India’s Luxury Real Estate Sector Is Booming

India’s luxury real estate sector is booming. With an 83% increase in the luxury segment, India is moving towards high income and living standards. The real estate companies are focusing on the luxury segment, especially in Goa, Mumbai, and Delhi. JLL presents a recent report recently showing an increase in people choosing a secure and safe living apartment. Corona Virus played a crucial role as well. Let us know more insights about the current market scenario of real estate.

Real Estate Faces A Boom In The Luxury Segment

India’s demand for buying the luxury property increased by 83%. Cities like North Goa, Delhi, and Mumbai have more high-earning people. Thus, it leads to more interest in types of properties that are more safe and secure to live in. According to the statistics, the premium segment increases by 22% in the current year. More focus is on the new project development. Thus, all the dealers in the business are looking to cater for this growing demand.

The Real Estate sector’s mid-segment is among those giving the highest sales. More hikes are in residential properties than the commercial ones. People with high income and net worth are preferring these properties. It includes the millennial generation. As they are at the peak of their earning capacity, they are preferring to spend more on such comfortable living. It clearly shows that consumer preferences are changing over time. They are moving towards the luxury. Apart from that, the buyers in these cities also include NRIs.

Several NRIs are preferring to live in India. Goa is at the top. Northern Goa is a place with scenic beauty and nightlife. Many rich millennials are preferring to live in the state. More than half of the property buyers are millennials in the last year of property purchase. If we talk about the amount, they are easily willing to spend above $330 billion in total. The private equity firms are on the top in generating these millionaires.

People are now preferring work-life balance. Thus, they like having a house in a location like Goa to enjoy on weekends. Many also consider it as their holiday property or the second house where they can live on their holidays. These luxury houses are adapting technology faster, attracting those looking for comfort and facilities at their home. The real estate department has a CAGR of more than 5% for the upcoming years. Stay tuned for more information on our website.