- New supply of homes priced >INR 1.5 Cr stood at 16,100 units in H1 2019 against 5,240 units in H1 2017 (period immediately post DeMo)
- In H1 2017, luxury supply in most cities fell to three-digit numbers; NCR & Pune saw minimal launches – merely 140 units collectively
- Expensive markets MMR & NCR together comprise 59% share of new luxury stock in H1 2019 – 6,490 units & 3,030 units respectively
- Over 9,940 units in H1 2019 added in price budget of INR 1.5 – 2.5 Cr, remaining 6,160 units added in >INR 2.5 Cr budget
- Of the total 6.65 lakh unsold units in top 7 cities in Q2 2019, approx. 86,430 units are in the luxury category (priced >1.5 Cr)
Anuj Puri, Chairman – ANAROCK Property Consultants
Along with the resale homes market, luxury housing took the hardest hit after demonetization. The Government’s continued focus on affordable housing coupled with the surgical strike on high-value currency denominations in November 2016 took the sheen off luxury housing for two years in a row.
Anuj Puri, Chairman – ANAROCK Property Consultants Pvt. Ltd.
Luxury housing in India is the proverbial sitting duck for target practice in the shooting gallery that is the Indian residential property sector.
Market pundits and the media never get tired of taking potshots at it, and claiming that this segment has got run out – even though Indian luxury housing is actually something of a newbie on the pitch and still has very long innings ahead of it.
Maybe the fact that there are a lot of wealthy people in a country with so much poverty strikes some as an aberration, rather than a reason for pride.