Luxury homes in India have recorded the highest average price appreciation of 24 percent in the last five years, the latest market research said.
Among the top 7 Indian cities, Hyderabad recorded the highest jump of 42 percent in the average price of luxury homes in this period – from about ₹7,450 per sq. ft. in 2018 to ₹10,580 per sq. ft in the first half of 2023, the data by Anarock Research showed.
Bengaluru and Mumbai recorded the second-highest average price hike in this budget segment at 27 percent each.
The average price in Bengaluru rose to ₹12,970 per sq. ft currently from ₹10,210 per sq. ft in 2018, while that in Mumbai grew to ₹29,260 per sq. ft from ₹23,119 per sq. ft five years ago.
Housing units in the price range of ₹15 million and above are categorized as luxury ones.
Prices of affordable homes – priced at ₹4 million and below – on the other hand notched up a more modest 15 percent price appreciation in the same period.
The average price in this category across the top 7 cities moved up to ₹4,310 per sq. ft from ₹3,750 per sq. ft in 2018, the data showed.
“Extremely robust sales ably supported by good supply pipeline have resulted in luxury homes witnessing the most significant price appreciation over the last five-year period,” Anuj Puri, chairman of Anarock Group, said.
Follow us on
