Source: Business Standard (

Despite property prices shooting up by 40 per cent across the top seven cities of India in the last 24 months, and higher mortgage rates, demand for luxury real estate remains high. India’s high-Net-Worth Individuals (HNIs) and Ultra High-Net-Worth Individuals (UHNIs) are bullish on real estate with 71 per cent keen on buying real estate in the next 12-24 months, according to the annual Luxury Outlook Survey 2024 conducted by India Sotheby’s International Realty (ISIR).

Capital appreciation has overtaken lifestyle upgrades, as the primary motivation for real estate investment (44%), signalling a return of investors to the market, with a focus on long-term appreciation.

In assets owned apart from the primary city home, rent/income-generating commercial real estate claimed the top spot. There has been an increasing trend of owning farmhouses in suburbs/ city peripheries, driven by the need for larger spaces, open green areas, work from home, privacy, and amenities such as a private swimming pool.

A staggering 83% of affluent Indians own multiple luxury properties, reflecting a trend of diversified real estate portfolios among the elite.
Apart from primary residences, respondents showcased a diverse array of real estate assets, with 34% owning commercial real estate, 25% holiday homes, 21% agricultural land, and 20% farmhouses.

At least 35% of holiday home buyers mentioned Goa as their preferred destination, highlighting the enduring appeal of Goa’s lifestyle among India’s wealthy. Desire to invest in overseas property remained stable at 12%, with Dubai UAE, and USA maintaining their positions as top choices.

Forty-three per cent of UHNI and HNI respondents expressed a desire to consolidate their portfolios, focusing on better-quality properties and rent-yielding assets. 34 per cent of UHNIs and HNIs have shifted to digital mediums, including 3-D virtual reality and walkthroughs, to research and view properties, underscoring the impact of digital transformation even at the top of the luxury housing market.

“We believe investors are strategically positioning themselves for wealth accumulation and creating multigenerational wealth through real estate investments,” said Ashwin Chadha, CEO, India Sotheby’s International Realty.