New Delhi: Over half of the luxury houses launched in the top nine cities of the country in the last three years remain unsold.
As many as 1,131 homes priced over Rs 7 crore were launched by various developers in three year period of December 2016 to December 2019 but 577 houses, or about 51 percent, remain unsold till date, according to a report by Proptiger.com.
Similarly, 3,656 houses priced between Rs 5 crore and Rs 7 crore were introduced in the top cities but about 55 percent of them remain unsold.
In the price bracket of Rs 3-5 crore, another 8,503 homes were launched in the top nine cities but 56 percent of them are yet to be sold.
Among the cities, Mumbai has the maximum number of unsold luxury homes at 30,015. It is followed Hyderabad with 8,554 units and Bengaluru with 5,794 units.
As far as new launches are concerned there has been a decline in the numbers after 2017. In the Rs 1-3 crore price bracket, 29,775 luxury houses were launched in 2019 as compared to 29,996 homes in 2018.
In the Rs 5-7 crore price bracket, 859 luxury homes were launched in 2019 as compared to 1,536 homes 2018. In the Rs 7-crore plus price bracket, 34 luxury homes were launched in 2019 as against 542 units in 2018.
In the Rs 3-5 crore price range, however, new launches jumped from 2,675 units in 2018 to 3,092 units in 2019.
“Real estate in India has been under immense pressure because of an on-going demand slowdown. This has impacted the residential real estate sector across the board, including the luxury housing segment. The demand for luxury homes fell post-demonetization, and that trend has not changed much since. The on-going crisis involving the coronavirus pandemic is likely to further impact demand across the residential real estate sector in first half of fiscal 2020-21, including luxury housing,” says Dhruv Agarwala, Group CEO, Housing.com, Makaan.com & PropTiger.com.