6th December 2024: The luxury housing market in India has steeply grown on the curve, driven by a paradigm shift in real estate offerings. From selling homes to merely selling homes, the developers have evolved to making living spaces that respond to the high-value buyer’s aspirations regarding comfort, functionality, and exclusivity in one location.

According to Mr. Gaurav Mavi, co-founder of BOP.in, the premium segment grew by a tremendous 37.8 per cent with prime hubs becoming metropolitan cities like Mumbai, Delhi NCR and Bangalore this year.

“Delhi NCR has emerged as the hub with nearly 5,855 luxury units-a growth of a remarkable 72% in recent years. The demand here is mainly on account of homes having all modern amenities like private pools, landscaped greenery, advanced security systems, and designs that are friendly to the environment. These features marry up with an entire pattern of change in buyer preference, which has moved from aesthetic appeal only to functionality that supports remote work and leisure activities all within one space.” Mr Mavi informed.

“It hugely influenced consumerism. People responded by looking for roomy houses that they can stay in considering their lifestyles, and as a result, luxury houses have almost gained 41 percent of the whole market share of the real estate business. Buyers have started targeting houses that not only feature high luxury but are exclusive and experience-oriented as well.” Mr. Mavi added.

“Experts expect that growth within this segment will be continuous through the market and expects strong support from an enlarged economy, increased urbanisation rates, and increased rates of high-net-worth Indians. The momentum would pave an era of transformation of the Indian realty segment for which luxury homes shall equate with aspirational lifestyle. Developers are going to focus on lifestyle-centric innovations along with architectural finesse in their luxury housing projects so that the luxury housing market keeps up the good work and maintains its benchmarks for the next few years.” Mr. Mavi concluded.