India's luxury housing segment has recorded a significant 130% increase in sales during the first half of 2023, driven largely by Non-Resident Indian (NRI) investments. Major cities, including Delhi-NCR, Mumbai, and Hyderabad, accounted for nearly 90% of the sales. Developers attribute this boom to urbanization, enhanced lifestyles, and rising disposable incomes, particularly in urban centres. The trend reflects a shift in consumer preferences towards properties that offer a superior living experience post-pandemic.
India's luxury housing market has witnessed an astonishing upturn, with sales surging by an impressive 130% in the initial half of 2023 compared to the same timeframe in 2022. Recent figures from CBRE South Asia highlight the sale of 6,900 luxury homes, each priced at Rs 4 crore and above, from January to June. This is a notable escalation from the 3,000 units shifted the previous year.
A significant driver behind this boom has been investments from the non-resident Indian (NRI) community. Seduced by the prospect of lucrative returns and confidence in the Indian property market's stability, NRIs have actively invested in high-end properties.
In response to this shift in consumer preference, Indian developers are elevating their projects to meet global standards, appealing not only to Indian buyers but also to the burgeoning interest from wealthy NRIs and HNIs.
Notably, the cities of Delhi-NCR, Mumbai, and Hyderabad have emerged as the leading hotspots in the luxury real estate scene, with nearly 90% of the total luxury home sales emanating from these locations. Delhi-NCR stands out, boasting sales of 2,900 luxury homes in just the first half of 2023.
The April-June 2023 quarter alone saw a 121% YoY surge in luxury housing sales, achieving 3,100 units, a significant increase from 1,400 units during the same period in 2022.
In conclusion, India's luxury real estate market's unparalleled growth in 2023 underscores the evolving tastes of the nation's upwardly mobile populace and the robust faith NRIs have in the sector. As consumers seek homes that offer not just shelter but an enhanced living experience, and with the influx of NRI investments, the horizon seems bright for the nation's luxury housing sector.
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