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19 August, 2023
In recent years, India has witnessed a significant spike in the demand for high-end luxury residential properties. However, the pattern has been seen rising in metro cities across the country. According to recent reports, 18 percent of the 365,000 units have been sold under the luxury category in the year 2022 as compared to 7 percent of sales during the year 2019. The price range for the luxury segment properties starts from the base price of INR 1.50 crore. However, the luxury properties in Mumbai Metropolitan Region (MMR), reportedly, begin from INR 2.5 - 3 crore. These properties are embedded with the finest of amenities, class services, utmost conveniences, and exceptional location advantages.
Several other factors are boosting the demand for these properties. Let’s take a look at the possible factors that are turning the tables:
Rise in Investors: In recent years the country’s economic growth has been commendable. This, in turn, has increased the profit across businesses, which further boosted the investment in properties. The emergence of business has led to a better lifestyle. And thus, with lifestyle comes a need for living in luxury space which finally has led investors to opt for the best high-end properties in metro cities. The rising living standards have been playing a major role here
NRIs:With a considerable strengthening of the US dollar, Non-Resident Indians are eyeing investing in luxury residential properties in India. Reportedly, the country has experienced a spike in the number of investments from NRIs, and their interest has increased in this specific segment.
High Net Worth Individuals:High and Ultra High Net Worth individuals are looking to invest in luxury properties of great interest. Also, with such investments in the current scenario, it is highly expected that the price of cement, steel, and other raw materials will rise shortly that further will result in a spike in the price of luxury properties. So, this, in turn, is the time wherein the individuals are actively investing.
According to the reports, the country’s 50 percent share of the luxury sales accounts from MMR and NCR. Likewise, metro cities like Hyderabad, Pune, and Bangalore are experiencing their best investments and demand in recent times.
A major emphasis is being laid on investing in luxury residential properties. No doubt, lifestyle, and generation changes are doing wonders for the sector. With the demand noticing a spike, the developer brands are guaranteed to benefit from the investments, and the prime factors like location, neighborhood, speed, and quality will prove to be the game changers.