Demand for Luxury Houses Growing in India.!

Driven by new offerings, greater influx of NRIs (non-resident Indians) and changing lifestyles, the demand for luxury and ultra-luxury houses with a price tag in the range of Rs. 1 crore to Rs. 20 crore, or / even more in some cases, is again making a comeback in metros, according to Jones Lang LaSalle (JLL) report.

Despite sluggishness in overall real estate sector, a few luxury residential projects were launched in Mumbai, Pune, Delhi and Chennai in October, 2012,

Demand for Luxury housing Growing .!

Mr. Ashutosh Limaye, Research Head, JLL said, " Demand for luxury housing is growing gradually mainly due to the rise in the number of HNIs (high networth individuals), rapid pace of urbanisation, influx of global lifestyle trends & an increase in the number of NRIs"

For instance, the per unit price at under-construction World One Tower by Lodha Group in Centra Mumbai has a price tag of up to Rs. 50 crore.

Also, the recent fall in the value of rupee in global financial markets boosted buyers' interest in investing in luxury housing & encouraged developers to launch luxury &  super-luxury housing projects priced from Rs. 1 crore and running up to Rs. 20 crore, Mr. Ashutosh Limaye said.

Highlights of JLL Report..!

* The total value of luxury houses, launched in 182 luxury residential flats, offering a total of 25,570 units across the top 7 cities of NCR-Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Pune and Kolkata in 2008-2012 was around USD 30 billion.

* The value of luxury houses will be fuelled by the presence of about 1.53 lakh HNIs whose numbers are growing at a fast rate, people who inherited wealth and have dynamic lifestyles, as well as those in the newly rich segment.

*  Lodha, Sunteck, Kohinoor Developers, Sobha, DLF Ltd, Hiranandani are some of the players who largely cater to the luxury residential segment.

 

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