Demand for luxury homes in Bengaluru falls by half in Apr-Jun: CBRE report

Sales of luxury homes reached 3,100 units in India during April-June, up from 1,400 units in the same period last year, however, sales in Bengaluru dropped.

Published on: Jul 28, 2023, 14:40:15 IST

By Yamini C S

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The demand for luxury housing in India rose in the April to June period, according to a report. CBRE, a real estate consultancy firm, released an analysis of the luxury property market across seven major cities, including Bengaluru, Hyderabad, Delhi-NCR, Pune, Chennai, Kolkata and Mumbai.

3,100 luxury housing units - priced at ₹4 crore and above - were sold in the quarter, compared to 1,400 in the year-ago period. (Mahindra Lifespace)

3,100 luxury housing units - priced at ₹4 crore and above - were sold in the quarter, compared to 1,400 in the year-ago period. Hyderabad saw a 20-fold rise in sales, selling 1,000 units in the quarter, against the 50 units sold in the corresponding period last year. Delhi-NCR also performed well, selling 1,050 units versus the 350 units sold year-over-year (y-o-y).

Pune's luxury home sales inched up from nil last year to 150 units this year in April to June, whereas, Chennai and Kolkata each sold 50 units, same as last year.

READ | Bengaluru no. 1 city across APAC in flexible office space stock; Delhi-NCR 3rd: CBRE

Contrastingly, Mumbai and Bengaluru painted a different picture, with luxury home sales falling. Mumbai's luxury home sales fell from 800 units last year to 750 units in the quarter. Meanwhile, the Karnataka capital's sales plummeted by half as 50 units were sold against the 100 sold last year.

"We are witnessing an impressive growth and resilience of the luxury housing segment. This surge signifies the strong demand and positive momentum in the luxury housing market. Looking ahead, we anticipate a stronger second half of 2023 in the residential market, supported by factors such as a healthy supply pipeline, the approaching festive season, and stabilising mortgage rates," the Chairman and CEO of India, South-East Asia, Middle East & Africa of CBRE, said.

READ | Bengaluru sees highest appreciation in average housing prices for Jul - Sept

"Among other Indian cities that have recorded a rise in demand for luxury properties, NCR stands out observing not just an increase in sale, but even rising rentals for luxury homes. Within NCR, Gurugram particularly has emerged as a preferred choice for luxury homebuyers, with large presence of HNIs (High Networth Individuals)and UHNIs (Ultra High Networth Individuals) base and a significant rise in the number of affluent millennials in the region," DLF Group Executive Director & Chief Business Officer Aakash Ohri said.

ABOUT THE AUTHOR
Yamini C S
Yamini CS is a Senior Content Producer at Hindustan Times with nearly six years of experience in digital journalism. She is part of the India News desk, where she works on a wide range of stories cutting across civic issues, city-based developments, politics, governance, public policy, breaking news, trending topics, and international affairs that have an impact on India. Her role involves tracking fast-moving developments, verifying information from official and on-ground sources, and presenting news in a clear, accessible format for a digital-first audience. A significant part of her work includes handling live blogs during major news events, such as elections, court verdicts, political developments, civic disruptions, protests, weather-related alerts, and unfolding national or international incidents. Through live coverage, she focuses on timely updates to help readers follow complex stories as they evolve. Before moving to the broader India News desk, Yamini was associated with the Bengaluru desk at Hindustan Times, where she extensively covered urban governance, infrastructure, traffic and transport issues, weather events, public grievances, and civic administration in the city. This experience strengthened her grounding in city reporting and sharpened her focus on citizen-centric journalism. She began her career as a correspondent with Reuters after completing a postgraduate diploma in journalism from the Indian Institute of Journalism and New Media. Her early training instilled a strong emphasis on accuracy, sourcing, and news ethics, which continue to shape her reporting style. Outside of work, Yamini enjoys reading across genres, listening to music, and spending time with her family, which help her maintain balance in a fast-paced newsroom environment.Read More

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