Realty Gets a Luxe Push

A post-Covid rebound in the economy and NRIs are pushing the sale of luxury properties in metros as well as smaller cities

- Ankita Mookherjee

Grand views, seven-star amenities, stylish décor, expensive fittings and neighbours who are people like us...luxury homes offer these and more. And there is a rush to buy properties that cost more than the average man’s lifetime savings.

“This place matches our family’s lifestyle. We bought it knowing that it would offer the perfect environment to relax, enjoy and spend time with the family,” says Rohit Mutha, a chartered accountant and owner of a 4,600-square-foot, 4-BHK apartment at Amar Landmark, Pune.

Apartments at Amar Landmark go upwards of a few crores. 

The allure of luxe, however, is just not a lifestyle choice; it is also a   sensible investment option. Nandan Mathur (name changed on request), a C-suite executive has invested in M3M Heights in Sector 69, Gurgaon. The project has a breathtaking view of the Aravalli range and an exclusive five-star clubhouse of 1,00,000 square feet.

“I want my house to be secure, have world-class amenities and super in-house maintenance. Luxury houses offer at least 3,000–3,500 square feet of space. Even if I want to rent my houses these luxe ones make sense as tenants are willing to pay higher rents,” he says.

Luxury real estate has seen a bump in recent times. CRE Matrix, a real estate data analysis platform, says that there has been a year-on-year increase in primary sales of luxury property priced ₹5 crore and above in seven cities in India. The numbers have increased from 2,581 units sold in 2020 to 10,929 in 2023. Sales recorded till June 15 this year stand at 3,033 houses including villas and apartments. Last year Gurgaon recorded the highest sales in this segment with 3,713 units being sold across four quarters.