ET - Luxury homes: What is India’s rich buying?
The luxury residential sector in India has expanded significantly in recent years. Coupled with high economic growth, a key factor behind this is the increase in the number of HNIs and UHNIs, which has led to a high demand for luxury housing. At the same time, investors are also exhibiting a substantial interest in luxury real estate and prioritising capital appreciation, indicating a shift in ferencesbuyers’ preferences.
As per a recent report by Mordor, the Indian luxury market is expected to grow from USD 38.02 billion in 2024 to USD 101.92 billion by 2029, signalling increased demand in the high-end property segment in the coming years. According to recent data, in the first quarter of 2024, the supply of new luxury homes reached nearly 28,020 units. Meanwhile, luxury homes, typically priced above Rs 1.5 crore, made up 21% of total sales across India’s top seven cities, with approximately 27,070 units sold during Q1 2024. This highlights the growing appeal of luxury housing despite broader economic concerns.
