NEW DELHI: Sales in the premium housing segment of more than Rs 1 crore in the January-June (H1) period of 2023 increased 17% year-on-year (YoY) against a decline of 21% YoY in the affordable segment of less than Rs 50 lakh price.
The rise in the premium segment came despite the overall housing sales in the top 8 cities of the country remaining flat at around 1.6 lakh units in H1, according to a report by Knight Frank.
The mid-segment housing sales – priced Rs 50 lakh-1 crore – increased by 9%. Interestingly, the demand for mid-segment homes eclipsed the affordable segment in H1. In the latest report, Knight Frank India noted that the residential sector had recorded a sale of 1,56,640 units in H1 (January-June) 2023, marginally lower by 1% YoY. Still, it is 1.7% higher than H2 (July-December) 2022.
While low-interest rates and comparatively low residential prices sparked the revival in demand, the residential sales level sustained even as interest rates rose.
New launches stood at 1,73,364 units, up 8% YoY. According to the report, housing sales in the premium segment of more than Rs 1 crore grew from 25% of total sales in H1 2022 to 30% in H1 2023.