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Most luxury home sales came from Mumbai, and the suburb of Thane leads in affordable homes

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  • Demand for affordable housing in top metros is being replaced by mid-market, says PropEquity.
  • The maximum number of homes sold in the middle segment came from Hyderabad.
  • Thane sold the highest number of homes in the affordable housing category.

The luxury housing sector in India has seen a 12% jump in Tier 1 cities in the second quarter of 2022, according to PropEquity’s India Residential Market report.

Unsurprisingly, the most expensive homes sold the most in Mumbaiwhich was number one in luxury sales and delivery.

“Over the past year, we have witnessed a revival of luxury housing in top cities in India. Demand for affordable housing in top metros is being replaced by mid-range and luxury housing as higher disposable income of core families seek housing with quality amenities,” said Samir Jasujasaid PropEquity founder and director.

Thane was the best city in terms of affordable housing sales. In the mid-range, Hyderabad scored highly in terms of maximum number of residences, the report said.

The Indian affordable housing segment had a 63% share of the total supply in all Tier 1 cities, while the mid-market segment had a 26% segment.

The second quarter saw total sales of 1,02,311 units, with the largest share in the affordable segment at about 64%, followed by the mid-market at 25% and the luxury segment at 10%.

“Luxury housing in India has remained resilient over the past two years. New launches and well-situated projects sell out within weeks. We believe projects from fundamentally strong developers will continue to see high demand even with inflationary roadblocks,” said Abhiskh Andlayfounder of Andlay Estates.

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