Luxury Real Estate Boom: Developers Ramp Up Ultra-Luxury Projects
Indian real estate firms are capitalizing on the demand for ultra-luxury projects, offering opulent apartments priced between Rs 3.5 crore and Rs 45 crore.
Real EstateLuxury HomesUltra Luxury ProjectsIndian Real EstateLuxury LivingReal EstateJun 13, 2024
Luxury home sales in India, valued at Rs 4 crore and above, surged by 75% 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.
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.
Concorde Group affirmed that ultra-luxury offerings remain integral to their portfolio, meticulously chosen based on prime locations and land acquisitions. Basavanagudi and Koramangala in Bengaluru are upcoming destinations, with investments in two CBD properties set to reflect in Q1 FY25.
Luxury real estate developer, MAIA Estates, is embarking on a significant expansion across multiple cities, including Bengaluru and Chennai, with a robust pipeline of 5 million sq. ft. Having successfully delivered over a million sq. ft. in Bengaluru, the company is poised to introduce 3.5 million sq. ft. of residential projects and 1.5 million sq. ft. of high-end commercial spaces within the next year.
Ganga Realty is embarking on an ambitious project to develop 30 lakh sq. ft. of land in Sector 85, Gurugram, focusing on ultra-luxury residences. Furthermore, they have unveiled the Nandaka project, featuring opulent apartments and penthouses, with an investment exceeding Rs 1,000 crore.
Mumbai-based Runwal emphasizes its commitment to enhancing its ultra-luxury portfolio throughout the Mumbai Metropolitan Region (MMR) with a range of upscale projects. Among the highly anticipated releases are the prestigious Worli and Walkeshwar developments.
Chennai-based Casagrand is poised to develop more than 600 ultra-luxury units across prime locations in the city, including Ashok Nagar, Perungudi, Vandalur-Kelambakkam, and Adyar.
The Indian real estate market is witnessing a significant shift towards luxury and ultra-luxury projects, driven by the growing demand from high-net-worth individuals (HNIs) and non-resident Indians (NRIs). The luxury segment now holds a 4% share of total sales, up from 2% in 2022.
Prestige Group, Concorde Group, MAIA Estates, Ganga Realty, Runwal, and Casagrand are leading real estate developers in India, known for their upscale projects and commitment to delivering high-quality homes and commercial spaces.
Frequently Asked Questions
What is driving the demand for ultra-luxury projects in India?
The demand is driven by the growing 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.
What is the current size of the luxury segment in India?
The luxury segment now holds a 4% share of total sales, up from 2% in 2022.
Who are the key drivers of luxury real estate sales in India?
High-net-worth individuals (HNIs) and non-resident Indians (NRIs) are key drivers, comprising 5% of residential sales.
What is the investment plan of Runwal in FY25?
Runwal plans to grow its investment by another 30% in FY25, with a focus on expanding its ultra-luxury portfolio in the Mumbai Metropolitan Region (MMR).
What is the investment plan of Casagrand in Q1 FY25?
Casagrand plans to invest an additional Rs 200 to 250 crore in developing uber luxury properties in Q1 FY25.
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