Demand for ultra luxury housing in top gear – Here’s why

financialexpress.com:

The luxury real estate segment in India has experienced a remarkable resurgence, evidenced by a staggering 130% surge in high-end property sales during the first half of 2023 compared to the corresponding period in the preceding year. According to the latest data unveiled by CBRE South Asia, a leading real estate consultancy, a total of 6,900 luxury residences, commanding prices of Rs 4 crore and above, were successfully transacted between January and June this year, showcasing a substantial increase from the 3,000 units sold in 2022.

Beyond the domestic landscape, the non-resident Indian (NRI) community has emerged as a pivotal force in propelling the luxury real estate sector in India to new heights. The augmented flow of NRI investments into the Indian real estate market has provided a significant impetus to the surging demand for premium properties. The allure of promising high returns and the stable outlook for the Indian real estate domain have been key attractions for NRIs seeking to invest in upscale residences.

Sharing his thoughts, Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF, said, “There has been sustained sales growth across major Indian metropolises. NCR saw a sizeable jump in demand for homes with a flurry of new launches across product segments and categories. We have also observed a transformation in homebuyers’ preferences. One of the most significant trends this year has been an influx of demand for homes in the luxury and above segment. Today, luxury homes are no longer about the brick and mortar only, but the overall living experience with convenience and every amenity and facility, allowing people the time to pursue their passion.”

Also Read: Money Management: How much should