According to JLL India, sales of homes priced at £1bn and up rose 83% to 10,988 units in the January-March period this year as demand for larger homes surged amid the pandemic. Sales in this price range were 5,994 units in the same period of the previous year.
JLL India on Friday released its quarterly sales data, which includes only apartments, for seven major cities, namely Bengaluru, Chennai, Pune, Mumbai, Kolkata, Delhi-NCR and Hyderabad. Terraced houses, villas and property developments are excluded from the analysis.
According to the data, sales of homes in the £1-1.5bn price bracket rose to 6,187 units from January to March, compared with 3,450 units a year earlier.
Sales of homes priced in excess of £1.5bn rose to 4,801 units from 2,544 units in the same period last year.
In its Residential Market Update – Q1 2022, JLL India said that the total sales of apartments in the seven cities increased to 51,849 units from January to March 2022, from 28,352 units in the corresponding period last year.
Revenue for the period also exceeded average quarterly revenue in the pre-COVID 2018-19 period by a substantial 148%.
Apartment sales in Bengaluru rose to 12,202 units from 5,216 units, while demand in Chennai increased to 3,450 units from 3,200 units.
In the Delhi-NCR market, sales increased to 8,633 units from 5,448 units, while in Hyderabad, January-March 2022 saw 4,012 units sold versus 3,709 units in the previous year. In Kolkata, sales increased from 1,320 units to 3,806 units.
Home sales in Mumbai rose to 11,648 units from 5,779 units.
In Pune, January-March 2022 saw sales of 8,098 units compared to 3,680 units in the same period last year.
