November 30, 2024 / BusinessWorld
Mumbai Leads the Surge with Rs 114,529 Crore Sales in H1 FY 2024-25
The luxury housing market in India is thriving, propelled by rising aspirations for premium lifestyles and exclusive living spaces. Despite global economic uncertainties, demand for high-end properties has demonstrated remarkable resilience, reflecting affluent buyers' confidence in the long-term value of luxury real estate.
A Market on the Rise
Data from Credai-MCHI shows an 18 per cent increase in total sales value across India's top seven property markets, totaling Rs 279,309 crore in the first half of FY 2024-25. Interestingly, this growth occurred alongside a 3 per cent drop in units sold, underscoring a clear consumer shift toward high-value homes. The average price per home rose to Rs 1.23 crore from Rs 1 crore in the same period last year.
Mumbai led the charge, recording Rs 114,529 crore in sales, with an average ticket size of Rs 1.47 crore. Delhi-NCR and Bengaluru followed as strong contenders, while cities like Hyderabad, Chennai, Pune, and Kolkata also saw significant increases in average ticket sizes, signaling a nationwide trend in demand for premium housing.
Luxury Housing: Beyond Just HomesThe surge in luxury housing demand is not just about owning property but redefining lifestyles. According to CBRE South Asia’s India Market Monitor Q3 2024 – Residential, sales of homes priced above Rs 4 crore grew by 37.8 per cent YoY between January and September 2024. Delhi-NCR led this category with 5,855 units sold (72 per cent YoY growth), followed by Mumbai with 3,820 units (18 per cent YoY growth).
"Luxury housing in India is evolving beyond homes to curate unparalleled lifestyles for discerning buyers," said Nishant Deshmukh, Founder of Sugee Group. "Our developments in South Mumbai, such as Sugee Sea Krest and Marina Bay, epitomise sophistication and style, aligning with the aspirations of modern homeowners."
Emerging Trends in Luxury LivingDevelopers are adapting to consumer demand with innovative offerings, including holiday homes, villas, and farmhouses. Anarock reports that 25 per cent of luxury buyers prefer holiday homes, while 20 per cent opt for farmhouses, showcasing a growing appetite for spacious, experiential properties.
"Lifestyle has become the cornerstone of luxury housing," noted Vikas Sutaria, Founder of Iraah Lifespaces. "Our ultra-luxury villas in Alibaug and Lonavala offer unparalleled craftsmanship, blending comfort and exclusivity for a distinctive living experience."
Mumbai: The Epicentre of Ultra-Luxury Real Estate
Mumbai remains the focal point for ultra-luxury housing, contributing 21 of the 25 most expensive property deals across India in 2024, collectively worth Rs 2,200 crore. Developers in the city are introducing projects that blend modern design with cultural heritage, catering to elite buyers.
Anil Mutha, Co-Founder of Nandivardhan Group, emphasized, "Our projects in South Mumbai redefine luxury by combining contemporary amenities with the area’s iconic architectural charm, catering to the tastes of today’s elite residents."
A Promising Future
Looking ahead, luxury housing in India is poised for sustained growth, driven by demand from NRIs, HNIs, and affluent domestic buyers. Developers are responding with projects that exceed expectations, offering bespoke amenities, world-class designs, and enduring value.
As Vedanshu Kedia, Director of Prescon Group, aptly stated, "Luxury housing is a gateway to an elevated lifestyle. Our flagship projects in Mumbai and Goa blend modern design with exclusivity, creating spaces that resonate with today’s homebuyers."
The luxury housing segment in India continues to set benchmarks, crafting not just homes but experiences and legacies, cementing its place as a lucrative and aspirational real estate market.
Source: BusinessWorld
(The story has been published from a wire feed without modifications to the text)
Article:
Kommentare