Sale Of Houses Over Rs 4 Crore Doubles

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.