Read The Full Article Published By DNA India.
India's luxury real estate market is growing rapidly, marking a clear shift from traditional property segments. With the country's economy expanding and urban areas developing, more high-net-worth individuals (HNIs) are opting for premium homes.
The increasing demand for luxury residences stems from changing lifestyles and buyer preferences. Today's homeowners prioritize not just spacious and well-designed homes but also a premium living experience.
In recent years, this trend has gained momentum, driven by affluent buyers seeking high-quality, exclusive properties.
According to Mordor Intelligence, the luxury housing market in India, valued at USD 38.02 billion, is expected to grow to USD 101.92 billion by 2029. Another report highlights a 10% year-on-year growth in sales of luxury homes priced above ₹4 crore during the first quarter of 2024. Larger, more sophisticated homes offering privacy, security, and luxury are key attractions for HNIs.
In the NCR region, Gurugram leads the way, with a 57% reduction in unsold inventory, accounting for 37% of the total drop. This reflects robust demand in a city already known as a prime residential and commercial hub. The unsold stock in NCR has decreased from 53,136 units in Q1 2018 to 33,326 units today. Additionally, the upcoming Jewar Airport is boosting real estate growth in Noida and Greater Noida. At the same time, Gurugram benefits from its proximity to Indira Gandhi International Airport, maintaining its edge in the luxury housing market.
India's commercial real estate market is also expanding, projected to grow from USD 40.71 billion to USD 106.05 billion by 2029, according to Mordor Intelligence. This growth offers excellent opportunities for self-use and investment. In Gurugram, commercial hubs like Southern Peripheral Road (SPR), Dwarka Expressway, and Sohna Road stand out with competitive pricing, making them attractive options for long-term returns.
Sachin Gawri, Founder & CEO of RISE Infraventures, says, "India's real estate market is set for remarkable growth, fueled by the increasing demand for premium, well-located properties in both residential and commercial segments. The luxury housing sector has emerged as a major driver of this trend, reflecting a shift in consumer preferences where buyers now value lifestyle, quality, and exclusivity. With the rising demand for high-end properties, developers and investors must prioritize strategic locations and top-notch amenities. Regions like Noida and Gurugram are witnessing significant growth, thanks to their closeness to key infrastructure projects. Understanding these evolving market trends and making smart investment decisions will ensure strong long-term returns. As the industry evolves, those who adapt to these changes will find immense opportunities for success."
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