Luxury Housing Booms: 75% YoY growth in 2023
Real Estate

Luxury Housing Booms: 75% YoY growth in 2023

The high-end housing segment, comprising apartments priced at Rs 40 million and above, witnessed a remarkable 75% year-on-year sales growth in 2023. This surge in demand reflects the continued preference of buyers for substantial investments in premium properties offering more space and enhanced amenities.

A total of 12,935 units were sold in 2023, a significant increase from the 7,395 units recorded in 2022. Key industry players like DLF, Sobha, Lodha, TARC, and Max contributed to this growth by launching and successfully selling apartments within this upscale price range, surpassing annual projections.

Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, commented on the evolving market dynamics, stating, "In light of the changing landscape, the premium and luxury sectors are expected to sustain their attractiveness, supported by favorable market conditions driving healthy growth in the foreseeable future. While regional dynamics may lead to fluctuations in capital values, the overall outlook remains positive."

The luxury segment's percentage share in the total residential unit sales rose from 2% in 2022 to 4% in 2023. A substantial 45% year-on-year increase in unit launches occurred during the same period, indicating the growing interest and supply in the luxury housing sector.

DLF and TARC played pivotal roles in this growth, with DLF successfully selling over 2,000 apartments priced at Rs 6.5 crore and above within three days. TARC introduced apartments in central Delhi priced around Rs 9 crore. Delhi-NCR experienced the highest surge with a 197% year-on-year increase, followed by Pune, Hyderabad, and Mumbai, which recorded annual growth rates of approximately 144%, 64%, 24%, and 4%, respectively.

According to Mohit Jain, Managing Director of Krisumi Corporation, "Higher economic growth is resulting in higher disposable income and better job opportunities, bringing an enhanced lifestyle within reach for many. Homebuyers are increasingly seeking spacious dwellings in well-established societies."

The overall residential sales across various price categories exceeded 3,22,000 units in 2023, marking a 9% year-on-year growth. Developers responded to sustained demand by launching over 3,13,000 new housing units in 2023, reflecting a 6% year-on-year increase.

Mid-end projects emerged as the leading category, contributing to 45% of total sales in 2023, followed by high-end and affordable projects. Pune, Mumbai, and Bangalore collectively accounted for 61% of total sales, while unit launches in Mumbai, Pune, and Hyderabad comprised a 67% share in 2023.

The high-end housing segment, comprising apartments priced at Rs 40 million and above, witnessed a remarkable 75% year-on-year sales growth in 2023. This surge in demand reflects the continued preference of buyers for substantial investments in premium properties offering more space and enhanced amenities. A total of 12,935 units were sold in 2023, a significant increase from the 7,395 units recorded in 2022. Key industry players like DLF, Sobha, Lodha, TARC, and Max contributed to this growth by launching and successfully selling apartments within this upscale price range, surpassing annual projections. Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, commented on the evolving market dynamics, stating, In light of the changing landscape, the premium and luxury sectors are expected to sustain their attractiveness, supported by favorable market conditions driving healthy growth in the foreseeable future. While regional dynamics may lead to fluctuations in capital values, the overall outlook remains positive. The luxury segment's percentage share in the total residential unit sales rose from 2% in 2022 to 4% in 2023. A substantial 45% year-on-year increase in unit launches occurred during the same period, indicating the growing interest and supply in the luxury housing sector. DLF and TARC played pivotal roles in this growth, with DLF successfully selling over 2,000 apartments priced at Rs 6.5 crore and above within three days. TARC introduced apartments in central Delhi priced around Rs 9 crore. Delhi-NCR experienced the highest surge with a 197% year-on-year increase, followed by Pune, Hyderabad, and Mumbai, which recorded annual growth rates of approximately 144%, 64%, 24%, and 4%, respectively. According to Mohit Jain, Managing Director of Krisumi Corporation, Higher economic growth is resulting in higher disposable income and better job opportunities, bringing an enhanced lifestyle within reach for many. Homebuyers are increasingly seeking spacious dwellings in well-established societies. The overall residential sales across various price categories exceeded 3,22,000 units in 2023, marking a 9% year-on-year growth. Developers responded to sustained demand by launching over 3,13,000 new housing units in 2023, reflecting a 6% year-on-year increase. Mid-end projects emerged as the leading category, contributing to 45% of total sales in 2023, followed by high-end and affordable projects. Pune, Mumbai, and Bangalore collectively accounted for 61% of total sales, while unit launches in Mumbai, Pune, and Hyderabad comprised a 67% share in 2023.

Next Story
Building Material

Suraj Estate Wins Euromoney Award for India’s Best Residential Developer

"Suraj Estate Developers Limited has received the Euromoney Real Estate Award 2025 for ‘India’s Best Residential Developer’, positioning the company among globally benchmarked leaders in the sector. The recognition reflects its four-decade legacy in delivering high-quality residential and redevelopment-led projects across South Central Mumbai. The Euromoney Real Estate Awards, presented by the London-based Euromoney magazine, are widely regarded as one of the most credible global assessments of performance in real estate, banking and finance. Winners are selected through surveys of inte..

Next Story
Building Material

Lloyds Metals, Tata Steel Sign MoU to Explore Strategic Collaboration

"Lloyds Metals and Energy Limited has signed a non-binding Memorandum of Understanding with Tata Steel Limited to evaluate potential areas of strategic cooperation across mining, logistics, pelletisation and steelmaking. The MoU was signed by B Prabhakaran, Managing Director of Lloyds Metals, and Mr T V Narendran, CEO and Managing Director of Tata Steel. The partnership framework aims to leverage the natural operational synergies between both companies and assess opportunities in greenfield steel projects, iron ore mining, slurry pipeline infrastructure, pellet manufacturing in iron ore–ric..

Next Story
Building Material

IndiaAI, Gujarat Govt Host Regional Conclave Ahead of 2026 AI Summit

The IndiaAI Mission under the Ministry of Electronics and Information Technology, along with the Government of Gujarat and IIT Gandhinagar, convened a Regional Pre-Summit Event at Mahatma Mandir, Gandhinagar. The initiative is part of the build-up to the India–AI Impact Summit 2026, scheduled for 15–20 February 2026 at Bharat Mandapam, New Delhi. The conclave brought together senior policymakers, technology leaders, researchers and industry practitioners to examine how AI can accelerate economic, digital and social transformation across sectors. The programme focused on the overarching th..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Open In App