India’s housing market seems to be having a good run. Did you know the total residential real estate sales in India’s top seven cities increased by 48% to Rs 3.47 trillion in the fiscal year 2023? Moreover, the total number of houses sold rose by 36% to 379,000 units during the year.
What’s even more interesting to note here is that the Mumbai Metropolitan Region (MMR) had the highest market share in the fiscal year 2023 in terms of value and volume. Data shows that 30% of the houses sold fall in this region. Those units were sold at a net value of Rs 1.67 trillion, which makes up 48% of the total market share.
If you look at other regions, National Capital Region (NCR) and Pune had a market share of 16% and 17%, respectively. Experts believe that the growth Pune had in the fiscal year 2023 was pretty surprising, as the sale value and volume were both high compared to other major cities.
Comparing the growth to the fiscal year 2022, the sale value of the houses sold in Pune increased by 77% this year.
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Growing Demand For Luxury Housing
As far as the luxury housing segment is concerned, the number of total units sold kept rising for the second consecutive year, especially for houses priced over Rs 1.5 crore. The net market share of such houses increased to 20% in the fiscal year 2023. Don’t forget that this share previously stood at 10% in FY2022 and 5% in FY2021.
Many experts and qualified individuals in India have attributed the growing demand for luxury housing to the improved spending power of the buyers and the revival of the homeownership sentiment. Plus, nowadays, people want bigger homes with equally impressive resale value growth.
It seems that the Indian luxury real estate market has been revived after the COVID-19 pandemic. Buyers are now looking for spacious homes fully equipped with various technological advancements to live conveniently.
It should be noted that NCR, Bengaluru, and MMR enjoyed the highest sales of luxury homes in India during the fiscal year 2023.
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