Higher prices in high-end homes (Rs 2.5 crore and above) and increasing sales figures in recent years are evidence that India’s luxury real estate market is likely to explode in 2023. After a resolute comeback from the pandemic’s stifling effects, it has had spectacular growth, surpassing market expectations and drawing the attention of many high-net-worth individuals (HNIs).
A significant number of HNIs are intending to buy luxury homes in the next two years, per a recent poll conducted by India Sotheby’s International Realty, suggesting a significant and definitive reversal in the luxury real estate segment.
Technological advancement, which overtook the real estate sector, has changed the market. The target audience for luxury real estate developers in metro cities is contemporary, professional, and tech-savvy individuals. The growing preference of Generations Next for luxury properties has aided the market’s progress. Developers’ latest digital tools, especially in the post, have made it easier for prospective purchasers to explore, select, and invest in property.
Rohit Mohan, Senior Vice-President, BPTP Group, says, “The concept of luxury housing has taken manifold leaps and evolved over the times. Nowadays, luxury houses are in high demand as they offer expansive green covers, high-end security features, a sense of peace and serenity and opulent interiors. The rise in demand for luxury houses can be primarily attributed to these factors, and the market is bound to see a huge jump in 2023.”
The luxury home sale in 2022 was only a preview of what is to come; it is projected to skyrocket in 2023. A large majority of individuals are engaged in luxury properties, including apartments, villas, condominiums, estates, cottages, and bungalows. Developers are of a firm view to release new projects, solidify sales, and carve out a niche market by responding to clients’ ever-increasing demand. The luxury market is experiencing a 35% quarterly increase in demand, and the euphoria is expected to continue in the future.