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Thursday, April 18, 2024

Mumbai Will See Explosive Growth in Luxury Apartments Above Rs 5 Cr in 2023: Report

<p>In Greater Mumbai, over 3000 brand-new, opulent residences were sold in 2023, with a total sales value of Rs 38,000 crore. Last year, sales of apartments costing more above Rs 5 crore surged. Furthermore, the epidemic has raised demand for opulent real estate. Central and south Mumbai are the most sought-after locations for luxury apartments.</p>
<p><img decoding=”async” class=”alignnone wp-image-423612″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-mumbai-will-see-explosive-growth-in-luxury-apartments-above-rs-5-cr-in-2023-report.jpg” alt=”theindiaprint.com mumbai will see explosive growth in luxury apartments above rs 5 cr in 2023 report” width=”1007″ height=”671″ title=”Mumbai Will See Explosive Growth in Luxury Apartments Above Rs 5 Cr in 2023: Report 3″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-mumbai-will-see-explosive-growth-in-luxury-apartments-above-rs-5-cr-in-2023-report.jpg 510w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-mumbai-will-see-explosive-growth-in-luxury-apartments-above-rs-5-cr-in-2023-report-150×100.jpg 150w” sizes=”(max-width: 1007px) 100vw, 1007px” /></p>
<p>These apartments are being purchased by celebrities, businessmen, and High Net Worth Individuals (HNIs).</p>
<p>A ToI article that used data from Liases Foras said that 1,916 luxury flats were purchased last year, with the majority costing between Rs 5 and Rs 10 crore. The number of homes above Rs 10 crore was estimated to be about 1000.</p>
<p>HNIs are shown a strong interest in purchasing luxury residential properties, according to a different research by real estate consultancy CBRE, as sales of residences costing Rs 4 crore and above increased by 75% in seven major cities last year.</p>
<p>According to a CBRE research, sales of luxury homes—each costing at least Rs 4 crore—rose by 75% from 7,395 units in the previous year to 12,935 units in the 2023 calendar year.</p>
<p>According to a CBRE research, Mumbai saw an increase in sales of luxury houses priced at Rs 4 crore and above, from 3,390 units to 4,190 units.</p>
<p>The sales of premium properties in Delhi-NCR increased by over three times in the previous year. Out of seven big cities, it also had the greatest sales figures.</p>
<p>“In light of the changing landscape, the premium and luxury sectors are expected to sustain their attractiveness, supported by favourable market conditions driving healthy growth in the foreseeable future,” said Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE. He said that while regional dynamics may cause capital values to fluctuate, overall prospects are still favorable.</p>
<p>The data shows that the number of luxury property sales in Delhi-NCR increased from 1,860 units in 2022 to 5,530 units in 2023.</p>
<p>In Hyderabad, sales of opulent homes increased to 2,030 from 1,240 units.</p>
<p>Pune had sales of 450 units in 2022 compared to 190 units in the previous year.</p>
<p>Bengaluru’s luxury property sales last year were steady at 265 units.</p>
<p>The number of luxury property sales in Kolkata increased slightly from 300 to 310 units.</p>
<p>Sales in Chennai increased somewhat as well, from 150 units in 2022 to 160 units last year.</p>
<p>According to CBRE statistics, there were approximately 3,22,000 units sold in 2023 across all price ranges, representing a 9% annual rise.</p>
<p>According to the consultant, developers launched approximately 3,13,000 new housing units in 2023, a 6% YoY rise, as a result of the continued strength in demand.</p>

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