Finance Minister Nirmala Sitharaman announces measures to promote growth in exports and housing sectors
In August, Sitharaman had announced the first set of such measures. This is the next round of sector specific initiatives.
In the quarter that ended March 31, sales of luxury homes, priced at Rs 4 crore and above, grew 10 per cent compared to the year before, said a real estate consultancy firm.
As per CBRE’s ‘India Market Monitor Q1 2024’ report, 4,140 luxury homes were sold between January and March 2024. As many as 3,780 were sold during the same period last year.
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The report highlighted that such sales have grown for at least the last two years. In 2023, the sales jumped 75per cent at 12,935 units. Luxury homes’ share in total sales doubled to 4 per cent from 2 per cent the year before.
At the end of March 2024, their share had risen to 5per cent.
Residential property sales across categories reached 85,000 units in January-March, growing 8 per cent year-on-year.
It highlighted that the largest sales were in the mid-end segment homes, priced between Rs 45 lakh to 1 crore, which comprised 47per cent share in total sales. It was followed by high-end, Rs 1-2 crore, and affordable projects, up to Rs 45 lakh. Luxury home sales ranked fifth.
Further, Mumbai led in the March quarter by selling 1,330 luxury homes, 15 per cent higher than 1,150 units sold last year. It was followed by Delhi National Capital Region (NCR) at 1,150 units and Hyderabad at 800 units.
Hyderabad saw a two-fold jump in luxury home sales, demand for such properties in Delhi NCR fell from 1,880 units in the same quarter last year.
Pune, Mumbai, and Bangalore cumulatively accounted for about 65 per cent of the total sales.
The report said the demand has also led developers to focus on luxury homes. In the March quarter, there was a 64 per cent increase in new launches of luxury segment units.
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