India's Luxury Housing Market Sees Unprecedented Growth: What's Driving Demand?
Luxury housing sales in India have hit an 11-year high, with 41% of the real estate sector's sales growth coming from this segment. What's behind this surge in demand?
Luxury HousingReal EstateIndiaCredai NationalGaurs GroupMigsun GroupReal EstateSep 02, 2024
Several factors are driving this demand for luxury housing. One major factor is the rise of millennials, who are increasingly looking to purchase luxury homes. According to CoreLogic data, 54% of home purchases were made by millennials.
Urbanisation has also played a significant role in the growth of luxury housing, particularly in cities like Delhi-NCR, Mumbai, Hyderabad, and Pune. Delhi-NCR, for instance, saw a 13.8% increase in luxury home sales in the first half of 2024, with around 3,300 units sold.
The growth of luxury housing can also be attributed to high-net-worth individuals, who are seeking spacious, comfortable homes with world-class amenities and aspirational values. According to a report by Cushman and Wakefield, 61% of new residential projects in Q1 2024 were in the luxury segment.
Frequently Asked Questions
What is driving the demand for luxury housing in India?
The demand for luxury housing in India is driven by a combination of factors, including rising incomes, lifestyle aspirations, urbanisation, and infrastructural development.
Who is buying luxury homes in India?
High-net-worth individuals, millennials, and those seeking spacious, comfortable homes with world-class amenities and aspirational values are driving the demand for luxury housing in India.
What is the current state of the luxury housing market in India?
The luxury housing market in India is seeing unprecedented growth, with 41% of the real estate sector's sales growth coming from this segment.
Which cities are seeing the most growth in luxury housing sales?
Cities like Delhi-NCR, Mumbai, Hyderabad, and Pune are seeing significant growth in luxury housing sales.
What is the expected future of the luxury housing market in India?
As the Indian economy continues to grow, it's likely that the demand for luxury housing will only continue to increase.
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