Real estate firms ride the luxury home wave

LUXURY PROPERTY DEVELOPERS in the country had a robust 2024, eclipsing the combined sales value of total residential sales in top cities during the previous year.

- RAGHAVENDRA KAMATH Mumbai, December 29

The surge in demand for luxury property saw sales hit ₹4,316 crore during the first 11 months, higher than the total residential sales in 2023 at nearly ₹4,036 crore, as per Anarock Research.

The trend of luxury property buys is expected to continue in 2025.

"The luxury segment is poised for sustained growth, driven by several factors including the increasing number of high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) in India," said Prashant Thakur, regional director & head - research, Anarock.

The steady appreciation in luxury property values, combined with India's growing wealth creation and economic stability, is creating a strong foundation for sustained growth in this segment, he added.

Recently Mumbai-based Oberoi Realty acquired 81 acres of land in the coastal town of Alibaug near Mumbai. The company plans to develop luxury five-star hotel and 150 high-end fully serviced, branded villas as part of the project.