In a remarkable turn, the sale of homes priced at ?4 crore and above has witnessed a staggering 97% year-on-year increase in India's seven major cities during the period of January to September 2023, as reported by real estate firm CBRE.
Delhi-NCR, Mumbai, and Hyderabad have emerged as the hotspots, contributing to a significant 90% share of total luxury housing sales. Delhi-NCR alone accounted for 37% of the sales, followed by Mumbai at 35% and Hyderabad at 18%, with Pune making up the remaining 4%.
Factors Fueling the Surge
Several factors, including a robust economy, rising disposable incomes, a desire for elevated living standards, and a scarcity of luxury residences in major metropolitan areas, have fueled this surge in luxury housing sales.
CBRE anticipates further growth in luxury housing sales during the festive season from October to December. The firm predicts an increase in first-time luxury home buyers during this quarter, citing rising aspirations, a growing Indian economy, and incentives provided by developers as key contributors to this spike.
According to CBRE, factors such as economic growth, favorable regulatory measures, and evolving lifestyle preferences are expected to drive a surge in residential sales and new launches within the premium and luxury housing segment. The report even suggests the possibility of reaching a 10-year high in 2023.
HNIs and NRIs Leading the Trend
The post-pandemic demand for more spacious living, coupled with the integration of smart home technology and developer-backed incentives, is identified as a significant driver behind the ongoing boom in luxury home sales. CBRE notes that this trend is particularly pronounced among high-net-worth individuals (HNIs) and non-resident Indians (NRIs) seeking secure and rewarding investment opportunities.
In conclusion, these trends signify a growing prominence of luxury homes within the Indian real estate market, establishing them as an increasingly vital segment.
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