The year 2024 marked a significant shift in India’s real estate market, with luxury homes emerging as the ultimate status symbol for the country’s wealthy. Properties priced between ₹10 crore and ₹80 crore were launched across major cities, catering to high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs) looking for exclusivity, lifestyle upgrades, and long-term investments.
Demand for luxury housing surged, particularly in cities like Mumbai, Delhi, and Gurugram, where supply struggles to meet the appetite for high-end living. Experts attribute this trend to the scarcity of premium properties and the fear of missing out (FOMO) on marquee projects offering state-of-the-art amenities.
High-end living: Amenities and community appeal
For affluent buyers, the appeal extends beyond spacious layouts and opulent interiors. Modern amenities such as dedicated parking, private clubhouses, and elite communities have become major attractions. These housing projects offer not only a luxurious lifestyle but also opportunities for networking with influential peers, with clubhouses doubling as venues for socializing and business discussions.
In Noida, for example, a villa worth Rs 26 crore was paired with a free Lamborghini, showcasing the extravagance accompanying such offerings. Similarly, Gurugram’s ultra-luxury homes worth Rs 80 crore and more sold out quickly, reflecting the strong demand.
Record-breaking deals across cities
This year witnessed record-breaking transactions in the luxury real estate market. Notable deals include:
- A Rs 67.5 crore land purchase by Quess Corp founder Ajit Isaac in Bengaluru, marking the city’s most expensive land deal.
- Sales of ultra-luxury homes worth Rs 95 crore in Gurugram and Rs 80 crore in Hyderabad’s Jubilee Hills.
- Mumbai alone accounted for 84% of India’s ultra-luxury property sales, with 21 units worth Rs 2,200 crore sold in 2024, according to Anarock data.
Why are HNIs investing in luxury real estate?
Several factors are driving the affluent class towards luxury real estate:
- Wealth growth: The 2024 Hurun Rich List reported a surge in wealthy individuals, with 1,539 Indians now boasting a net worth of Rs 1,000 crore or more.
- Capital appreciation: Luxury properties have seen annual price increases of 15 per cent in top-end markets over the past three years.
- Legacy building: Real estate remains a preferred investment for multi-generational wealth creation.
- Inflation hedge: UHNIs view real estate as a stable investment against inflation.
- Economic confidence: With 79 per cent of wealthy Indians optimistic about the economy, confidence in high-end property investments is strong.
Luxury goes global
Indian billionaires are also making high-profile international acquisitions, including Pankaj Oswal’s Rs 1,649 crore purchase of Villa Vari in Switzerland. Popular overseas destinations include Dubai, London, New York, and parts of Europe.
New trends in luxury housing
Developers across India, including DLF, Oberoi, and Lodha, are increasingly focusing on the luxury segment, with even mid-range markets like Noida and Bengaluru shifting towards premium developments. According to CBRE’s India Market Monitor Q3 2024 – Residential, sales in the luxury segment rose by nearly 38% year-on-year during January to September 2024.
A growing appetite for extravagance
From bungalows to penthouses, India’s real estate market is undergoing premiumization, driven by demand for cutting-edge amenities and lifestyle enhancements. As the year closes, luxury housing firmly establishes itself as a symbol of wealth and aspiration, setting the stage for further growth in 2025.
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