The purchase of properties has picked up speed towards the end of the current fiscal year (2023–24). The wealthy have been acquiring properties in the range of Rs 10 crore to Rs 100 crore.
Before the current fiscal year comes to a close, the registration of luxury property deals is likely to increase compared to earlier.
As the supply of luxury properties has been limited in towns and cities, prospective buyers are nursing fear over the exhaustion of the inventory. There are fiscal reasons for clinching some of the deals.
Another reason for the panic buying of luxury properties is that investors in the stock market, upon earning profits, have contemplated investing in real estate, assessing the instability in the market during the election period to earn sizeable profits.
The luxury properties in the range of Rs 10 crore and Rs 100 crore have been enjoying considerable demand from customers. This is attributed to the Rs 10 crore limit specified in the budget under Section 54 F on capital gains, according to experts.
The sale and purchase of ultra-luxury homes, costing more than Rs 40 crore each, have reached new heights, according to Anarock Group Chairman Anuj Puri. Compared to the sales in 2022, the value of such units sold in 2023 increased by 281 percent. In 2023, 62 ultra-luxury homes were sold in seven main cities across the nation for Rs 4458 crore. In 2022, 13 ultra-luxury homes were sold for Rs 1170 crore. The cost of each ultra-luxury home sold in 2023 was Rs 100 crore. In 2022, nine such homes were sold.
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