You are here:HomeEconomy

Despite plunging sales, demand for luxe homes booming

close

Mumbai:

Driven by new offerings, greater influx of NRIs and changing lifestyles, the demand for luxury and ultra-luxury homes with a price-tag in the range of Rs 1-20 crore, or even more in some cases, is again making a comeback in metros, according to a report.

Despite sluggishness in overall real estate sector, a few luxury residential projects were launched in Mumbai, Pune, Delhi and Chennai in October, according to a report by real estate consultancy firm Jones Lang LaSalle (JLL).

"Demand for luxury housing is growing gradually mainly due to the rise in the number of high networth individuals (HNIs), rapid pace of urbanisation, influx of global lifestyle trends and an increase in the number of NRIs," real estate consultancy firm JLL research head Ashutosh Limaye said.

For instance, the per unit price at under-construction World One Tower by Lodha Group in Central
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 and encouraged developers to launch luxury and super-luxury housing projects priced from Rs 1 crore and running up to Rs 20 crore, Limaye said.

The total value of luxury homes, launched in 182 luxury residential apartments, offering a total of 25,570 units
across the top seven cities of NCR-Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Pune and Kolkata in 2008-2012 was around $30 billion, the report said.

"The value of luxury homes will be fuelled by the presence of around 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," Limaye said.

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

Story first published on: November 18, 2012 12:38 (IST)

MORE FROM NDTV

FROM THE WEB

MORE FROM THE WEB
MORE FROM NDTV

For Profit Update,
Follow NDTV on Pinterest

Post your comments:

Social Sharing

Advertisement

Advertisement

 

More From NDTV

More From the WEB

  • BSE
  • NSE
Company Price (Rs.) CHG %
APOLLOTYRE 173.00 7.49%
CROMPGREAV 188.85 6.57%
ARVIND 192.00 6.19%
IRB 117.10 6.07%
More from Top Gainers »
Don't Miss

Advertisement

Market Data provided by © Accord Fintech.
© Copyright NDTV Convergence Limited 2014. All rights reserved.