Fast evolving luxury landscape in India
Luxury housing is strongly emerging as a market in the country. The demand, however, varies according to the cities. In fact, the definition of luxury changes according to the location. A two bedroom flat, for example, is considered luxury housing in certain locations in Mumbai, Pune, Bangalore or Gurgaon. More precisely, luxury homes would be defined as homes having ample space and living spaces and ultra-modern luxurious amenities. The location of such projects may or may not be central.
Mumbai, Pune, Bangalore, Delhi, Gurgaon and to a certain extent Chennai are the most responsive markets for luxury housing. These cities have seen a lot of wealth creation. Earlier, the demand for luxury homes such as spacious mansions came from families with ‘old money’. Today, the HNI not only includes such families but also C-Level executives. The country’s IT and manufacturing boom has generated a lot of high paying jobs. The average age of luxury home buyers is between 35-42 years.
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