HNIs will drive surge in demand for luxury housing in Delhi-NCR in 2023
- IBEF
- April 5, 2023
In the first quarter of 2023, the luxury housing industry expanded significantly, exceeding market predictions and attracting the interest of high-net-worth individuals (HNIs) from all over the world. According to the most recent market reports, the sector has emerged as a hotbed for investment, with HNIs looking to broaden their portfolios and seek out exclusive and upscale properties.
As per a report by Anarock, housing sales in the top seven Indian cities increased by 99,500 units in the first quarter of 2023. In this period, the units worth US$ 180,000 (Rs. 1.5 crore) comprised 24% of the share. In addition, according to real estate experts, the desire to improve one's lifestyle, which includes comfort, security, status, technology-drives demand for luxury homes in Delhi-NCR. They also say that in 2023, the Indian real estate sector will keep up a positive energy and trends because of the increasing demand for luxury housing.
Mr. Pankaj Bansal, Managing Director, M3M India stated that the key drivers of the realty sector are the aspirational middle-class millennials and Gen-Z. Further, there is also a paradigm shift to 3 BHK from 2 BHK, which is seen in most cities including NCR. The middle class, which currently accounts for about 62% of demand, will also make a major transition from mid-segment homes in 2023, priced between (Rs. 40-80 lakh), to high-end luxury residential units, priced between US$ 96,900-US$ 180,000 (Rs. 80 lakh- Rs.1.5 crore), he added.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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