India’s luxury property market is basking in a remarkable boom, captivating the interest of investors, homebuyers, and stakeholders nationwide. As per findings from a report by the Anarock Group, out of the overall 365,000 units sold in the top seven cities, a substantial 18 per cent, roughly equivalent to 65,680 units, were categorized as luxury properties.
This represents a significant departure from the situation in 2019 when a mere 7 per cent, approximately 17,740 units, of the total 261,000 units sold were classified within the luxury segment. This development has risen after the global pandemic and is being driven by a confluence of factors, including economic prosperity, evolving lifestyles, and changing preferences.
In line with the real estate trend, SPA Group, through this blog, delves into the reasons fuelling this surge in India’s luxury property market and explores its implications for investors and homebuyers.
- Customer Sentiment After the Pandemic
- Lifestyle Upgrade
- Rise in HNIs & UHNIs
- Diverse Range of Projects
- Increased Significance of Space, Privacy, Environments, & Nature
- Multi-Property Ownership for Families
- Bangalore’s Luxury Market
The COVID-19 pandemic has transformed how we perceive and use our living spaces. With the preference towards gated communities, convenience, space, and in-premise amenities, homebuyers are willing to spend more money in order to attain a holistic lifestyle. This sentiment has driven a substantial uptick in demand for luxury properties, with buyers seeking homes that offer comfort and functionality.
Luxury properties go beyond just being homes; they offer a lifestyle upgrade like no other. They redefine what it means to live in style with top-notch amenities like fitness centres, spas, lush gardens, and rooftop lounges. These homes provide stunning views, modern comforts, and a sense of community that takes living to a new level of luxury.
Buyers are increasingly inclined to invest in properties that provide a sense of fulfilment and elevate their overall quality of life.
In the annual Luxury Outlook Survey for 2023 conducted by India Sotheby’s International Realty (ISIR), it’s evident that real estate maintains its allure as a prime investment choice. A substantial 61% of High Net-Worth Individuals (HNIs) and Ultra-High Net-Worth Individuals (UHNIs) express a keen interest in purchasing real estate during the upcoming year.
Among their preferences, high-rise apartments lead the way at 34%, closely followed by farmhouses and holiday homes at 30%, signifying these as the most sought-after options among affluent investors. This reaffirms real estate’s enduring appeal as a cornerstone of wealth preservation and growth for the discerning investor.
Real estate investment in Bengaluru entails a diverse range of projects catering to different segments of the market. From affordable housing to luxury villas and apartments, NRIs have a plethora of options to choose from based on their budget and preferences. The city boasts well-planned micro markets such as Sarjapur Road, Whitefield, Electronic City, Hebbal, Devanahalli, Yelahanka, Hennur, Jakkur, and Thanisandra, which have emerged as hotspots for real estate investment. These areas are strategically located, offering convenient access to office buildings, tech parks, the airport, and railway stations.
In recent times, space, privacy, and the environment have gained unprecedented significance among homebuyers. Luxury properties now embrace these factors, offering a harmonious blend of luxury and nature. These developments are strategically nestled amidst serene natural surroundings, providing residents with a home and a retreat from the bustling urban life.
Beyond the lavish interiors and world-class amenities, luxury properties offer the priceless gift of proximity to nature—an invaluable feature that aligns perfectly with evolving lifestyle preferences.
In a notable trend, discerning families are acquiring multiple properties within the same luxury development, reflecting a profound shift in the way they envision modern living. This strategic choice is driven by a desire to foster closer bonds among family members and elevate their overall quality of life.
This innovative approach to luxury living underscores the significance of familial bonds and the pursuit of a harmonious coexistence within the lap of opulence.
Among India’s cities, Bangalore stands out as a hotspot for luxury real estate. Luxury living in Bangalore has been on the rise since Q1 2022, according to Square Yards research. Areas like Koramangala, Rajaji Nagar, Sarjapur, Hosur, and Jayanagar have witnessed a surge in luxury property developments.
These areas collectively embody the evolving face of luxury living in Bangalore, driven by a dynamic job market, a cosmopolitan ethos, and the growing aspirations of its residents, making the city a premier destination for those seeking sophisticated, well-connected homes.
Frangipani Estates & Ecocity – Bangalore’s Premiere Luxury Environments
The luxury property market in India is undergoing a transformative boom driven by shifting lifestyles, the rise of HNIs, and changing customer sentiments post-pandemic. The allure of inclusive spaces, the desire for proximity among families, and the burgeoning luxury market in cities like Bangalore further reinforce this trend.
As premier real estate developer in Bangalore, SPA Group is at the forefront of this evolving landscape. Its luxury environments – Frangipani Estates off Sarjapur road & SPA Ecocity- embody all these aspects, offering opulent living spaces amidst natural surroundings and world-class amenities. Homebuyers and investors who seek to reap the advantage of this growing trend can come home to SPA Group’s luxury environments.