Among Tier I cities, Mumbai leads the luxury housing sales, followed by Hyderabad.
In India, Luxury housing witnessed a hike of 12% in housing unit supply across tier 1 cities during Q2, 2022, a recent report by PropEquity states. This share stood at 8% in 2021, but in 2022, the segment recorded a two-fold jump.
In Q2, 2022, the Affordable Segment ruled over the real estate market with a share of 63% in overall supply in all Tier 1 Cities, followed by the Mid Segment housing supply with a 26% share in total supply.
Samir Jasuja, Founder and Managing Director at PropEquity said, “In the last one year we have been witnessing of revival of luxury housing across top cities in India and this trend will continue to grow in the coming quarters. Demand for affordable housing in top metros are being in ways replaced by mid-segment and luxury housing as higher disposable income of nuclear families are looking for properties with premium amenities, larger built up area and in a well-developed location.”
The Q2 2022 recorded a total supply of 77,941 units, of which 48,993 units were from the affordable segment, followed by the mid-segment with 19,910 units and luxury homes with 9,132 units.
The report by PropEquity shows total sales of 1,02,311 units in Q2, 2022. The affordable segment had the largest share with 64%, 2nd highest sales figure is for the mid-segment share of 25% and the luxury segment stood at 3rd position with 10%.
In the affordable housing segment, Thane has the best supply and sales, while Hyderabad led the sales and supply for the mid-segment Hyderabad.
