India’s Ultra-Luxury Homes Market Experiences Unprecedented Growth
India’s ultra-luxury homes market is experiencing remarkable growth, with ultra-high net worth Indians purchasing sprawling bungalows, premium villas, and glitzy penthouses at an unprecedented rate. The latest data reveals a significant surge in sales of ultra-luxury homes during the first nine months of 2023.
Surge in Ultra-Luxury Home Sales
Anarock Research data shows that sales of ultra-luxury homes (priced over Rs 40 crore) have increased by a staggering 247% between January and November 2023. The total value of ultra-luxury homes sold in the country during this period has jumped to Rs 4,063 crore, nearly two and a half times the total deal value in 2022. In comparison, ultra-luxury homes worth nearly Rs 1,170 crore were sold in 2022.
Factors Contributing to the Growth
According to Anuj Puri, Chairman of Anarock Group, the surge in demand for ultra-luxury homes can be attributed to the reshuffling of high net worth individual (HNI) investment portfolios amid anticipated stock market volatility due to existing geopolitical tensions. The pandemic has also played a role, with HNIs and ultra-HNIs buying luxury properties for investment, personal use, or both. Leading Grade A developers have also been scaling up their new supply in the ultra-luxury category, further fueling the growth.
Mumbai Tops the Charts
The ultra-luxury homes market growth has been primarily confined to Mumbai, the country’s latest residential real estate market. Out of the 58 deals this year, 53 were in Mumbai, with posh localities like Malabar Hills and Worli topping the chart. Apartments remained the preferred property type for HNIs, with 53 out of 58 deals involving apartments and the remaining five involving bungalows. Businessmen concluded at least 79% of the total deals, with senior professionals from various sectors accounting for 16% and politicians and Bollywood celebrities making up the remaining 5%.
Conclusion
The ultra-luxury homes market in India is on a dream run, with both the number of properties and deal sizes scaling new highs. This unprecedented growth highlights the changing preferences of India’s wealthy population and their willingness to invest in luxury properties amid market uncertainties. As demand for ultra-luxury homes continues to soar, it will be interesting to see how the market evolves and adapts to cater to this affluent segment of the population.
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