Guru of luxury homes

Representational pic

Guru of luxury homes

One third of Gurugram’s realty sales in premium category

ANAROCK data shows the pandemic has induced a significant increase in demand for premium and luxury homes in Gurugram

NEW DELHI, Feb 24 (The CONNECT) - The sale of premium and luxury homes in the Millennium City has been rising steadily post the pandemic. Latest ANAROCK data indicates that of a total of 15,590 units sold in Gurugram in 2021, approx. 30% were homes priced above INR 80 lakh. In pre-pandemic 2019, of 13,250 units sold, the share of these homes was 24%.

Santhosh Kumar, Vice Chairman – ANAROCK Group says, “The trend in 2020 almost matches that of 2019; the pandemic struck at a time when housing trends in Gurugram were beginning to improve. The sales share of affordable housing was similar to 2019 - of 11,170 units sold, around 65% was of affordable housing, while homes priced >INR 80 lakh had a mere 15% share.”

% Share of Home Sales Across Budgets

Year

<INR 40 Lakh

INR 40 Lakh-INR 80 Lakh

>INR 80 Lakh

Total Units Sold

2019

60%

16%

24%

13,250

2020

52%

23%

25%

7,240

2021

42%

27%

30%

15,590

The pandemic has induced a significant increase in demand for premium and luxury homes in Gurugram. One of the defining features of premium and luxury homes is their larger size, which became the new imperative because of the WFH culture. Low interest rates, developer discounts and offers, and homebuyers' preference for state-of-the-art amenities further contributed to this momentum.

Gurugram Trends: Following the new consumer demand, developers began increasing the supply of homes priced >INR 80 lakh. ANAROCK data shows that of 18,540 units launched in Gurugram in 2021, approx. 6,040 units (33%) were priced >INR 80 lakh.

In 2019, 4,080 units out of a total of 19,350 (21%) launched in Gurugram were in the premium and luxury categories - denoting an increase of 48% in the supply of the homes priced >INR 80 lakh in 2021 as against 2019.

% Share of Total New Launches Across Budgets

Year

<INR 40 Lakh

INR 40 Lakh-INR 80 Lakh

>INR 80 Lakh

Total Units Launched

2019

64%

15%

21%

19,350

2020

65%

20%

15%

11,170

2021

41%

27%

33%

18,540

Source: ANAROCK Research

Total Units Launched in Gurugram

Year

<INR 40 Lakh

INR 40 Lakh-INR 80 Lakh

>INR 80 Lakh

Total Units Launched

2019

12,310

2,960

4,080

19,350

2020

7,270

2,190

1,710

11,170

2021

7,550

4,950

6,040

18,540

Developers considerably reduced the supply of affordable homes - from 12,310 units in 2019 to 7,550 units in 2021, indicating a drop of 39%. The share of affordable homes in the total new supply thus dropped from 64% in 2019 to 41% in 2021.

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