{"id":618,"date":"2024-05-22T11:28:00","date_gmt":"2024-05-22T11:28:00","guid":{"rendered":"https:\/\/www.saldanha.in\/blog\/?p=618"},"modified":"2024-06-19T11:29:58","modified_gmt":"2024-06-19T11:29:58","slug":"what-is-luxury-real-estate-why-is-it-booming-in-india","status":"publish","type":"post","link":"https:\/\/www.saldanha.in\/blog\/what-is-luxury-real-estate-why-is-it-booming-in-india\/","title":{"rendered":"What Is Luxury Real Estate &#038; Why Is It Booming In India?"},"content":{"rendered":"\n<p>Source: Good Returns ( <a href=\"https:\/\/bit.ly\/3VMMQtf\">https:\/\/bit.ly\/3VMMQtf<\/a> )<\/p>\n\n\n\n<p>India&#8217;s real estate market is witnessing a seismic shift, with the luxury housing segment experiencing an unprecedented surge in demand. Factors such as rising incomes, growing aspirations for upscale living, and a preference for modern amenities have propelled this transformation, resulting in a boom in luxury home sales across the country.<\/p>\n\n\n\n<p>India&#8217;s real estate market is witnessing a seismic shift, with the luxury housing segment experiencing an unprecedented surge in demand. Factors such as rising incomes, growing aspirations for upscale living, and a preference for modern amenities have propelled this transformation, resulting in a boom in luxury home sales across the country.<\/p>\n\n\n\n<p>The role of non-resident Indians (NRIs) in driving the luxury housing market cannot be understated. NRIs have emerged as significant contributors, accounting for nearly a quarter of total residential sales at major developers. The allure of luxury properties, coupled with the promise of exclusivity and modern amenities, has attracted both domestic and international buyers alike.<\/p>\n\n\n\n<p>According to a report by property consultant Anarock Group, the share of luxury homes sold in India has tripled over the past five years, with luxury properties now constituting 21% of all residential units sold across the top seven Indian cities in the first quarter of 2024, up from 7% in 2019.<\/p>\n\n\n\n<p>Interestingly, luxury home sales have surpassed those of affordable housing units, reflecting a changing preference among homebuyers. Affordable housing units, which once dominated the market, have seen a decline in sales share from 37% to 18% over the past five years, while the mid-range and premium housing segment maintains its dominance with a 59% share<\/p>\n\n\n\n<p>The influx of NRI investments is further fueling the demand for luxury housing in India. NRIs now account for nearly a fourth of total residential sales at major developers, a significant increase from pre-pandemic levels.<\/p>\n\n\n\n<p>Meanwhile, the surge in luxury home sales has reshaped the dynamics of the real estate market, with the affordable housing segment witnessing a decline in its market share. Affordable housing, which once dominated the market with a 37% share, has now dropped to around 18%, highlighting the evolving preferences of homebuyers in the current scenario.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>India&#8217;s real estate market is witnessing a seismic shift, with the luxury housing segment experiencing an unprecedented surge in demand. Factors such as rising incomes, growing aspirations for upscale living, and a preference for modern amenities have propelled this transformation, resulting in a boom in luxury home sales across the country.<\/p>\n","protected":false},"author":1,"featured_media":609,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":""},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/posts\/618"}],"collection":[{"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/comments?post=618"}],"version-history":[{"count":1,"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/posts\/618\/revisions"}],"predecessor-version":[{"id":619,"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/posts\/618\/revisions\/619"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/media\/609"}],"wp:attachment":[{"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/media?parent=618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/categories?post=618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saldanha.in\/blog\/wp-json\/wp\/v2\/tags?post=618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}