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It’s A Luxury: Share Of Rs 1.5 Crore+ Houses In New Units Launched Sees A Jump In Ncr

It’s A Luxury: Share Of Rs 1.5 Crore+ Houses In New Units Launched Sees A Jump In Ncr

During the pandemic, if homebuyers are looking for more space, home offices and outdoor living areas, luxury developers are delivering.

According to the latest report by real estate consultant Anarock, builders in Delhi-NCR have increased the supply of luxury homes from 9% last year to 17% in 2021 so far.

While Noida accounted for the maximum new luxury share (73%) in the first half of this year, Gurugram followed with a 22% share and Greater Noida with a 5% share. Other NCR cities, including Delhi, Ghaziabad, Faridabad and Bhiwadi, saw no new luxury housing launches in this period.

As per the report, out of the 10,570 units launched in NCR in the first half of 2021, at least 17% (1,800 units) were in the luxury and ultra-luxury segments. Notably, properties priced more than Rs 1.5 cr have been considered in the luxury category.

Santhosh Kumar, vice chairman of Anarock, said that between 2018 and June 2021, around 11,300 new luxury units have been launched in the entire NCR. A deep-dive into Y-o-Y trends reveals that the new luxury supply share was lowest in 2020, he said.

He added that the NCR’s new luxury supply share was lowest in 2020 — at 9% of all new launches in the region; 14% in 2018 and 12% in 2019.

President of National Real Estate Development Council (Naredco) and chairman of Supertech group RK Arora said demand in several luxury projects, including Supernova in Noida, has gone up after the second wave of the pandemic. He said, as per rough estimates, the demand in luxury projects of Noida has gone by 20 to 25%.

“Of 26,010 units launched in 2018 in NCR, around 14% was in the luxury and ultra-luxury segments combined. Of this, Gurugram accounted for the highest share of 42%, followed by Greater Noida with 36% and Delhi with 18%. In 2019, of 35,280 units launched in the entire region, luxury housing had a 12% share. Of the total new luxury supply, Gurugram had a 63% share, followed by Greater Noida with 15%, Noida with 13% and Delhi with 9%,” claims the report.

Last year, around 18,530 units were launched in the NCR, of which the luxury segment comprised a mere 9% share. Of this luxury supply, Gurugram accounted for 63% while Ghaziabad and Noida accounted for 17% and 16%, respectively.

Source : TOI

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