Growing demand for luxury housing
Owing to abounding investments of non resident Indians (NRIs), alluring offers provided by the builders and changing lifestyles of buyers, the demand for luxury housing market is gradually cheering up in the metros.
The demand for luxury and ultra-luxury homes is growing, particularly for those ranging between Rs 1 crore to Rs 20 crore, or even more in some cases, said a report by real estate consultancy firm Jones Lang LaSalle (JLL).
According to the report, even though realty sector is sliding down, a few luxury homes projects have been launched recently in Mumbai, Pune, Delhi and Chennai.
The growth is expected to be due to the increasing number of high net worth individuals (HNIs), rapid pace of urbanisation, influx of global lifestyle trends and an increase in the number of NRIs, expressed Ashuthosh Limaye, Head Research at at JLL. The recent fall in the value of rupee in global financial markets has boosted buyers’ interest in investing in luxury housing and encouraged developers to launch luxury and super-luxury housing projects, he added.
Some of the developers largely catering to the luxury residential segment include Lodha, Sunteck, Kohinoor Developers, Sobha, DLF and Hiranandani. Developers are trying out a variety of new products in the luxury housing segment, including Singaporean and American-style apartments, in order to lure buyers.
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