businesstoday.in-India’s rich are buying luxury homes like never before, despite signs of distress among the middle-class
Over the last five years, the Covid-19 pandemic and the geopolitical tensions have rattled many - impacting household earnings and their monthly budgets. Steep rise in cost of living, subdued job market trends and, of late, a volatile equity market have added further strain on the country’s middle class that have cut down on purchases. While the consumer goods markets in the country have been feeling the pinch for sometime now, the residential homes market have started experience the pressure from subdued demand for mid-income homes.
Despite challenges though, one segment that continues to grow by leaps and bounds is the luxury homes - residential units priced over Rs 3 crore. Since the pandemic, there has been a significant increase in the demand for luxury and ultra-luxury properties. And after touching new highs in 2023, sales of luxury units have scaled new peak in 2024, latest data shows.
