India's luxury real estate housing is buoyant despite headwinds! Optimism in India’s luxury housing segment has soared, globally and domestically, thanks to healthy demand drivers and strong economic fundamentals, besides the obvious surge in financial inclusion and the rise of InsurTechs in India.
For most Indian households, owning a home is a ‘dream come true’. More importantly, real estate is considered as one of the most transformative sources of safeguarding and adding to generational wealth. Domestic demand for luxury housing is forecasted to gain momentum on account of the growing aspiration to own bigger and more luxurious homes, villas and apartments.
Luxury Housing: Delhi, Mumbai, Pune witness huge demand
According to current real estate news reports, there is a huge demand for luxury housing in Mumbai, due to rapid urbanisation, a growing category of high net-worth individuals and ultra-high net worth individuals. Renewed interest from NRIS has also contributed to the increase in demand for luxury housing.
Among metro cities in India, the following see an upward trend in luxury housing:
Interestingly, a report in Business Insider India highlighted that Pune has witnessed not only the highest growth in terms of value but also in terms of gaining 9 percent share of the overall luxury housing market. This marks a compelling increase from previous years.
Luxury Housing in India: What Makes Bengaluru Popular Among Millennials?
A global real estate consultancy, in its survey in May 2023, indicated that Bengaluru is hugely popular among millennials as they tend to prioritise financial security as a top priority and they value long term appreciation of real estate prices.
In 2022, Bengaluru’s share of luxury housing launches was 31 percent whereas by H1-2023, the share has increased to a whopping 40 percent. This trend further propels the growth of bigger and more luxurious spaces and plotted real estate developments that offer more convenience and flexibility for high-end customers.
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