Post Covid-19, homebuyers have been seeking bigger, luxurious homes, not just in India, but even abroad. This demand for luxury housing has kicked off a series of new launches back home—the highest quarterly supply in 5 years
Among Indians, Dubai continues to be an attractive destination to invest in properties. Image: Shutterstock
Post Covid-19, homebuyers have been seeking bigger, luxurious homes, not just in India, but even abroad.
This demand for luxury housing—projects priced above Rs 1.5 crore in most Indian cities—has kicked off a series of new launches in the category. As per an October report by real estate consultancy Anarock, out of 1,16,220 units launched in Q3 2023 in India’s top seven cities across various price brackets, about 27 percent were in the luxury category. In Q3 2018, the supply share of luxury housing was just 9 percent: Of 52,120 units launched across price segments, 4,590 were luxury homes.
“This is the highest quarterly luxury supply entering the market in the past five years,” says Anuj Puri, chairman of Anarock Group.
In the past year, ultra high-net-worth individuals (or UHNIs), with net worth of $30 million or more including their primary residence, have also shown their purchasing power across the globe, according to Sotheby’s International Realty 2023 Luxury Outlook report.
“While ultra high-net-worth individuals [in India] turned to the domestic market during the pandemic to purchase high-end luxury real estate, this year they are looking at international cities,” says Akash Puri, director of international business, India, Sotheby’s International Realty, in the report. “The volatility and uncertainty in recent years has encouraged wealthy Indians to apply for residence opportunities via investment in real estate or an alternative passport.”