India’s Luxury real estate market is seeing steady demand because more and more people are finding it affordable due to economic prosperity.
It has turned into a desire to live in a place that is full of luxury and expensive facilities.
According to Knight Frank data, sales of residential properties reached a record-breaking 1.73 lakh units between January and June 2024, marking the highest level in 11 years.
Desire for Larger Spaces Pushing Luxury Real Estate Market:
Market trends indicate that there is a greater need for bigger living areas with top-notch facilities situated in a premium location than ever before.
Contemporary homebuyers place a high value on residences that cover an area of 3000 square feet.
They expect residences that are furnished with amenities such as valet parking, exclusive wellness facilities, smart home technology, sophisticated security systems, and other similar features.
Given that customers tend to favor residences that reflect their lifestyle preferences, these homes are equipped with aesthetically pleasing infrastructure that aligns with their unique style.
Luxury Real Estate Market: How Builders Cater to High-End Buyers
The persistent desire for high-end residential properties has provided developers with a chance to offer meticulously planned developments in the city’s most desirable areas.
These residential projects, with their exceptional facilities, state-of-the-art infrastructure, and desirable location, consistently draw wealthy buyers who value quality of life and ease of living.
These changing preferences in the luxury real estate market have compelled the developers to create projects that combine modern architecture with urban refinement, specifically targeting the sophisticated tastes of modern luxury real estate market homeowners.
India’s Luxury Homebuyers: What They Want
Luxury homebuyers nowadays are increasingly interested in purchasing a way of life that reflects their unique sense of style and taste.
They have a strong desire to reside in prime locations. India is home to a growing number of ultra-luxury properties.
Developers in the luxury real estate market are stretching their bounds to meet customer demand and provide homes with all the elegance and flair they have envisaged.
Aspirations of HNI’s and Young Professionals on Luxury Real Estate:
Due to the aspirations of high-net-worth individuals and young professionals with disposable income, there has been a dramatic growth in the demand for luxury real estate.
Especially in cities such as Bangalore, Hyderabad, MMR, NCR.
Posh residences that cater to the tastes of the well-to-do and come with first-rate conveniences are in high demand.
An ever-evolving luxury real estate market is being propelled forward by facilities that prioritize wellness in conjunction with comfort and ease.
Luxury Real Estate Market: Chennai, Bangalore, Hyderabad
The luxury real estate sector in Chennai is experiencing a surge in popularity within the market. An increase of 21% compared to the previous year indicates that 28% of all sales consist of properties valued at more than ₹1 crore.
Within this particular market segment, there has been a large increase in the amount of sales as a result of the growing demand for contemporary homes that are very spacious.
What makes these residences interesting to wealthy buyers is not only the fact that they are located near significant top areas, such as Boat Club, Poes Garden, and Adyar but also the fact that they are exclusive.
Chennai is rapidly becoming a key player in the luxury real estate market in India. This is mostly due to the city’s growing popularity among the other cities.
The luxury real estate market in Chennai is being served by several well-known builders. A handful who define luxury in their offerings are Appaswamy, Casagrand, Pushkar Properties, DRA, Prestige, and some more names.
Bangalore is a key participant in India’s high-end real estate business.
Sales reached their peak in South Bangalore, accounting for 35% of the overall demand, maybe attributed to its proximity to Koramangala and Electronic City, two Information Technology parks.
Some of the notable builders who are catering to the luxury real estate segment are Phoenix, Embassy, Sattva, and Sobha.
In Hyderabad, the premium (₹2-4 crore) and luxury (above ₹4 crore) sectors made up to 5% of all launches in early 2021. Nonetheless, by the beginning of 2023 and the first half of 2024, both markets had grown to account for more than 20% of total launches.
Regarding luxury real estate in Hyderabad, a few renowned names emerge prominently. The previously listed entities encompass Sri Aditya, Muppa Projects, The Prestige Group, and Phoenix.
Summing up:
Due to increasing disposable incomes and changing consumer preferences, a new paradigm for aesthetically pleasing luxury real estate projects is developing.
The buyers of today have hands-on research well done when they are looking at luxury homes.
People put a lot of value on unique building features when they’re buying a house, which shows how important design is.
They also want a lifestyle that blends high-end conveniences with a natural setting, and they prefer to live in homes surrounded by planted green spaces.
The growth rate is expected to accelerate in the coming years as developers continue to find new ways to strengthen the industry through distinctive designs in India’s luxury real estate market.