Luxury Homes in Delhi NCR Witness a Positive Boom

NCR saw total supply of 18,540 units in 2020, of which luxury comprised 9 percent share; in 2019, the total luxury homes supply was 12 percent.

Despite the COVID-19 pandemic, homes priced over Rs 1.5 crore in Delhi-NCR witnessed total sales of around 23,220 units in 2020 and comprised over 4 percent share– increasing marginally over 2019, according to a report.

Noida saw total housing sales of around 3,240 units in 2020, of which luxury comprised a 9 percent share. Gurgaon sold a total of around 7,240 units, of which luxury homes comprised a 5 percent share, a report by Anarock Property Consultants said.

While there was a marginal rise in overall sales, new supply of luxury homes dropped to 9 percent of total 18,540 units in 2020 (from 12 percent or 35,280 units in 2019). Noida, Gurgaon and Ghaziabad were the only cities in NCR that saw new luxury supply in 2020.

“Affordable and mid segment housing continued to drive homebuyer demand in 2020, but luxury sales also saw some momentum in NCR despite the pandemic,” says Anuj Puri, Chairman – ANAROCK Property Consultants.

“This is also because the impact of the pandemic on this buyer-class was not as significant as other budget categories. The discounts doled out by developers further made such properties more lucrative especially for the ‘real’ buyers who are prioritizing their home bases and willing to spend accordingly. Moreover, we are also seeing good traction from the NRIs amidst good deals and discounts and favourable rupee vs dollar value,” he said.

As per ANAROCK research, NCR in 2020 saw total housing sales of more than 23,220 units of which nearly 4 percent was in the luxury segment priced above Rs 1.5 crore onwards. Back in 2019, NCR saw total housing sales of 46,910 units, of which luxury units comprised just 3 percent of the overall share.

Gurgaon saw maximum housing sales of approximately 7,240 units in entire 2020 of which luxury sales comprised 5 percent share. In 2019, of the total 13,240 units sold, luxury sales comprised 4 percent share.

Greater Noida saw housing sales of approximately 6,950 units in 2020. Of this, luxury segment consisted of 2 percent share. In 2019, total sales here was 15,150 units, of which luxury share was just 3 percent.

Noida witnessed housing sales of approximately 3,240 units in 2020 of which luxury comprised 9 percent share. Back in 2019, the region saw sale of 6,620 units, of which luxury sales had same 9 percent share, the report said.

Ghaziabad saw housing sales of 3,780 units in 2020 of which luxury share was just one percent while in 2019 the city saw total sales of 7,860 units of which there were no luxury sales reported.

Faridabad, too, saw limited sales in luxury segment. Of the total sales of 970 units in 2020, luxury comprised just 1 percent share while in 2019, of the total 1,630 units sold, luxury had just one percent share.

From the supply perspective, NCR saw new launches of approximately 18,540 units in 2020, of which just 9 percent was within the luxury segment priced above Rs 1.5 crore. While in 2019, as many as 35,280 units were launched of which luxury comprised 12 percent share.

Gurgaon saw maximum housing launches of approximately 11,180 units in entire 2020, of which luxury segment comprised 10 percent share. In 2019, of the total 19,350 units launched, luxury comprised 14 percent share.

Greater Noida saw housing launches of approximately 1,820 units in 2020 of which luxury segment saw no new launches. In 2019, total launches here was 4,090 units of which luxury share was whopping 16 percent.

Noida witnessed housing launches of approximately less than 1,000 units in 2020 of which luxury comprised 28 percent share while back in 2019 the region saw supply of 2,950 units of which luxury had 18 percent share.

Ghaziabad saw housing supply of less than 500 units in 2020, of which more than half was in the luxury segment while in 2019 the city saw total supply of 2,430 units of which there was no new supply in the luxury category.

Faridabad saw no new launches in the luxury segment in both 2019 and 2020. The total launches in 2020 were 3,050 units while in 2019 it was 2,860 units, the report added.