As many as 16,100 new units have been launched in the luxury segment priced at Rs 1.5 crore across the top 7 cities – massively up from 5,240 units in H1 2017.
As many as 16,100 new units have been launched in the luxury segment priced above Rs 1.5 crore across the top seven cities in India in the first half of 2019. The number has gone massively up from 5,240 units in first half of 2017. Of the total 6,490 units launched are in Mumbai Metropolitan Region. Further segregation shows that 2,500 units were launched in the Rs 2.5 crore upwards in MMR. This is the highest compared to other cities , says a report by Anarock Property Consultants.
Along with the resale homes market, luxury housing took the hardest hit after demonetisation. The government's continued focus on affordable housing coupled with denominations in November 2016 took the sheen off luxury housing for two years in a row. As a result, developers restricted new supply in the luxury category across the top seven cities.
However, a recent research by Anarock indicates that while the affordable and mid-segment housing sectors continued to dominate the overall supply in first half of 2019, luxury and ultra-luxury housing also saw a resurgence.
Topping The Charts
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| MMR dominated the new luxury supply in first half of 2019, accounting for a lion’s share, followed by National Capital Region and major southern cities with Bangalore and Hyderabad seeing the launch of 2,210 and 2,070 units respectively. MMR stood at 6,490 units, while NCR has 3,030 units. |
"As many as 16,100 new units have been launched in the luxury segment priced at Rs 1.5 crore across the top 7 cities – massively up from 5,240 units in H1 2017. Effectively, new luxury housing supply has more than tripled since H1 2017 (period immediately after demonetisation). In fact, H1 2018 saw new luxury category supply increase by 40% since H1 2017 to stand at 7,350 units across top seven cities," said Anuj Puri, chairman of Anarock Property Consultants.
MMR dominated the new luxury supply in first half of 2019, accounting for a lion's share, followed by National Capital Region and major southern cities with Bangalore and Hyderabad seeing the launch of 2,210 and 2,070 units respectively. MMR stood at 6,490 units, while NCR has 3,030 units. The report says that on further segregation of the available data, it emerges that the budget range of Rs 1.5 crore - 2.5 crore saw the maximum launches with 9,940 units.
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