Demand for luxury housing in India surges, villas most popular in metro cities: NoBroker | Mint – Mint

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An uptick in demand for luxury housing units was seen in the country in 2023 as per proptech unicorn NoBroker.

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The increase in disposable income, together with the allure of an enhanced lifestyle has fuelled the demand for luxury housing in India. The sales of luxury realty properties surged to 112% last year as compared to 2022, the proptech company said.

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Among the housing units, the appeal of owning a villa has intensified in the metro cities. Delhi-NCR, Mumbai-MMR, Hyderabad, and Bangalore have seen the greatest demand for these luxury properties.

“The luxury housing sector in the Indian real estate market is experiencing a remarkable upswing, driven by a discernible shift in consumer preferences towards spacious and opulent living spaces. Notably, buyers’ budgets have expanded, with not-only High-Net-Worth Individuals (HNIs) and Ultra High Net Worth Individuals (UHNIs) increasingly considering real estate as a crucial long-term hedge against inflation, but even upper and upper middle class expanding their budgets to get bigger and more premium apartments,” Saurabh Garg, Co-founder and Chief Business Officer, NoBroker said.

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Sarjapur and Devanahalli in Bangalore; Greater Noida, Noida and Gurugram in Delhi-NCR, MMR in Mumbai, Kollur, Tellapur, and Mokila in Hyderabad have emerged as hotbeds with the largest number of villa launches in a year as per the NoBroker data.

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The demand for villas in Bangalore has witnessed a 32% jump as compared to pre-Covid years, followed by 25% in Delhi NCR, 30% in Mumbai, and 27% in Hyderabad.

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Besides villas, the proptech firm projected a surge in demand for plots situated in areas with well-established infrastructure and utility services.

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“The expansion of the Indian economy and the introduction of varied business models, such as technology, venture capital, social media, and start-ups, have resulted in a new class of wealthy individuals with significant purchasing power. This has chiefly contributed to the increased demand for luxury housing,” NoBroker said.

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Published: 05 Jan 2024, 02:36 PM IST

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