The last few years has been a boon for the real estate industry. As the backbone of the country, this industry continues to support the rebounding economy and the growing gross domestic product (GDP). As a result, it has become a magnet for High Net-worth Individuals (HNIs) and Ultra High Net-worth Individuals (UHNIs), particularly in the segment of luxury real estate.
The Henley Private Wealth Migration Report 2023 highlights that India’s HNI population is expected to grow 80% by 2031. This statistic brings forth a remarkable sight for the nation as it is poised to become the world’s fastest-growing wealth market. Such a shift is also tremendous for the country as it comes in line with the evolving real estate market and its surge in sustainable luxury properties.
In modern times, HNIs and Ultra HNIs have shifted their eyes to homes that offer the best of both worlds – a sense of true luxury and the spirit of pure sustainability. Community-driven experiences, disposable income, and an inclination towards living an extraordinary life have all empowered HNIs to invest in luxury real estate properties.
Given this trend of rising interest, SPA Group takes a detailed look at the cities that are on the radar of HNIs for the luxury real estate market of 2024.
1. Bangalore
The Silicon Valley of India comes out on top when it comes to investing in luxury yet sustainable real estate. The ever-growing IT/ITes sector empowers senior executives and managers to craft a rare and distinctive lifestyle in the city. Additionally, Bangalore also enjoys the privilege of having the largest share of green buildings in India, which further instils the confidence of investing in a fruitful venture.
In recent years, the primary advantage associated with Bangalore has come to be the allure of seamless connectivity to the city centre as well as the peripheral areas. As a result, the wave of luxury homes is also rising up to the growing areas such as Sarjapur Road, Koramangala, and Yelahanka, bringing more options for investors and buyers alike to invest in luxury projects.
SPA Group’s Frangipani Estates Off Sarjapur Road is already home to extraordinary HNIs from the nation.
2. Delhi NCR
The national capital and its neighbouring markets will always be profitable to elite buyers and HNIs. High-class developments, high-end amenities, and a heightened lifestyle offer a lot of advantages for investors to multiply their wealth and maximise their portfolio. Greater Kailash, DLF City Phase 5, Golf Course Road, and Gurgaon are some of the key attractions for luxury real estate development.
3. Mumbai
Mumbai, India’s financial capital, has also become a magnet for HNIs. The surge in investment can be attributed to Mumbai’s economic growth, its pivotal role in business and commerce, well-established infrastructure, connectivity, and a cosmopolitan atmosphere. The real estate market in Mumbai has evolved, especially in the luxury segment, with a focus on high-end properties like apartments, villas, and penthouses offering breathtaking views of the Arabian Sea and the city skyline.
Rising property prices further contribute to Mumbai’s appeal, making it a lucrative long-term investment for HNIs seeking capital gains amid India’s economic expansion and the escalating demand for upscale residences and commercial spaces.
4. Hyderabad
For Hyderabad, in the first quarter of 2023, luxury units constituted an impressive 25% of total sales, marking a noticeable uptick from the previous year’s 20%. This shift can be recognised by the increasing number of HNIs in the city seeking premium residential options.
This change also reflects a broader trend of people prioritising spacious living arrangements, likely influenced by the rise of remote work culture. Additionally, a recent report from real estate consultant Anarock Research underscores this growth, revealing a remarkable 50% increase in Hyderabad’s real estate sector in FY23 compared to the preceding fiscal year.
Overall, the city’s evolving realty market presentsluxu a compelling landscape for luxury living in India, driven by the preferences and demands of a discerning clientele.
Bangalore: A Global Hotspot for Luxury Real Estate
As HNIs explore investment avenues, Bengaluru, with its perfect blend of luxury and sustainability, remains a beacon for those seeking not just homes but visionary environments for a flourishing tomorrow. The city stands out as the epitome of sustainable luxury, making it the ultimate choice for discerning HNIs to make the best out of their investment.
SPA Group’s Frangipani Estates for sale off sarjapur road stand as a testament to Bengaluru’s allure, attracting extraordinary HNIs and offering them a rare chance to live and embrace an extraordinary lifestyle.
