Luxury housing sales in Delhi-NCR rise in 2020, supply decreases

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Luxury housing segment priced above Rs 1.5 Cr performed reasonably well in 2020 in Delhi-NCR despite the Covid-19 pandemic, ANAROCK Property Consultants said in a recent report.

Of the total housing sales of nearly 23,220 units that NCR saw last year, luxury housing comprised over 4% share – increasing marginally over 2019, when it was 3% (of 46,910 units).

Noida witnessed total housing sales of nearly 3,240 units in 2020 of which luxury comprised a 9% share. Gurgaon sold a total of about 7,240 units of which luxury homes comprised a 5% share.

“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.”

While there was a marginal rise in overall sales, new supply of luxury homes dropped to 9% of total 18,540 units in 2020 from 12% or 35,280 units in 2019.

Gurgaon saw maximum housing launches of approximately 11,180 units in entire 2020 of which luxury segment comprised 10% share.

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