Surge in Luxury Home Sales in India’s Major Cities
According to a recent report from real estate firm CBRE, sales of luxury homes worth Rs 4 crore and more have jumped 97% year-on-year in the seven major cities of India between January and September 2023. Delhi-NCR, Mumbai, and Hyderabad accounted for 90% of the total luxury housing sales in the period, with Delhi-NCR contributing 37%, Mumbai 35%, and Hyderabad 18%. Pune accounted for the remaining 4%.
Factors Behind the Surge in Luxury Housing Sales
Several factors have contributed to the surge in luxury housing sales, including a robust economy, increasing disposable incomes, aspirations for better living standards, and a lack of luxury residences in major metropolitan areas. CBRE expects that the festive season of October to December will see further growth in luxury housing sales and that the number of first-time luxury home buyers will increase in the October-December quarter.
“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,” CBRE told NDTV.
Post-Pandemic Demand for Spacious Living and Smart Home Technology
As buyers seek more spacious living arrangements after the pandemic, the influx of smart home technology and developer-backed incentives are driving a boom in luxury home sales. The growing appeal of luxury homes among high-net-worth individuals (HNIs) and non-resident Indians (NRIs) seeking secure and rewarding investment opportunities is also fueling this upsurge.
These trends suggest that luxury homes are becoming an increasingly important part of the Indian real estate market. This presents an excellent opportunity for investors and homebuyers to explore the luxury housing segment in India’s major cities.
Opportunities for Investors and Homebuyers in Luxury Real Estate
With the continued growth of the luxury real estate market in India, there are numerous opportunities for investors and homebuyers to capitalize on this trend. Whether you are looking to invest in a luxury property for rental income or purchase a spacious and high-end residence for your family, the current market conditions are favorable for exploring these options.
As the demand for luxury homes continues to rise, it is crucial for investors and homebuyers to stay informed about the latest market trends and explore the available opportunities in the luxury real estate segment. By doing so, they can make informed decisions and secure their investments in this growing market.
Orginal article: Link To Article – provided by Kansas City Realtors