- Overall unsold inventory of luxury homes (priced INR 1.5 cr – INR 2.5 cr) declines to 42,650 units in Q1 2019 from 48,300 units in Q1 2018
- MMR currently accounts for maximum share at 56%
- Bangalore sees 49%, Kolkata 37% yearly decline in total unsold ultra-luxury homes
- NCR and MMR each saw a 7% decline in pent-up luxury inventory during the year
- Mid-segment (INR 40 lakh – INR 80 lakh) saw max. reduction with 14%; affordable (<INR 40 lakh) saw a 3% rise in total unsold stock in this period
Anuj Puri, Chairman – ANAROCK Property Consultants
The slowdown in Indian residential real estate over the last few years caused most high net-worth individuals (HNIs) to shun luxury housing and look at other investments within or outside real estate.
However, ANAROCK’s latest study indicates that HNIs are now using the tail end of the slowdown in India’s luxury residential market to their advantage.
Stagnant prices and best-buy deals have brought back some of the demand luxury homes, leading to a decline of 12% in this segment’s overall unsold stock in one year.
Read more »
- Luxury supply increased by 29% since 2017
- Of 12,090 units new luxury supply in 2018, MMR launched nearly 6,310
- NCR – 2,650, Hyderabad – 1,585, Kolkata – 160; Pune saw least supply with less than 100 units
Prashant Thakur, Head – Research, ANAROCK Property Consultants
Catering to a very niche clientele and not the masses, luxury housing has evolved at a rapid pace in India. The nouveau riche (newly rich) prefer discreet opulence over the commonplace, and look for experiential luxury, both at a unit and project level.
From start-up founders to high-salaried professionals, high net-worth individuals are prompting developers who understand the luxury segment to think increasingly out of the box and deliver something unique and aspirational.
On the ‘other side of the fence’, affordable housing has taken centre-stage in India over the past 3-4 years, not only because of the massive demand for it but also due to the concerted efforts by the Government to cater to it. Against such a backdrop, there are rising speculations that luxury housing is losing its sheen to the affordable segment.
Read more »