Demand for luxury homes on road to recovery
Pune- The luxury segment of Pune city’s the real estate market has shown signs of recovery. According to experts, there is a rise in demand for luxury projects all over India.
In 2012, more than 50 percent luxury projects were launched in Bangalore.
In the last couple of years, there was a drop down in the Indian real estate market, in spite of that, the luxury residential market has exhibited a bullish behaviour.
The rising demand for the luxury segment was due to the increasing number of high net worth individuals (HNIs).
Ashutosh Limaye, head of Jones Lang Le Salle, said that the real estate developers are launching luxury projects or super luxury projects because of the growing preference of new age builder. The price of the project ranges between Rs 1-20 crores.
According to the data provided by Cushman & Wakefield (C&W) indicates that there has been a fixed demand for luxury projects in all the metro-cities. In 2012, there was an upward trend in the total number of luxury homes in cities like Pune, Hyderabad and Bangalore. Whereas, in cities like Kolkata, Mumbai and the NCR, there has been a downfall in the launch of luxury units. The demand for luxury housing has soared this year compared to the previous year.
|
CITIES |
LUXURY SEGMENT CONTRIBUTED(%) |
|
Bangalore |
7% |
|
Mumbai |
5% |
|
Hyderabad |
5% |
|
Pune |
1% |
Localities that have witnessed the highest capital appreciation in 2012 are Gurgoan in NCR, Hebbal in Bangalore, Goregoan in Mumbai and Western part of Hyderabad by 44 percent, 42 percent, 21 percent and 13 percent respectively.
This year, Pune has launched three luxury projects in comparison to two projects last year. The number of total units launched has increased by 170 percent and there was more than 250 percent in luxury units.
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