Luxury housing sales in India, particularly those priced over Rs 4 crore, have doubled, according to CBRE. The festive season from October to December is expected to witness further growth in this sector, with rising aspirations, economic growth, and smart home technologies contributing to the surge. The post-pandemic need for larger spaces has intensified the demand for luxury homes, attracting high-net-worth individuals (HNIs) and non-resident Indians (NRIs). CBRE forecasts a potential 10-year high in premium and luxury residential sales in 2023, emphasizing evolving lifestyle preferences and a robust Indian economy.
The sale of houses priced over Rs 4 crore in India has witnessed a remarkable doubling, with CBRE anticipating further growth during the festive season from October to December. The firm projects an increased number of first-time luxury home buyers in this quarter, attributing the surge to elevated aspirations, a growing Indian economy, and developer incentives. Post-pandemic, the demand for more spacious living spaces has been on the rise. Smart home technologies, including features like smart switches and remote-controlled lighting, also contribute to the spike. CBRE's report anticipates a potential 10-year high in premium and luxury residential sales by 2023, driven by economic growth, favorable regulatory measures, and evolving lifestyle preferences. This surge is notably fuelled by the increasing allure of luxury residences among high-net-worth individuals (HNIs) and non-resident Indians (NRIs) seeking secure and rewarding investment opportunities. CBRE's insights underscore the growing significance of luxury homes in the Indian real estate market, emphasizing a shift in buyer preferences and a heightened interest in premium living. The festive season is expected to serve as a catalyst for the booming luxury housing market, with CBRE foreseeing a continued uptrend in sales. CBRE's analysis also indicates that economic growth, supportive regulatory measures, and changing lifestyle dynamics will collectively contribute to a surge in residential sales and new launches within the premium and luxury housing segment. This forecast suggests a notable transformation in the real estate landscape, emphasizing the growing importance of upscale housing options and the potential for a significant market shift towards premium living experiences. The doubling of sales of houses over Rs 4 crore reflect a dynamic shift in the Indian real estate market, driven by a confluence of factors such as economic growth, technological integration, post-pandemic lifestyle preferences, and heightened interest from affluent buyers and investors. This trend underscores the evolving nature of housing demands and presents opportunities for developers to cater to the growing appetite for luxury living experiences.
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