🏙 Luxury Is Drizzling For Indian Home Buyers: Mumbai, Goa, And Delhi Become Goldspots
We’re taking the bus to tinsel town today only to see how India is dripping in luxury, and rich Indians are betting on luxurious assets.
India’s luxury real estate sector has climbed up the ladder to emerge as an investor’s favorite.
The products in this niche segment are not just limited to the ambit of providing security and high returns to the well-off customers — but they are successfully delivering the promise of luxury, comfort, wellness, and opulence.
Let’s start from the basics.
When the country was grappling with the horrors of the pandemic, India’s wealthy were investing in luxury properties.
The cream of the economy — business owners, startup founders, and top CEOs — have been shelling out as high as Rs.50 Cr to Rs.1,000 Cr in the past few months for these residences.
Figures Speak
1,214 luxury residential properties worth Rs.20,255 Cr were sold in Mumbai in 2021.
In 2018, just about half of these numbers, ie, 598 units worth Rs.9,872 Cr were sold.
Sotheby’s luxury outlook survey says 1/4th of high net worth individuals (HNIs) bought property during the pandemic. (Where that money coming from?!)
The trend continues to rise as we speak!
It’s time to pop the champagne bottles for property dealers, of course.
After all, they’ve scored biggies like Shekhar Bajaj-promoter chairman of Bajaj Electricals, Bharti Enterprises VC Rajan Bharti Mittal, Siddharth Jain of Inox; the Dalmias; Siddharth Shah- founder of PharmEasy; millionaire stockbroker and retail mogul Radhakishan Damani and ex-HDFC Bank MD splurging their cash on them.
And oh, if you want to catch a glimpse of these ultra-lux homes (or palaces should we call them?), then head to Mumbai, Goa, Alibaug, and posh Delhi localities such as Jor Bagh, Sunder Nagar, and Golf Links.
The current crop of luxury projects offers a wide range of amenities like a swimming pool, pet shelter, kid’s creche, yoga corner, golf putting green, amphitheaters — well, the list goes on and on.
More people have eyes on these luxury properties this year than ever before, which are designed to lure the predisposition and luxury fancies of the young working population.
Too long? Here’s a one-liner: Luxury housing saw the highest ever sales in Mumbai and Pune in 4 years in 2021, and 2022 is likely to set a new record; founders, CEOs, and businessmen were seen buying properties as high as Rs.50–1000 Cr.
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