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%.
“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,” says Santosh Kumar, Vice Chairman, ANAROCK
The pandemic has initiated 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 SUPPLY 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.
RESEARCH
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.
• Of 15,590 units sold in the city in 2021, approx. 30% were priced >INR 80 lakh; in 2019, the share was 24% of 13,250 units
• Affordable home sales saw a sharp decline – from 60% in 2019 to 42% in 2021
• Lower demand supressed affordable supply by 39% – from 12,310 units launched in 2019 to approx. 7,550 units in 2021
• In terms of new supply share of total units launched in the city, affordable share drops from 64% in 2019 to just 41% in 2021
• New supply of homes priced >INR 80 lakh rose by 48% – from 4,080 units in 2019 to nearly 6,040 units in 2021
