Homes over ₹100cr in high demand in India, 25 sold last yr: Report
The Indian real estate market has witnessed a significant surge in demand for ultra-luxury homes worth over ₹100 crore, with a record number of sales recorded in 2024. According to a recent report by JLL India, a total of 25 such homes with a combined value of ₹3,652 crore were sold last year.
This marks a notable increase from previous years, with 14 ultra-luxury homes being sold in 2023 and 10 homes in 2022. The report highlights the growing demand for luxury properties in India, driven by the increasing wealth and aspirations of high net-worth individuals (HNIs).
The report notes that the demand for ultra-luxury homes is driven by factors such as the desire for exclusivity, security, and prestige. These homes are often located in prime areas, offer exceptional amenities, and provide a unique living experience.
The JLL India report also highlights the growing trend of HNIs investing in real estate as a means of wealth creation and preservation. With the Indian economy growing at a rapid pace, and the country’s rich getting richer, the demand for luxury properties is expected to continue to rise.
One of the main drivers of the demand for ultra-luxury homes is the growing number of HNIs in India. According to a report by Knight Frank, the number of HNIs in India is expected to increase by 15% in 2024, driven by the growth of the Indian economy and the rise of the middle class.
Another factor driving the demand for ultra-luxury homes is the increasing trend of global wealth migration. As the global economy becomes increasingly interconnected, many HNIs are looking for alternative investment opportunities and lifestyle choices. India, with its growing economy and rich cultural heritage, is emerging as a popular destination for global wealth migration.
The report also highlights the growing importance of luxury real estate as a means of wealth creation and preservation. Many HNIs are turning to real estate as a way to diversify their portfolios and protect their wealth. With the value of traditional assets such as stocks and bonds fluctuating, real estate is seen as a more stable and secure option.
The JLL India report also notes that the demand for ultra-luxury homes is driven by the growing trend of entrepreneurship and self-employment. With the rise of the gig economy and the growth of startups, many young professionals are seeking luxury homes as a symbol of their success and status.
The report also highlights the growing trend of luxury real estate being used as a means of social status and prestige. Many HNIs are seeking luxury homes as a way to showcase their wealth and status, and to connect with like-minded individuals.
The JLL India report also notes that the demand for ultra-luxury homes is driven by the growing trend of experiential living. Many HNIs are seeking luxury homes that offer a unique and exclusive lifestyle experience, complete with exceptional amenities and services.
In conclusion, the demand for ultra-luxury homes worth over ₹100 crore in India is on the rise, driven by factors such as the growing wealth and aspirations of HNIs, the increasing trend of global wealth migration, and the growing importance of luxury real estate as a means of wealth creation and preservation.
As the Indian real estate market continues to grow and evolve, it is likely that the demand for ultra-luxury homes will continue to rise. With the increasing wealth and aspirations of HNIs, and the growing trend of global wealth migration, the Indian luxury real estate market is poised for significant growth in the coming years.
