In 2023, the Indian real estate sector experienced unprecedented growth, marked by a remarkable surge in annual sales. Notably, there has been a significant shift in the preference for residential properties, with Indians increasingly opting for higher-end accommodations.
According to a report released by a real estate consultancy last year, there was a substantial increase in the purchase of luxury homes. The data revealed that between January and October, sales of such upscale properties nearly doubled to 9,200 units, compared to 4,700 units during the same period in 2022. These luxurious residences were priced at Rs 4 crore or above.
It can be said that the price and demand for luxury housing such as riverside apartment, bungalows, independent luxury house in gated communities are in high demand in metro cities.
Why is Luxury Housing Getting High Demand in 2024?
According to discussions with industry players and analysts by Business Standard, it’s anticipated that the demand for higher-priced homes in India will remain robust throughout 2024.
Real estate market specialists noted that based on current trends in residential real estate, there will be a sustained demand for luxury homes in 2024. They pointed out a scarcity of new luxury projects from Grade A developers in markets like Kolkata which is gradually being addressed by leading builders in Kolkata.
1. Consumer Preference Has Changes
Consumer preferences and technological advancements have played a significant role in the global real estate market’s transition into the luxury segment. This trend is also evident in India. According to CBRE India’s ‘India Market Monitor Q1 2023’ report, the luxury residential sector experienced a remarkable 151% year-on-year increase in sales during the first quarter of 2023.
In the Delhi-NCR region alone, sales of high-end units surged by an impressive 216%, while Hyderabad topped the charts with an approximate 800% increase. Additionally, exposure to international real estate trends and architectural designs has contributed to the growth of the luxury real estate segment in India.
2. Evolving Architectural Design
International architectural design is expected to significantly influence the real estate sector, reshaping the preferences of home buyers towards luxury and ultra-luxury residences. Architectural excellence extends beyond mere home design, encompassing the integration of natural elements, environmental considerations, and advanced technology into housing projects.
Present-day home buyers prioritize sustainability, seeking features such as green roofs, energy-efficient systems, and smart home automation. These preferences reflect the demands of modern, discerning buyers who value innovation and environmental consciousness in their living spaces.
3. Premium Amenities & Sophistication
One notable distinction between regular homebuyers and those seeking luxury properties is the emphasis on amenities and sophistication. While home seekers desire amenities like swimming pools, children’s playing zones, and gyms, luxury buyers seek customized experiences such as private spas, amphitheatre, private decks, and exclusive wellness facilities.
Post-COVID-19, there’s a growing demand for properties with large open spaces and green environments that provide a living style away from urban noise and pollution. This trend, combined with the desire for upscale amenities is pushing the boundaries of luxury and ultra-luxury homes.
Final Words
In 2024, the luxury housing sector in India experienced remarkable sales by changing consumer preferences, pent-up demand, and economic growth. Developers invested significantly in upscale projects in prime locations and offering sophisticated living experiences in natural landscapes.
This surge in demand reflects a growing aspiration for luxurious lifestyles and post-pandemic emphasis on spacious and greenery environments. With high sales figures and optimistic projections, the luxury housing market in India is poised for continued growth and innovation in the coming years. To get new trends and the latest news on the real estate market, stay tuned with Srijan Realty, a commercial developer in Kolkata.
