Covid-19 pandemic unleashed a requirement storm for the posh and extremely-luxurious properties segments. (Representative picture)
Of at the least 58 extremely-luxurious properties bought throughout the highest 7 cities in 2023 thus far, Mumbai alone bought 53 items priced >Rs 40 crore every.
Ultra-luxury properties (priced >Rs 40 Cr every) have had an unprecedented bull-run in 2023, with each the variety of gross sales and gross sales worth of such belongings hitting new peaks. Latest Anarock Research knowledge finds that the yr 2023 until date has seen a staggering 247% yearly surge by way of complete gross sales worth of extremely-luxurious properties in opposition to the entire of 2022.
Mumbai leads different cities
Of at the least 58 extremely-luxurious properties bought throughout the highest 7 cities in 2023 thus far, Mumbai alone bought 53 items priced >Rs 40 crore every – a 91% share of the full offers throughout the highest cities.
At least 4 separate extremely-luxurious dwelling offers price >Rs 40 crore every had been closed in Delhi-NCR – two flats in Gurgaon and two bungalows in New Delhi. Hyderabad witnessed one residential deal price >Rs 40 Cr. at Jubilee Hills.
Of the 53 offers in Mumbai metropolis, at the least 3 had been for worth tags above Rs 200 crore – by the way, all three closed by Anarock- and seven offers had been closed for between Rs 100 – 200 Cr every. At least two extremely-luxurious properties in Delhi-NCR had been bought for above Rs 100 crore every.
Apartments a best choice
Apartments clearly remained the popular property sort for HNIs as of 58 offers, 53 had been for flats and the remaining 5 for bungalows. At least 79% of the full offers had been concluded by businessmen, and 16% by senior professionals from throughout varied sectors. Politicians and Bollywood celebrities accounted for the remaining 5%.
Anuj Puri, chairman, Anarock Group, mentioned, “A total of 58 ultra-luxury homes have been sold across the top 7 cities in 2023 to date, for a collective sales value of approx. Rs 4,063 Cr. In contrast, the whole of 2022 saw a total of 13 ultra-luxury homes sold in these cities for a total sales value of approx. Rs 1,170 Cr. In terms of ultra-luxury property sales, 2023 has already made Indian real estate history even before it is over.”
Puri added, “Demand for both luxury and ultra-luxury properties has surged since the pandemic, with HNIs and ultra-HNIs buying such homes for investment, personal use, or both. The upsurge in demand for ultra-luxury homes can also be traced to the reshuffling of HNI investment portfolios amid the anticipated volatility in the stock market due to the existing geopolitical tensions. Not surprisingly, leading Grade A developers have also been scaling up their new supply in the ultra-luxury category. Among wealthy Indians, there is a very distinct FOMO aspect to securing the most desirable options before someone else does.”
Ultra-Luxury Homes – A 2022 Retrospective
Clearly, the Covid-19 pandemic unleashed a requirement storm for the posh and extremely-luxurious properties segments. If we think about the collective knowledge of 2022 and 2023 until date, 71 extremely-luxurious residential offers price approx. Rs 5,233 Cr had been closed within the high 7 cities.
Of the 13 offers price approx. Rs 1,170 Cr closed in 2022, at the least 10 offers had been for flats and the remaining 3 for bungalows. Mumbai accounts for 11 offers and the remaining two had been closed in Delhi-NCR. Interestingly, not one of the remaining 5 high cities noticed such massive ticket worth offers in 2022.
Of the 13 extremely-luxurious properties bought in 2022, at the least 9 offers had been for items priced between INR 100 – 150 Cr, all in Mumbai City.
