New Delhi, July 31
Amid rising disposable incomes and stupendous economic growth, housing demand in India is now heavily tilted towards the luxury housing segment and Delhi-NCR saw a 45 per cent rise in luxury segment sales in the January-June period, a report showed on Wednesday.
The latest data from Anarock Group indicates that out of Delhi-NCR's total housing sales of nearly 32,200 units in H1 2024, over 45 per cent share was in the luxury segment and 24 per cent in the affordable segment.
In 2019, sales of luxury homes were a mere 3 per cent while the affordable sales share stood at 49 per cent in Delhi-NCR.
About 14,630 luxury units were sold in NCR in H1 2024, against 1,580 units in entire 2019.
In the same period, about 7,730 units were sold in the affordable segment, in comparison to nearly 23,180 units in 2019, the data showed.
"Among all NCR cities, Gurugram has been the most active real estate market in recent years. Millennium City saw about 17,570 units sold across different budget segments in H1 2024. Of these, a whopping 59 per cent (nearly 10,365 units) were luxury homes, followed by 27 per cent (about 4,710 units) in the affordable segment," said Anuj Puri, Chairman, Anarock Group.
In 2019, Gurugram saw approximately 13,245 units sold, of which 43 per cent (5,740 units) were affordable housing. The sales share of luxury homes was just per cent (470 units).
Noida and Greater Noida together saw about 8,425 units sold in H1 2024.
Of this, 42 per cent (3,550) units were luxury homes and just 13 per cent (1,100) units were in the affordable segment.
The highest sales share -- 3,770 units -- was in the mid and premium segments priced between Rs 40 lakh and Rs 1.5 crore.
Ghaziabad, Faridabad, Delhi and Bhiwadi together saw about 6,205 units sold in the first half of 2024, of which the luxury segment accounted for over 715 units, while affordable housing saw 1,920 units sold, the report mentioned.