New Appetite For Luxury Homes

Luxury housing sees an unprecedented boom as rising disposable income fuels aspirations and Gen-Z goes on home-buying spree.

- RUKMINI RAO

K.P. Singh-led DLF recently sold a 10,000-plus sq.ft. apartment at The Camellias on Gurgaon's Golf Course Road for ₹100 crore! If such numbers are anything to go by, India's luxury residential market is in a boom cycle with with overall sales rising steeply across top seven cities.

According to a recent report by ANAROCK Research, luxury homes (₹1.5 crore and above) made up for 24% of overall home sales in the top seven metros in the first three quarters of CY2023, a 100% increase YoY, from 14% in the corresponding period in 2022. Hyderabad saw the maximum rise (260%) followed by Pune (191%), Chennai (143%) and Bengaluru (142%).

Among real estate firms, DLF, Lodha Developers, Brigade and others have seen a healthy demand for superluxury homes in Q2FY24.

"Prices of homes in the luxury segment are going up due to demand for better, bigger homes," says Aakash Ohri, chief business officer and joint MD, DLF Homes. Millennials and Gen-Zs have been on a home-buying spree, especially first-time buyers willing to spend that kind of money. "There are enough people out there who want to better their experiences," says Ohri.