Luxury Homes Take Center Stage: India's Residential Real Estate Market Shifts Gears
Homes priced above Rs 1 crore now dominate India's residential real estate market, indicating a trend towards upscale living
Luxury Real EstateIndian Residential MarketProptigerHomebuyersUpscale LivingReal Estate MumbaiJun 30, 2024
This trend is attributed to a growing inclination towards upscale real estate offerings, driven by factors such as increased disposable income and changing lifestyle preferences. According to industry experts and realtors, the cost of materials, labour, and land prices have risen sharply, making low-income projects unviable. As a result, realtors are no longer launching homes priced under Rs 25 lakh, and sales are mainly happening from the existing inventory.
The data from PropTiger reveals that homes priced between Rs 45-75 lakh are the second largest category, with a stable market share of 26% over the past five years. The Rs 25-45 lakh price category, representing affordable homes, has lost momentum, with its share shrinking from 26% in Q1, 2019 to 17% in Q1, 2024.
In contrast, the luxury segment is thriving, with homes priced above Rs 1 crore experiencing a consistent increase in sales. This shift in buyer behavior is indicative of a growing demand for high-value acquisitions, driven by factors such as increased disposable income and changing lifestyle preferences.
PropTiger, a leading online real estate marketplace, provides a platform for homebuyers to explore and invest in properties that meet their evolving needs and preferences. The company's data and insights provide valuable insights into the Indian residential real estate market, helping homebuyers and investors make informed decisions.
Information
PropTiger is a leading online real estate marketplace that provides a platform for homebuyers to explore and invest in properties that meet their evolving needs and preferences. The company's data and insights provide valuable insights into the Indian residential real estate market, helping homebuyers and investors make informed decisions.
Frequently Asked Questions
What is the current market share of homes priced above Rs 1 crore in India?
The market share of homes priced above Rs 1 crore is 37% of the overall housing market in India in Q1, 2024.
What is the reason behind the decline in sales of homes priced under Rs 25 lakh?
The decline in sales of homes priced under Rs 25 lakh is due to the sharp rise in the cost of materials, labour, and land prices, making low-income projects unviable.
What is the market share of homes priced between Rs 45-75 lakh in India?
The market share of homes priced between Rs 45-75 lakh is 26% of the overall housing market in India.
What is driving the demand for luxury homes in India?
The demand for luxury homes in India is driven by factors such as increased disposable income and changing lifestyle preferences.
What is PropTiger's role in the Indian residential real estate market?
PropTiger is a leading online real estate marketplace that provides a platform for homebuyers to explore and invest in properties that meet their evolving needs and preferences.
Related News Articles
Woman and Two Others Extort Rs 36.89 Lakh from 60-Year-Old Real Estate Executive in Mumbai
According to police sources, the 60-year-old man, who works for a prominent real estate company in Mumbai, was in touch with the accused woman for several months. The woman and her accomplices used threats and blackmail to extort a total of Rs 36.89 lakh
Maharashtra Leads FDI Inflows with 31% in H1 FY24-25
Almal Real Estate Development is poised to expand into new verticals and international markets, marking a significant step in its strategic growth plan.
Arkade Developers Shares Rise 3% Amid Rs 740 Crore Revenue Target
The stock of real estate company Arkade Developers Ltd. settled 3% higher as the firm aims to achieve a revenue target of Rs 740 crore. Discover the latest business news, budget updates, and market trends in this comprehensive article.
India's Grade A Warehousing Market Set to Cross 45 Million Sq Ft in 2024
The Indian real estate market is evolving rapidly, with specialized segments like warehousing complementing the robust growth of the more traditional segments.
Mumbai Dominates India's Data Centre Landscape with 54.9% Market Share
India's data centre capacity has grown by 21% in the first half of 2024, with Mumbai leading the pack. Chennai, Bengaluru, and Pune follow closely behind.
Mahesh Babu Seeks Rescheduling of ED Appearance Over Real Estate Projects
Mahesh Babu, the iconic actor, has requested a new date for his appearance before the Enforcement Directorate (ED) in connection with his remuneration from Surana Group and Sai Surya Developers for promoting their real estate projects.