Growing demand for luxury homes
The supply of luxury homes increased fivefold in five years.
The real estate sector is going strong in the country. It is heading aggressively down the luxury route. Leading real estate consultancy Anarock revealed that house sales in seven major cities in the country reached a new high last year. It has surpassed the previous peak recorded in 2022. A total of 4.76 lakh units were sold last year, an increase of 31 percent. The previous record was 3.43 lakh units in 2014. Recently, all this has been broken.
When it comes to 2023, the real estate market is running on the luxury route. Post-Covid, the demand for luxury housing has increased significantly as home buyers are turning to larger residences. The Anarock report revealed that the supply of luxury homes in seven major cities in the country will increase fivefold in 2023 compared to 2018. The report predicts that even in 2024, luxury demand is unlikely to decrease. Demand for 3 and 4 BHK houses has increased, especially among millennials and Gen-Z real estate consumers who prefer to invest in high-end properties with larger houses.
They are showing interest in investing in luxury and ultra-luxury projects built according to green norms. To live a better quality of life, the work-from-home model of houses with more space is being opted for due to various factors. As a result, the demand for luxury homes in residential real estate is increasing. In this context, experts predict that luxury residential demand will continue in 2024, and developers will come up with new projects accordingly.
