CBRE said that the festive season of October to December is expected to see further growth in luxury housing sales. The firm said that it expects the number of first-time luxury home buyers to increase in the October-December quarter.
"The primary reason for this spike is rising aspirations and a growing Indian economy. Incentives by developers and smart home technologies such as smart switches and controlling lighting and other things with a click on the phone are some of the reasons for this surge in luxury home sales, besides the post-pandemic need for larger spaces," CBRE told.
Economic growth, favourable regulatory measures, and evolving lifestyle preferences will see a surge in residential sales and new launches within the premium and luxury housing segment, potentially reaching a 10-year high in 2023, the CBRE report read.
As buyers seek more spacious living post-pandemic, the influx of smart home technology and developer-backed incentives is driving a boom in luxury home sales, it added.
This upsurge is driven by the growing appeal of luxury homes among high-net-worth individuals (HNIs) and non-resident Indians (NRIs) who seek secure and rewarding investment opportunities, CBRE said.
These trends suggest that luxury homes are becoming an increasingly important part of the Indian real estate market.
