Why Has There Been A Significant Increase In Demand For India's Luxury Residential Market

In recent times, the demand for posh housing spaces in India has risen. These demands for high-end homes are mainly due to urbanization and the increased income of the average buyers in metro cities. The sales of these housing units increased by 27% in the first half of the year.

The current value of the real estate market in India is roughly around ₹39 lakh crore, and it contributes up to 7.3% to the nation’s total economic output. It is estimated to expand upto ₹484 lakh crore in 2047, which may account for 15.5% of the economy.

Investors and buyers prefer urban living, and it has become a new trend. It shows the people's affinity towards grandeur. Lavish living in India is not a new marvel; rather, its history has seen many eras that have high bars for grand lifestyles like forts and places.

And now, this accord for luxury has spread, and urbanized among the broader segment of the buyers. The thirst for posh living is not confined but has steeped in the heart of every person.

As the nation’s economy grows, its middle and upper classes expand. More people are seeking to taste luxury in life, which is visible in the rise of the lavish housing market. Upscale retail spaces and premium lifestyle services are also blooming across the nation.

In Tier-1 cities like Mumbai and Delhi, people prefer lavish villas and Posh homes and they are in high demand more than high-rise flats. During the first half of the year, according to CBRE, many leading real estate builders have increased sales by 27%. They have sold more than 8,500 lavish living units across seven major cities in just six months.

Apart from these cities, Hyderabad has led this market for around 84% of sales in lavish living units. Pune has also seen a notable rise in demand for posh units. In the first half of the previous year, luxury home sales were up to ₹11,400 crore for properties priced at ₹10 crore and above, according to a joint real estate report.

As per the latest report by JLL, the sales for luxury homes have been driven by India's millennials; it included 54% of home buyers who spent roughly US$330 billion to buy a posh stay.

Prestige Group prelaunch apartment is Prestige Raintree Park.