NEW PLAYBOOK OF INDIA'S MILLIONAIRES

India's rising millionaire households are transforming luxury investments, driving demand for trophy real estate and gold as status and stability assets

- By INDERBIR SINGH JOLLY, CEO, PL Wealth Management

NDIA’S wealth creation engine is reshaping the luxury investment landscape. Millionaire households have surged over the past four years, with Mumbai consolidating its status as the nation’s “millionaire capital.” This deepening pool of affluent buyers is fuelling resilient demand for trophy real estate and strategic allocations to gold—two asset classes HNIs increasingly view as both ballast and brand statements in a volatile world.

Premiumisation & Scarcity

By mid-2025, India’s residential market shows slowing transaction volumes but rising ticket sizes. While aggregate home sales across top cities softened in Q2 2025, overall sales value edged higher—clear evidence that premium and luxury segments are holding firm even as mass-market demand cools. Developers are shifting focus from indiscriminate launches to quality, delivery, and curated lifestyle offerings, reinforcing price discipline at the top end. For HNIs, this translates into scarcity value and better protection of premiums at prime addresses. Consumer preferences underscore this shift. Research highlights a decisive tilt toward larger, better-located homes from branded developers. Buyers are increasingly comfortable with new launches by trusted names, and luxury housing continues to strengthen its share of the overall real estate pie. For HNIs, these purchases blend utility and legacy with portfolio strategy, delivering both lifestyle and return of capital.

Prime-city Strongholds