[GAGA REALTY] [JOINT VENTURE] [GAGA HOMES]
India’s luxury housing market is experiencing a spectacular surge, propelled by affluent buyers prioritising exclusivity, lifestyle enhancements, and high-end living spaces. Despite global economic uncertainties, the demand for premium real estate has remained robust, reflecting the long-term confidence of wealthy buyers in this investment segment.According to CREDAI-MCHI, the first half of FY 2024-25 witnessed an 18% growth in total sales value across India’s top seven property markets, reaching ₹279,309 crore. This growth came even as the number of units sold fell by 3%, indicating a strong preference shift toward luxury homes. Average home prices jumped to ₹1.23 crore, compared to ₹1 crore in the same period last year.Cities like Mumbai, Delhi-NCR, and Bengaluru have emerged as leaders in this segment. The Mumbai Metropolitan Region (MMR) retained its dominance with a stable average ticket size of ₹1.47 crore and a 2% rise in sales value to ₹114,529 crore. Other cities, including Hyderabad, Chennai, and Pune, also reported significant increases in average ticket sizes, highlighting a nationwide trend.Also, the time taken for buyers to finalize a house purchase has returned to pre-pandemic levels, with the average duration dropping to 26 days in H1 FY 2025, down from 33 days in FY 2021. Data from Anarock highlights that luxury homes priced at ₹3 crore and above have the shortest conversion time, averaging just 15 days in the same period.As housing continues to solidify its position as India’s most preferred investment choice, the lead-to-conversion time has become a key indicator of overall demand. Historically, this metric hit its lowest point at 25 days in both FY 2019 and FY 2024.”Ultra-luxury home buyers are financially equipped to make quicker decisions. Also, high-end homes are currently in greatest demand, and desirable inventory tends to sell out fast, necessitating a need for speed,” said Anuj Puri, Chairman, Anarock Group.The rising demand for luxury housing goes beyond a mere trend, showcasing the shifting aspirations of homebuyers aiming to enhance their lifestyles. According to the India Market Monitor Q3 2024 – Residential report by CBRE South Asia Pvt. Ltd, sales of luxury properties priced above ₹4 crore increased by 37.8% year-on-year during January to September 2024. Among major markets, Delhi-NCR led the way with approximately 5,855 luxury units sold, marking a 72% YoY growth, while Mumbai followed with around 3,820 units sold, reflecting an 18% YoY increase, as highlighted in the report.The luxury housing market in India is about curating an unparalleled lifestyle, said Nishant Deshmukh, Founder, Sugee Group. “The steady rise in demand for luxury housing underscores the growing preference for quality, exclusivity, and convenience among homeowners. This trend not only reflects an upward trajectory in buyer aspirations but also a robust confidence in premium real estate as a valuable and long-term investment,” he said.Buyers are increasingly seeking properties that combine location, convenience, and elegance. Approximately 25% of luxury buyers are investing in holiday homes, while 20% prefer farmhouses. These trends reflect an aspiration for spacious and multi-functional properties suited to evolving lifestyles.Mumbai: The epicenter of ultra-luxury homesMumbai continues to dominate India’s ultra-luxury housing segment. An Anarock report revealed that Mumbai accounted for 84% of ultra-luxury property sales in 2024 so far, with 21 units collectively worth ₹2,200 crore sold across the city. This dominance underscores Mumbai’s reputation as the epicenter of premium real estate.”The rise in luxury housing in South Mumbai signifies a transformation in buyer aspirations, where opulence seamlessly blends with heritage and modernity,” said Anil Mutha, Co-Founder, Nandivardhan Group. What’s driving the luxury housing trend?The rapid uptake of luxury homes is influenced by multiple factors:NRI and HNI Demand: Non-resident Indians and high-net-worth individuals are increasingly investing in high-end properties, driving demand.Post-Pandemic Priorities: Buyers now value spacious homes, holiday properties, and the ability to work remotely from premium locations.Speedy Conversions: Anarock reports show that the average time to purchase a luxury home has dropped to 15 days, emphasizing strong buyer confidence.Vikas Sutaria, Founder, Iraah Lifespaces, explained, Luxury is not just about owning a property; it’s about curating an experience that elevates one’s lifestyle.”The luxury housing segment is poised for sustained growth. Developers are innovating with designs and features that appeal to a discerning clientele. As Vedanshu Kedia, Director, Prescon Group, said, luxury housing is a gateway to an elevated lifestyle.”Luxury housing in India is no longer confined to the idea of owning a premium property; it is a gateway to an elevated lifestyle. We see a strong and consistent demand for high-quality homes that blend modern design with functionality and exclusivity,” Kedia said.Nominations for ET MSME Awards are now open. The last day to apply is December 15, 2024. Click here to submit your entry for any one or more of the 22 categories and stand a chance to win a prestigious award.
Source link
