A CBRE survey indicates that sales of homes priced at Rs 4 crore and above increased by 75% last year, indicating a significant surge in demand for luxury real estate.
The market for opulent homes has seen a sharp increase in demand recently. A CBRE survey indicates that sales of luxury properties in the nation that cost Rs 4 crore or more increased by 75% in the previous year. The increasing number of well-to-do millennial homeowners seeking living environments that seamlessly combine sustainability, usability, and beauty is altering the nature of the market. However, this revolution calls for an inventive component in manufacturing and promotion.
According to Knight Frank’s The Wealth Report 2024, shifts in buyer preferences, particularly in the post-Covid era, have driven the market’s exponential growth in luxury real estate in recent years. There has been a steady rise in premiumization in the market, it continued.
The ongoing maintenance of environmental consciousness is one of the traits that define this new breed of luxury consumer Sanjoo Bhadana, MD of 4S Developers, says the market is not just about opulence and extravagance anymore. Instead, the emphasis is on creating living spaces that eloquently blend beauty, utility, and sustainability.
“Goel Ganga Developments Director Gunjan Goel stated that millennials are looking for homes that have these attributes by default, in addition to those that have been built with a green design in mind and smart home technology to reduce the carbon footprint.”
Developers are taking note of this trend and incorporating cutting-edge technology features like green spaces, rainwater harvesting systems, and energy-efficient systems into their high-end offerings. Aman Gupta, Director of RPS Group, says luxury is no longer just about large rooms and opulent finishes.
“The goal is to create experiences that enhance everyday life,” he stated, noting that their living areas have been transformed into an integrated setting that accommodates a variety of interests and passions.
In addition, globalization and technology are important factors in determining preferences. The current generation has grown up with access to a global trend, whereas the previous generation was only exposed to a restricted number of trends and information.