Luxury homes priced above Rs 1.5 crore comprised 21% of total sales in the January-March quarter of 2024 which is equal to affordable homes at 20%, a development that happened for the first time, a report said on Friday.
Real estate consultancy Anarock said the share of luxury homes was 7% in the same quarter in 2019. The share of affordable homes, priced Rs 40 lakh or below, decreased to 20% from 37% in the same period.
In the January-March quarter, as many as 1,30,170 homes were sold in the top seven cities, of which 27,070 were luxury homes and 26,545 affordable homes.
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Further, as many as 76,555 units were sold in the mid-range and premium housing segment, priced between Rs 40 lakh and Rs 1.5 crore, during the period, comprising 59% of overall sales.
The report highlighted that the share of affordable housing has been declining since the pandemic due to people increasingly preferring larger homes. In the July-September quarter last year, the sales of luxury homes overtook affordable homes for the first time in India.
The trend’s impact is also visible on the supply side. Of the 1,10,860 units launched in the January-March quarter in the top seven cities, 28,020 (or 25%) were luxury homes and 19,980 units (18%) were in the affordable segment.
In 2019, of the 70,480 units launched, affordable housing had a 44% share and luxury was at 9%.
Among top cities, the Mumbai Metropolitan Region (MMR) accounted for the highest sale of luxury homes at 9,360 units. MMR was followed by 6,060 units in the National Capital Region (NCR) and 5,755 units in Hyderabad.
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