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17 April, 2023
Real Estate across the country is witnessing a boom in luxury housing projects, with buyers investing in properties in cities like Mumbai, Bengaluru, and Gurugram. Post-COVID, demand for luxury homes which have prime facilities like swimming pools, sports, clubhouses, and other services has risen significantly. According to a report, prime projects have seen an immense demand; for example, DLF’s latest project ‘The Arbour’, at Golf Course Extension in Gurgaon sold out within minutes. Priced around Rs 7 crore for a four BHK apartment, the developer launched 1,137 flats in five towers. The developer sold flats worth more than Rs8,000 crore in the pre-launch stage. In Mumbai, The Three Sixty West Project, saw 28 luxury flats being sold for Rs 1,238 crores. Likewise, Lodha group sold its sea-facing triplex apartment, also considered the country’s costliest penthouse, worth Rs. 252 Cr. to the chairman of Bajaj Auto.
The Prime Residential Index has ranked Mumbai at 37th position, Bengaluru at 63rd, and Delhi at 77 in the list of top 100 luxury housing prices in the world. One of the key reasons behind the spike in the demand for luxury housing has come post covid, with the new generation shifting towards larger spaces, as well as a preference for home ownership.
Reportedly, IT professionals are dominating the luxury residential real estate buyer’s segment. Similarly, Goa, North Bengaluru, and NCR are coming up as emerging markets in the country. Real estate is touching heights with its luxury segments in the country and as per the reports; the next 2-3 years will observe a spike in the market. The rich in India, are looking at the luxury segment as an investment as well as an end-user option.
With the growth in the luxury segment, real estate will continue to see a spike over the next few years. A real estate bull and bear cycles last 5-7 years, and post-pandemic there has been a revival in luxury home sales that could last a few more years. However, if there is a change in the global economic market then this scenario could change.
While the demand for luxury housing is expected to remain high, the availability of luxury property in hot spots like North Goa or New Delhi could become a challenge. Though new inventory will keep getting added, it usually takes more time to build a luxury home.
Uttar Pradesh RERA: UPRERAAGT10868
Maharashtra RERA: A51900000246
Goa RERA: AGGO07180190
Haryana RERA: HRERA(REG.) 59 OF 2017
Bihar RERA: BRERAA00637/26/A- 50/2018
Punjab RERA: PBRERA-CHD04-REA0102
Karnataka RERA: PRM/KA/RERA/1251/310/AG/171113/000598
Gujarat RERA: AG/GJ/AHMEDABAD/AHMEDABAD CITY/AUDA/AA00607/230723R1
New Delhi : DLRERA2019A0057