Luxury flats selling like hot cakes

Sales of apartments, costing above Rs 1 crore, rose by 50 per cent in the first half of the calendar year. The January-June period saw sales of 50,132 units across seven major cities. Real estate consultant JLL India in its report said last year in the same category stood at 33,477 units.

Overall, sales of apartments rose 21 per cent in the first half to 1,26,500 units, highest in 15 years. In the same period last year, the sales stood at 1,04,926 units.

This data excludes  sales of rowhouses, villas, and plots.

As per the data, sales of apartments, priced less than Rs 50 lakh, fell 2 per cent to 24,482 units in January-June from 24,987 units a year ago. The share of affordable homes in total sales dropped to 19 per cent from 24 per cent.
In the Rs 50-75 lakh price category, sales of apartments rose 4 per cent to 30,125 units from 28,933 units. The share of mid-segment in total sales dropped to 24 per cent from 28 per cent.

Sales of flats, costing Rs 75 lakh-1 crore, rose 25 per cent to 21,848 units from 17,529 units. In the total sales, share of flats in this price bracket remained flat at 17 per cent. In the Rs 1-1.5 crore category, sales of flats were up 67 per cent to 24,121 units from 14,484 units, increasing the share in total sales to 19 per cent from 14 per cent.

Sales of apartments, priced above Rs 1.5 crore, went up 21 per cent to 26,011 units during January-June this year from 18,993 units in the year-ago period. The share of luxury flats in overall sales increased to 21 per cent from 18 per cent.
“The government’s strong push, coupled with the RBI’s decision to pause the repo rate in the last two instances, along with moderate inflation, have played a pivotal role in revitalizing the residential market. The demand for homes is projected to remain growth-oriented in the medium term as well,” Siva Krishnan, Senior Managing Director and Head – Residential, India at JLL, said.

He expected strong sales in the second half of this year, driven by festive demand.