Sale of houses with `50-cr tag rises 51%: JLL
●TRADITIONALLY
ONLY bungalows, farmhouses, and independent luxury villas commanded prices above `50 cr, now apartments and penthouses in high-rise buildings also fetch such prices.
Delhi, 26: Sales of luxury homes, priced `50 crore and above, rose 51 per cent in value to `4,319 crore during the last calendar year on strong demand, according to JLL India.
During the 2022 calendar year, at least 29 homes valuing `2,859 crore were sold in this price category.
JLL said that luxury transactions include both bungalows and apartments. It encompasses both primary market and resale transactions. It does not include any gift transactions and joint ventures.
“Notably, out of the 45 luxury homes sold in 2023, 14 homes were in the price segment of `100 crore and above, with majority of them in Mumbai,” said Samantak Das, chief economist and head of Research at JLL India.
Mumbai witnessed most transactions, primarily in the Malabar Hill and Worli micro markets. Golf Links and Vasant Vihar were the top performing submarkets in terms of luxury residential sales in Delhi NCR.
“The surge in demand for ultra-luxury homes in the Indian real estate industry is unprecedented, fuelled by a rise in wealth creation and economic resilience among affluent segments.
“This shift is driven by a newfound appreciation for real estate as both an appreciating asset and a source of tangible and intrinsic value,” DLF Home Developers Ltd Joint managing director and chief business officer Aakash Ohri said.
The pandemic has transformed the luxury homes narrative into one centred around an overall living experience, with convenience, amenities, and facilities enabling individuals to pursue their passions, he added.
“The emotional ties, favourable currency exchange rates, and simplified investment processes have spurred investment from the UHNI Indian diaspora, further bolstering the luxury real estate market,” Ohri said.
India Sotheby’s International Realty CEO Ashwin Chadha said, “The demand for such residential real estate has been registering significant growth since 2021 and it continues its momentum into 2024.”
“While traditionally only bungalows, farmhouses, and independent luxury villas commanded prices above `50 cr, now apartments and penthouses in high-rise buildings fetch such prices.”