Luxury housing in India: 3 Cities top the list
In the last few years, super luxury and luxury residential sector has gained significant prominence and appreciation, especially in major cities such as Mumbai, Delhi-NCR and Bangalore. In addition to it, the premium project in such big cities witnessed a healthy pre-sale activity resulting a fast pace sell out.
In the age of manifold developments, super luxury and luxury housing projects have earned special preference from the home buyers and investors. Rising demand for luxury units in residential segment and end-users driving their interest in luxury units have caught the attention of the developers to come up with residential units under the premium category.
Mumbai
Mumbai, among the traditional real estate markets in the country, tops in the list of most expensive cities in India. More than 29% of the overall under construction units in the financial capital of the country are priced above Rs 1 crore, in comparison to Bangalore(5%) and National Capital Region (11%).
A slow pace economy did not crush the appetite for luxury units in the city. The city is home to a number of HNIs, and hence the properties in upscale residential localities in the city is likely to get absorbed easily. The price range for luxury units in Mumbai’s posh areas run from Rs 25000/ sq ft- Rs 110000/ sq ft.
Delhi
Gurgaon, in Delhi-NCR, has emerged as a lucrative property destination for end-users and investors, since good return on investment is assured. Every potential investor wants to have piece of the flourishing real estate in Gurgaon, which is brimmed with a good number of affluent households.
A huge shift in the traditional lifestyle and a major change in the preference of households among the young professionals have fuelled the demand for luxury housing in Delhi. Add to these is the superior construction and possession on the right time. Moreover, the consumers of such super luxury properties are either long time investors or HNIs.
Bangalore
As per property consultants, Bangalore still holds the tag of ‘affordable housing market’ with more than 77% of its of the total construction priced less than Rs 5 million. The market boasts of a number of options for buyers, according to budget and taste. The vibrant micro-market remained stable even during the economic crisis in 2009. The property rates under luxury category in the city range from Rs 20000/sq ft- Rs 30000/ sq ft. An IT back-up and robust infrastructure growth has ranked the city as one of the preferred choice for investors and end-users.
