Sale of luxury homes worth Rs 4 crore and more jumped 97 per cent year-on-year in the seven major cities of India between January and September 2023, a report from real estate firm CBRE said today.
The report said Delhi-NCR, Mumbai, and Hyderabad accounted for 90 per cent of the total luxury housing sales in the period. Delhi-NCR accounted for 37 per cent of the sales, Mumbai for 35 per cent, and Hyderabad for 18 per cent. Pune accounted for the remaining 4 per cent.
Several factors propelled the surge in luxury housing sales, including a robust economy, burgeoning disposable incomes, an aspiration for enhanced living standards, and a dearth of luxury residences in major metropolitan areas.
CBRE said that the festive season of October to December is expected to see further growth in luxury housing sales. The firm said that it expects the number of first-time luxury home buyers to increase in the October-December quarter.
"The primary reason for this spike is rising aspirations and a growing Indian economy. Incentives by developers and smart home technologies such as smart switches and controlling lighting and other things with a click on the phone are some of the reasons for this surge in luxury home sales, besides the post-pandemic need for larger spaces," CBRE told NDTV.
Economic growth, favorable regulatory measures, and evolving lifestyle preferences will see a surge in residential sales and new launches within the premium and luxury housing segment, potentially reaching a 10-year high in 2023, the CBRE report read.
As buyers seek more spacious living post-pandemic, the influx of smart home technology and developer-backed incentives is driving a boom in luxury home sales, it added.
This upsurge is driven by the growing appeal of luxury homes among high-net-worth individuals (HNIs) and non-resident Indians (NRIs) who seek secure and rewarding investment opportunities, CBRE said.
These trends suggest that luxury homes are becoming an increasingly important part of the Indian real estate market.
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