Growth outlook for luxury housing in Mumbai and India at large: What’s fuelling the demand?

financialexpress.com:

The Indian real estate sector has witnessed a significant transformation over the past few years, with luxury housing emerging as a notable segment that has garnered substantial attention from investors and homebuyers alike. Mumbai, often referred to as the financial capital of India, stands out as a hub for luxury housing development among the major Indian cities. The growth outlook for luxury housing in Mumbai and India at large highlights the factors that are driving the demand for opulent residences.

Luxury housing is defined as high-end residential properties that offer exceptional living experiences and are distinguished by premium amenities, modern architecture, and strategic locations. Several factors, including changing lifestyles, preferences, and economic dynamics, have contributed to a remarkable increase in the demand for luxury housing in India over the last decade.

A new industry report claims that, compared to the same period in the previous year, sales of luxury residences in Mumbai priced at Rs. 10 crore or more soared by more than 60% to Rs. 11,400 crores. The report also claims that several micro-markets in South and Central Mumbai were responsible for this increase, with the emergence of new markets as well. The following are a few drivers that have contributed to the growth of luxury housing in Mumbai and India at large:

One of the primary factors contributing to the growth of luxury housing in Mumbai and India is the rapid urbanization accompanied by a rise in affluence. As cities expand and economies flourish, there is a growing population of high-net-worth individuals (HNWIs) and ultra-high net worth individuals (UHNWIs) seeking residences that offer exclusivity, opulence, and an elevated living