Source: Forbes India (

The year 2023 has been very rewarding for India’s ultra-rich. This is evident from Sotheby’s International Realty’s Luxury Outlook 2024, where 71 percent of India’s high and ultra-high-net-worth individuals expressed their intentions to buy luxury real estate in the next 12 to 24 months.

Capital appreciation is the primary reason behind the desire for luxury real estate among the rich Indians. As per Luxury Outlook 2024, 44 percent of individuals want to invest in luxury estate because of capital appreciation. Lifestyle upgrade is the second big reason, as 23 percent of the individuals expressed their desire to buy luxury property, including holiday homes, farmhouses, and agricultural land, to upgrade their lifestyle with their increasing wealth. Creating assets for the next generation and income generation are the next big motivations for investment in luxury property.

Goa remains the most preferred destination for a holiday home, as about 35 percent of wealthy individuals chose to buy a holiday home in the state. The sunny beaches, hills, and lifestyle of Goa are the most significant appeal for individuals, but the return on the investments in holiday homes is also attracting investors and individuals.

“Goa started with the second home holiday home objective being fulfilled. In this demand for holiday homes, the prices have gone up in Goa. Now, a lot of people are investing in it not just for end-use holiday homes but also for return elements. The returns that Goa has offered in the last 18 months have been in the range of about 70 to 80 percent,” says Chadha.