the long-term value that these properties hold.”
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