Out of 1,16,220 units launched in Q3 2023 in the top seven cities i.e. Bengaluru, Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai and Pune across various budget categories, approximately 27% (approx. 31,180 units) were in the luxury category, according to the data by Anarock. This is the highest quarterly luxury supply entering the market in the last five years.
Back in Q3 2018, the supply share of luxury housing was just 9% – of approximately 52,120 units launched across budget segments then, just 4,590 were luxury homes.
Hyderabad witnessed highest new luxury supply of approximately 14,340 units followed by Mumbai Metropolitan Region (MMR) with 7,830 units in Q3 2023. In terms of overall luxury share Hyderabad clocked in at 46% and MMR at 25%.
With 20,920 units, affordable housing (homes priced at or under Rs 40 lakh) share has reduced further to 18% in Q3 2023. In the corresponding period in 2018, this segment’s supply share was 42%. Of approx. 52,120 units launched across the top seven cities in Q3 2018 across various budget categories, around 21,900 units were in the affordable segment.
Chennai witnessed new luxury supply of nearly 460 units in Q3 2023, against 580 units in the corresponding period of 2018. It is the only city to see its luxury supply decline further.
Delhi-NCR witnessed new luxury supply of approx. 3,870 units in Q3 2023, against 930 units in the corresponding period of 2018. Pune saw approx. 1,940 luxury units launched in Q3 2023; in 2018, the luxury supply was under 80 units.
Bengaluru saw approx. 1,710 new luxury units launched in Q3 2023, against 290 units in the corresponding period of 2018. Kolkata saw approx. 1,030 luxury units launched in Q3 2023 while in Q3 2018, the new supply was under 120 units.
