Luxury Real Estate in India Sees Unprecedented Demand

Luxury residential properties in India are experiencing significant demand due to rising disposable incomes and a preference for opulent living spaces. Data shows a surge in housing sales, with developers responding to the evolving preferences of affluent buyers seeking high-end amenities and prime locations.

In New Delhi, luxury residential properties are witnessing unprecedented demand, fueled by the increasing disposable incomes of many Indians. Data from Knight Frank reveals that housing sales reached an 11-year peak of 173,000 units between January and June 2024.

Recent market trends indicate a growing desire for larger living spaces with superior amenities in prime locations. New-age buyers prioritize homes over 3,000 sq. ft., equipped with features like valet parking, private wellness centers, smart home technology, and advanced security systems. Gurpal Singh Chawla, Managing Director of TREVOC, noted the opportunity for developers to deliver curated projects in Gurugram, a city known for its world-class amenities and prime real estate.

The shift in buyer preferences reflects a desire to purchase a lifestyle of taste and personal style rather than just a physical asset. Sandeep Chhillar, Founder and Chairman of Landmark Group, highlighted the increasing demand for luxury real estate in cities like Gurugram, driven by high-net-worth individuals and young professionals. Market analysis corroborates this, with Delhi-NCR emerging as a top choice, contributing to 64% of overall luxury residential launches in the last six months. Shantanu Gambhir of RISE Infraventures emphasized Gurugram's established status as a hub for premium properties, predicting exponential growth in the luxury sector.

(With inputs from agencies.)