Nearly 60% of 10,060 flats sold in NCR priced over Rs 1 cr during Jan-Mar: PropTiger

New Delhi: Nearly 60 per cent of the total 10,060 housing units sold in Delhi-NCR during January-March this year were priced more than Rs 1 crore each, according to housing brokerage firm PropTiger.

In January-March this year, Delhi-NCR witnessed sales of 10,060 units, out of which 59 per cent were priced above Rs 1 crore each; 19 per cent in the Rs 75 lakh-Rs 1 crore price bracket; 8 per cent in the Rs 45-75 lakh price category; 11 per cent in Rs 25-45 lakh price bracket; and 3 per cent in price bracket of up to Rs 25 lakh.

Vikas Wadhawan, Group CFO of PropTiger.com and Housing.com, said the escalating demand for premium properties in January-March 2024 underscores the resilience of India's real estate market.

"With the rising costs of land, inputs, and construction, the once-luxurious threshold of Rs 1 crore in major cities is becoming increasingly common. Aspirations are evolving, with homebuyers seeking residences equipped with modern amenities and spacious layouts," he said.

This shift towards larger, amenity-rich homes contributes to the uptrend in property prices, Wadhawan said.

Across the top eight cities, these premium properties (over Rs 1 crore) accounted for a substantial 37 per cent share of the total sales of 1,20,640 units during January-March this year. In the corresponding period of 2019, prior to the COVID pandemic, the share of such properties was only 16 per cent.

Housing markets covered in the report include Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad, and Faridabad), Mumbai Metropolitan Region (MMR) which includes (Mumbai, Navi Mumbai, and Thane), and Pune.

PropTiger said the data indicates a significant trend in buyer behaviour, with a shift towards high-value acquisitions. "There has been a consistent increase in the sale of properties in higher price brackets, including those valued between Rs 75 lakh-1 crore and above Rs 1 crore." This trend suggests a growing inclination towards upscale real estate offerings, potentially driven by factors such as increased disposable income and changing lifestyle preferences, the consultant added.