Several developers in Delhi-NCR and Mumbai have launched ultra luxury projects of late to cater to the requirements of high-networth individuals. Real estate experts say that demand for luxury and ultra luxury properties priced at over ₹ 5 crore has gone up due to the fear of missing out on new housing project launches as there is less supply chasing high demand. Rich investors are now preferring to buy into large apartments with modern amenities rather than bungalows.
A recent report by CBRE noted that the surge in demand for luxury housing has been on account of a growing preference among affluent buyers for enhanced amenities and more spacious living areas that complement their multifaceted lifestyles. Moreover, the increasing aspirational class has significantly contributed to the increased demand for luxury properties. Furthermore, the rise in NRI and astute domestic investors in the Indian real estate market has considerably fueled the heightened demand for luxury residences, the report said.
Also Read: Puravankara enters South Mumbai’s super luxury real estate market, secures rights to redevelop project in Breach Candy DLF recently pre-launched its 17-acre super-luxury housing project The Dahlias at DLF 5, Gurugram priced at more than ₹ 80 crore. The company will develop around 420 ultra-luxury apartments in this project. The minimum size of an apartment is 10,300 square feet.
Noida too is fast shedding its image as Gurugram’s poor cousin, so much so that price.
