The demand for spacious living and top-tier amenities is driving a surge in India's high-end housing market. Sales in the first half of 2024 (H1 2024) witnessed a significant 27% year-on-year increase, reaching a commendable 8,500 units sold compared to 6,700 units in H1 2023 (CBRE report).

Metro Cities Lead the Charge

Major cities like Delhi-NCR, Mumbai, and Hyderabad are at the forefront of this growth, contributing a combined 84% of total high-end housing sales across India's top seven cities. These metropolises offer a vibrant lifestyle, world-class amenities, and prime locations, making them highly attractive to discerning buyers.

Pune's Meteoric Rise

One city experiencing a remarkable rise is Pune. High-end housing sales in Pune skyrocketed by nearly 600% year-on-year, reaching an impressive 1,100 units sold in H1 2024. This surge suggests Pune's growing appeal as a major destination for upscale living.

Market Poised for Continued Momentum

Experts anticipate this positive trend to hold throughout the remainder of the year, fueled by several factors:

• Optimistic Buyer Sentiment: Strong buyer confidence fosters a positive environment for investing in high-end properties.

• Festive Season Incentives: The upcoming festive season often brings special offers and discounts, further enticing potential buyers.

• Strategic Land Acquisitions: Developers are actively acquiring prime land parcels, ensuring a steady pipeline of high-end housing projects to meet rising demand.

Driving the Demand for Upscale Living

Several factors are propelling the demand for high-end housing in India:

• Aspirations for Upgraded Living: Affluent buyers seek homes that elevate their lifestyles. Spacious living areas, top-notch amenities, and premium finishes are key priorities.

• Shifting Demographics: India's aspirational demographic is experiencing significant growth. This younger generation has a strong desire for upscale living, impacting sales positively.

• NRIs and Savvy Investors: The increasing number of Non-Resident Indians (NRIs) and astute investors entering the Indian real estate market is significantly fueling the demand for upscale properties. This aligns with the growing popularity of high-end units from prominent developers, who dominate the market.

The Future of Upscale Living in India

The future of high-end housing in India appears promising. While capital value growth is expected to stabilize, the focus will likely shift towards core project fundamentals such as exceptional construction quality, prime locations with easy access to essential infrastructure, and a commitment to sustainability. Additionally, ongoing infrastructure projects across the country are poised to unlock new high-end housing markets, establish satellite cities, and stimulate growth in peripheral areas. This will make upscale living an even more attractive investment proposition for years to come.

- Source : Economictimes.com