As home-buying continued its upward trajectory in 2023, the luxury and super-luxury segments stood head and shoulders above their peers, in sales momentum. This year, homes priced above ₹7 crore per unit sold thick and fast, even as super-luxury home sales — units priced priced above ₹40 crore — may have hit the three-figure mark.
According to Anarock data, the period until November 2023 saw 58 homes priced above ₹40 crore sold across seven top property markets. Nearly 12 of these homes were priced above ₹100 crore. The property consultant estimates the super-luxury segment could bid farewell to 2023 with a significantly higher sales tally.
"Above 40 crore rupees an apartment — that's what we call super-luxury — we believe there will be 75 to 100 transactions in this segment for the calendar year 2023," said Anuj Puri, Chairman at Anarock.
A hundred super-luxury homes in just one year is no mean feat. After all, the whole of 2022 only saw 13 homes priced above ₹40 crore make it past the 'sold' sign. As of November, the total value of super-luxury home sales was ₹4,063 crore rupees — four times higher than 2022's sales tally of ₹1,170 crore.
India's property market saw premium to luxury housing do well in sales, this year. Anarock's year-end report estimates that 23% of the 4,76,530 units (approximately 1.09 lakh homes) sold this year, were priced above ₹1.5 crore. Luxury homes — those priced above ₹8 crore — have not been left out either. Anarock estimates reveal that 2023 could see between 15,000 to 20,000 transactions in this price-bracket.
One possible reason for this sales tally is developers like Prestige Constructions selling homes, and selling them fast. "We did 85% of what we did last year (in terms of sales), in the first six months of this year," said Venkat K Narayana, CEO at Prestige Group, "We crossed ₹11,000 crore in sale — last year, we did ₹13,000 crore in sales. We are now looking to end this year closer to ₹20,000 crore in pre-sales."
The secondary market too has seen luxury and super-luxury deals aplenty. In Gurugram — not Lutyens, Delhi — one home-owner sold an apartment unit at DLF Camellias for an unbelievable ₹100 crore. If that's hardly believable, nearly three home-buying deals in Mumbai this year, were closed at approximately ₹200 crore per home.
Despite these big-ticket sales, developers estimate the peak for super-luxury home sales is still some way off. Projects like Oberoi Realty's Three Sixty West in Mumbai, Lodha Malabar and Raheja Artesia have inventory to continue fueling super-luxury buys in 2024. DLF's latest luxury launch Privana South could signal the next phase of luxury home sales in NCR.
"We are also looking forward to the next super-luxury development after Camellias — we are looking forward to Mumbai, looking forward to Chennai, we are looking forward to some developments outside the national capital," said Aakash Ohri, Joint MD & Chief Business Officer at DLF.
There are more factors that could support super-luxury home-buying in 2024. Profit-booking from the equity bull run, repo-rate cuts and evolving lifestyle preferences could be catalysts that keep luxury home-buying alive next year.
(Edited by : Anand Singha)
First Published: Dec 28, 2023 7:40 PM IST
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