“Buying our dream home is a one-time event, so we're willing to loosen our purse strings to ensure it reflects our taste and personalities,” said a lawyer-techie couple who've recently booked a 3 BHK unit in a North Bengaluru project. While the property is priced at ₹ 1.5 crore, the duo have set aside a sizable amount for the home interiors as well.
The story of this millennial couple echoes that of several others across India. Owing to pent-up demand and rising income levels following the Covid-19 pandemic, homebuyers are increasingly demonstrating a shifting preference towards opulent and higher priced residential units. “The luxury residential market in India has experienced substantial growth over the past three years, driven by several key factors such as rapid urbanisation, increasing disposable incomes, and changing lifestyle aspirations,” summarised Pavan Kumar, founder and CEO of Bengaluru-headquartered White Lotus Group.
However, home sales driven by the luxury segment , a phenomenon evidently on the rise since the Covid-19 pandemic, is not a sustainable development from a long-term perspective, property consultancy Knight Frank India said on October 3. “The complete dependency on the upper end of the market is not appropriate,” said Gulam Zia, Senior Executive Director - Research, Advisory, Infrastructure, and Valuation, Knight Frank India. Others agreed.
“Focusing solely on the luxury segment for sustained growth could pose risks, as it caters to a.