The Luxury real estate sector is experiencing an unexpected boom. Factors such as low interest rates, high-net-worth individuals seeking secure investments, and a growing desire for spacious high-end properties are driving this trend. The sale of luxury homes sold in India has tripled over the past five years, according to the reports of Anarock Group.
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India’s biggest developer DLF, sold apartments worth INR 5,590 Crore within a day of launch. The announcement was made that they have sold 795 apartments within just 3 days of launching its latest luxury housing project in Gurugram.
The factors that are contributing to the shift in luxury apartments in India is because of rising incomes, the trend of premiumization and demand after post-pandemic. Luxury apartments are selling so fast that in prime locations, there is a shortage of luxury apartments. Besides, the NRIs are investing in the luxury apartments which are fueling the segment’s growth.
The purpose of choosing luxury apartments is because of the facilities they provide. A balcony with a view, amenities, security and make it a beautiful place to be, which has grown over the years and today most of them are investing in luxury apartments across India.
The Luxury shift
Out of 1.3 lakh homes sold in Q12024, 21 percent were from luxury homes. This compares with 5 per cent 5 years ago. NCR saw the highest sales of luxury homes.
Affordable housing units saw their shares of sales to 20 per cent from 37 per cent in terms of total sales. Kolkata saw the highest sales of affordable homes.
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Bengaluru, MMR, Chennai, Pune and Hyderabad saw maximum sales in the mid-range and premium segments.
About Author
This Article has been written by Ms Vijaya Pramodini SK, an aspiring journalist, who is currently dedicated to her studies in Journalism and communication. With a keen eye for authenticity, she strives to uncover and present the real facts, embodying the principles of ethical journalism.
