Source: Live Mint ( https://bit.ly/3AJ3AKi )

India’s luxury real estate sector is experiencing a growing demand due to changing consumer preferences and technological advancements. Besides, this overwhelming increase in spacious luxury houses is also attributed to the COVID-19 pandemic because people with high purchasing capacity seek liveable spaces with ample safety and amenity features.

The soaring rich class

India’s millennials, comprising 36% of the population, accounted for 54% of homebuyers last year, with an estimated combined spending power of over US$330 billion. With rising disposable income, they seek bigger homes and invest in high-end housing units, with luxury housing sales in India’s top seven cities jumping five-fold from 2018 to 2023.

Goa is becoming India’s primary destination for luxury and ultra-luxury properties due to its picturesque location, favourable climate, and perfect balance of nature living and modern comforts. Smart houses and healthy living have become increasingly important for residents, as they reflect their social status and work-life balance. Second homes and facilities have become essential for buyers, offering safety and wider spaces for healthy living.

Goa is a well-connected state and is expected to improve with the opening of the MOPA airport, leading to increased flights and a boost in the tourism sector. The growth of nurturing gated communities, with top-notch security and improved medical facilities, is also driving the growth of luxury homes. Sustainability is driving the future of luxury holiday homes, emphasising intangibles like creating meaningful connections with customers and contributing to the environment.

Goa’s hidden natural and cultural beauty has attracted many tourists, and with the work-from-home culture becoming a norm, more people are looking to make Goa their permanent home. North Goa and Sindhudurg are already thriving grounds for luxury housing, plotted developments, farmhouse communities, grand villas, and second homes. The robust housing demand, growing income stability, and infrastructure developments will ensure that this area continues to be a popular investment destination.