News: Luxury home sales hit three year high in first quarter-23-04-2022
Sale and supply of luxury homes in India touched a three-year high in the first quarter of 2022, driven by pent up demand, benign interest rates and stable prices, according to a report by Anarock Property Consultants. Luxury property accounted for 12% of overall home sales in Q1 of 2022, up from 7% in Q1 of 2019, as ultra-high net worth individuals purchased larger homes to accommodate the requirements of work and study from home and more open spaces during the pandemic.
"The new supply in the luxury category in Q1 2022 is the highest in a given quarter in the last three years," said Anuj Puri, chairman, Anarock Group. "As per Anarock Research, as many as 13,330 units were launched in the luxury category across the top seven cities. The preceding quarter of Q4 2021 saw the second highest supply in the category of approximately 9,350 units, and Q1 2020 saw only 4,040 new units."
Aakash Ohri, group executive director and chief business officer, DLF Home ., said," "Luxury homes are no more about brick and mortar, but the overall living experience, an exclusive address that is complimented with an unmatched lifestyle, provided within the privacy and comfort of one's home. One of the most significant trends this year has been an influx of demand for homes in the luxury and superluxury segments."
Earlier this year, DLF Ltd., India's largest listed real estate company, announced sales worth Rs 1,500 crore from the first phase of its highly anticipated luxury residential project in New Delhi, ONE Midtown.
According to experts, demand in luxury segment started picking up significantly after the first wave of induced lockdowns ended.
"The pandemic has amplified the need and desire for bigger homes, with private lawns and open space, exclusive rooms for work and study from home, entertainment and lifestyle requirements like a gym and a swimming pool," said Akash Puri, director-international, India Sotheby's International Realty.
Sotheby's International Realty India, which deals in luxury properties, has clocked over 30% YoY growth in 2020 and 2021, and it expects to close this year with even better numbers.
