The purchasing of ultra luxury homes in India is on the rise
Source: Forbes India ( https://bit.ly/3ppcAhw )
The demand for luxurious residences that offer a unique living experience has been growing in the Indian market over the last few years. An increased number of high-net-worth individuals, rapid urbanisation, and rising incomes are just some of the factors contributing to that growth.
The experience of the pandemic has also left many people feeling a strong sense of home ownership, and a desire to have more square footage for work and education requirements.
“Because the mid and premium segment consumers have other resources to tap into, they are still able to go ahead with their desire for home ownership by tapping into other resources that they have access to,” says Vivek Rathi, director-research, Knight Frank India, a property consultancy.
If the numbers are anything to go by, India’s luxury residential market is booming. Post-pandemic, the segment performed remarkably well, with overall sales share rising steeply across the top seven cities.
Deal sizes in the luxury real estate segment depend on the square footage of the home and the number of bedrooms. India Sotheby’s International Realty has found the price range of Rs4-10 crore has attracted the highest interest among home buyers for their property investments.
About three-fourths of the respondents of the Luxury Outlook Survey 2023 by India Sotheby’s International Realty say they consider real estate as an important hedge against inflation and believe it will do well in the current financial year.
The HNIs and UHNIs are starting to see residential real estate as a favourable avenue for end-use and investment purposes.