Luxury Real Estate: A New Era of Opulence in India
Indian real estate firms are diversifying their portfolios to include ultra-luxury projects, capitalising on the uptick in demand for opulent apartments among new-generation entrepreneurs and C-level executives.
Luxury Real EstateUltra Luxury PropertiesIndiaReal Estate MarketHigh End ProjectsBespoke AmenitiesReal Estate NewsJun 13, 2024
Luxury home sales in India, valued at Rs 4 crore and above, surged by 75 per cent last year, doubling their share of total housing sales, according to CBRE’s report. In 2023, 12,935 such homes were sold, compared to 7,395 in 2022.
In January, the ‘India Market Monitor Q4 2023’ revealed the luxury segment now holds a 4 per cent share of total sales, up from 2 per cent in 2022. Additionally, new launches increased by 45 per cent, fuelled by rising demand, signalling a notable uptick in the luxury real estate market.
Bengaluru-based Prestige Estate Projects’ Ocean Towers in Marine Lines offers ultra-luxurious 4-bedroom sea-view residences starting at Rs 23 crore. And in the prime location of Pali Hill, Bandra West, Prestige Daffodils is offering uber luxury homes priced between Rs 26 crore and Rs 45 crore.
Considering the excellent response that we received, we are already planning to launch the second tower in Prestige Ocean Towers. We will also be launching another uber luxury development in Worli in this financial year,” said Anand Ramachandran, senior vice president, Business Expansion, Prestige Group.
Concorde Group Concorde Group is a well-established real estate developer in Bengaluru, known for its high-end projects. The group has a strong portfolio of luxury projects, with a focus on prime locations and bespoke amenities.
Prestige Group Prestige Group is a leading real estate developer in India, with a presence in Bengaluru, Chennai, Hyderabad, and other cities. The group has a reputation for delivering high-quality projects, with a focus on luxury and ultra-luxury segments.
MAIA Estates MAIA Estates is a luxury real estate developer with a focus on high-end projects in Bengaluru and Chennai. The company has a robust pipeline of 5 million sq. ft., with a focus on delivering bespoke amenities and exclusive specifications.
Ganga Realty Ganga Realty is a leading real estate developer in Gurugram, with a focus on ultra-luxury residences. The company has launched several high-end projects, including the Nandaka project, featuring opulent apartments and penthouses.
Runwal Runwal is a Mumbai-based real estate developer, with a focus on high-end projects in the Mumbai Metropolitan Region (MMR). The company has a reputation for delivering luxury projects, with a focus on bespoke amenities and exclusive specifications.
Casagrand Casagrand is a Chennai-based real estate developer, with a focus on ultra-luxury projects. The company has launched several high-end projects, including over 600 ultra-luxury units across prime locations in Chennai.
Frequently Asked Questions
What is driving the demand for luxury real estate in India?
The demand for luxury real estate in India is driven by India's wealth creation among C-suite executives and first-generation entrepreneurs, post-Covid demand for larger, amenity-rich homes, and buyers seeking luxury real estate as an identity statement.
Which cities are witnessing a surge in luxury real estate demand?
Cities like Bengaluru, Mumbai, Chennai, and Gurugram are witnessing a surge in luxury real estate demand, driven by the growth of the IT and finance industries, and the increasing number of high-net-worth individuals (HNIs) and non-resident Indians (NRIs).
What is the price range of luxury properties in India?
The price range of luxury properties in India varies from Rs 3.5 crore to Rs 45 crore and above, depending on the location, size, design, and amenities.
Which developers are leading the luxury real estate market in India?
Developers like Prestige Group, Concorde Group, MAIA Estates, Ganga Realty, Runwal, and Casagrand are leading the luxury real estate market in India, with a focus on delivering high-quality projects with bespoke amenities and exclusive specifications.
What is the future outlook for luxury real estate in India?
The future outlook for luxury real estate in India is positive, driven by the growing demand for high-end projects, increasing wealth creation, and the need for bespoke amenities and exclusive specifications.
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