New Delhi: The number of launch of luxury housing units costing above Rs 1.5 crore tripled in first half (H1) of 2019 as compared to H1 of 2017, the period immediately after demonetization.
As many as 16,100 luxury units were launched in H1 of 2019 in top seven cities of the country from 5,240 luxury units in H1 of 2017, according to ANAROCK Property Consultant.
The top seven cities are Mumbai Metropolitan Region (MMR), Delhi NCR, Bengaluru, Hyderabad, Pune, Chennai and Kolkata.
MMR and Delhi NCR dominated the new luxury housing supply in H1 of 2019, accounting for 59 percent of overall share. These were followed by Bengaluru and Hyderabad with the launch of 2,210 units and 2,070 units respectively.
Luxury housing units in the price range of Rs 1.5 croer to Rs 2,5 crore saw maximum launches with 9,940 units. The remaining 6,610 luxury units launched were in the price bracket of above Rs 2.5 crore.
In a major deviation from the trend seen in earlier years when mostly investors drove the demand for luxury housing, the demand for luxury housing is almost completely end-user driven today. HNIs from India and NRIs are taking advantage of the prolonged slowdown and near stagnant prices of such housing units in their preferred cities.
In terms of unsold luxury housing units, as many as 86,430 units are left to be sold in top cities second quarter (Q2) of 2019, representing an annual decline of two percent. Of this, MMR alone has a 56 percent share, followed by Dehli NCR with 17,800 units.
As of Q2 2019, about 46,200 luxury houses are unsold in the price bracket of Rs 1.5 – 2.5 crore while the remaining 40,230 unsold units fall in the price bracket of Rs 2.5 crore budget.