Study indicates that premium property market is growing in top 8 cities
Chennai, Tamil Nadu, India, Tuesday, February 05, 2013 — (Business Wire India) — A study undertaken on the Luxury Housing market in India by Sulekha.com, India’s leading digital marketplace for local needs, has revealed the following interesting trends. The study indicates that the luxury housing market in India is clearly on the upswing. Chennai has recorded the maximum number of searches online for luxury properties above Rs. 1 crore. Chennai is followed by Delhi-NCR and Bangalore in the volume of online search for premium properties.
This study is based on the number of visits and searches that landed on Sulekha.com Property (property.sulekha.com), Sulekha.com’s dedicated site for all Property needs, through 2011 and 2012. The study also takes into consideration trends in premium property listings on Sulekha.com in the last two years. The analysis only covers properties priced between Rs. 1 and 15 crore across the 8 cities of Delhi, Mumbai, Chennai, Bangalore, Kolkata, Hyderabad, Pune and Ahmedabad. The study includes various types of premium properties: apartments/flats, independent floors, row houses, individual houses, plots, villas and farmlands.
Key findings of the market study:
Going by searches for premium property:
- The study indicates that the premium property market is on the upswing in all (8) cities.
- When compared to 2011, there has been a 64% increase in 2012 in the number of searches on Sulekha.com for properties between Rs. 4 and 6 crore.
- For the two consecutive years, Chennai has topped the search for premium properties between Rs. 1 and 6 crore. In 2011, Delhi was the second highest, and in 2012, it was Bangalore.
- Over the last two years, Bangalore, followed by Hyderabad, has recorded the highest percentage increase in the number of people looking for properties in the range of Rs. 1-6 crore.
- Among premium properties, ‘villas’ were most searched for in 2011 (58% of the premium property related searches), while in 2012 ‘plots’ were most sought after (55%).
- Since 2011, the search for all types of premium properties, with the exception of row houses and villas, has significantly increased.
In terms of premium property listings:
- Both in 2011 and 2012, Delhi had the maximum number of premium properties listings in Rs. 1-15 crore range. Mumbai came second both years.
- Interestingly, Kolkata and Ahmedabad are the cities with the highest year-on-year percentage increase in properties listed in Rs. 1-3 crore range. The percentage increases recorded are 81% and 73% respectively.
- However, in the Rs. 4-6 crore range, the highest year-on-year percentage increase in property listings has been in Ahmedabad (98%), followed by Delhi (63%).
- Since 2011, across all categories of property, the number of listings has significantly increased.
- The three most popular categories were independent floors, row houses and villas, where the property listings increased by 110%, 57% and 49% respectively, from 2011 to 2012.
Interesting to note – Places to look for properties in the range of Rs. 1-6 crore:
- Rs. 1-3 crore: Neelankarai and Abhiramapuram in Chennai; HSR layout and Shanti Nagar in Bangalore; Sainikpuri and Attapur in Hyderabad; Vile Parle East and Bandra West in Mumbai; Punjabi Bagh East in Delhi-NCR; Kothrud and Baner Road in Pune; Ambli and Odhav in Ahmedabad; and EM Bypass and Malda in Kolkata.
- Rs. 4-6 crore: Boat Club Road in Chennai; Vijaya Bank Colony in Bangalore; Domalguda in Hyderabad; Bandra West and Nalasopara East in Mumbai; Som Vihar in Delhi-NCR; Model Colony and Aundh in Pune; Naranpura and Juhapura in Ahmedabad; and Ballygunge in Kolkata.
- Commenting on the analysis, Satya Prabhakar, CEO of Sulekha.com said, “It is interesting to note that despite the pressures of a recessionary environment, the luxury housing market in our country has been growing significantly. With the HNI (High Net Worth Individuals) segment growing steadily in India, increase in NRI investments in property here, and change in the demographics of the country, the luxury housing market is poised for greater growth in the next 5 years. Understanding this strong market need and opportunity, Sulekha.com recently launched ‘Pantheon‘, an exclusive showcase for high-end luxury homes valued between Rs. 1 and 25 crore in India.”
Sulekha.com is India’s leading ‘Digital Marketplace’, a need-based site with a strong focus on LOCAL NEEDS on the Home, Business and Entertainment fronts.
Sulekha.com started in India as a classifieds & local search player in 2006 and today has a diverse set of offerings – Classifieds, Yellow Pages, Local Search, E-commerce, Blogging and much more. As per the latest comScore ranking, Sulekha.com is the fifth largest Indian Internet site (in terms of visitors). Sulekha.com recently won the award for the Best Multi-Utility Website at IAMAI’s annual India Digital Awards (2011).
Sulekha has 14 offices across India (including Delhi, Mumbai, Pune, Ahmedabad, Hyderabad, Bengaluru, Kolkata and Chennai) and 3 offices in New York, Toronto and Austin. The corporate office is in Chennai and the company has more than 1,300 employees across India. Sulekha has 1,00,000+ businesses listed and offers services across 50+ cities. Please visit www.sulekha.com.
To view the Complete Report, please click on the link given below:
Luxury Housing Market in India
For picture(s)/data to illustrate this release click below:
Geetha Raj, Sulekha.com, [email protected]
Divya Jagan, Sulekha.com, [email protected]
Nikhila Kesavan, Brandmap Communications, +91 9840124036, [email protected]
Divya Singh, Brandmap Communications, +91 9789882403, [email protected]