Apartments sales at 15-yr high in top 7 cities on better demand for luxury properties

Sales of apartments, priced above Rs 1 crore, rose by 50 per cent during the January-June period to 50,132 units across seven major cities on better demand for luxury properties, according to real estate consultant JLL India.

Sales of flats, costing above Rs 1 crore, stood at 33,477 units in the corresponding period of the last calendar year.

JLL India data includes only apartments and excludes sales of rowhouses, villas, and plots.

Overall, sales of apartments increased 21 per cent in January-June across seven major cities to 1,26,500 units, which is th highest in 15 years in the first half of a year. Sales stood at 1,04,926 units in the year-ago period.

As per the JLL data, sales of apartments, priced less than Rs 50 lakh, fell 2 per cent to 24,482 units in January-June from 24,987 units a year ago. The share of affordable homes in total sales dropped to 19 per cent from 24 per cent.

In the Rs 50-75 lakh price category, sales of apartments rose 4 per cent to 30,125 units from 28,933 units. The share of mid-segment in total sales dropped to 24 per cent from 28 per cent.

Sales of flats, costing Rs 75 lakh-1 crore, rose 25 per cent to 21,848 units from 17,529 units. In the total sales, share of flats in this price bracket remained flat at 17 per cent.

In the Rs 1-1.5 crore category, sales of flats were up 67 per cent to 24,121 units from 14,484 units, increasing the share in total sales to 19 per cent from 14 per cent.

Sales of apartments, priced above Rs 1.5 crore, went up 21 per cent to 26,011 units during January-June this year from 18,993 units in the year-ago period. The share of luxury flats in overall sales increased to 21 per cent from 18 per cent.

“The government’s strong push, coupled with the RBI’s decision to pause the repo rate in the last two instances, along with moderate inflation, have played a pivotal role in revitalizing the residential market. The demand for homes is projected to remain growth-oriented in the medium term as well,” Siva Krishnan, Senior Managing Director and Head – Residential, India at JLL, said.

He expected strong sales in the second half of this year, driven by festive demand.

Realty firm Krisumi Corporation, which is into luxury projects in Gurugram, Managing Director Mohit Jain said, “the top residential markets have consistently performed well, with sales witnessing an upward trend in the past few quarters.”

Jain attributed the growth to robust demand across all price brackets, particularly in the mid and premium housing segments, driven by strong desire to own properties and the stability in home loan interest rates.

(With PTI inputs)

Latest Business News