India's Luxury Housing Market Soars Amid Economic Growth and Millennial Influence

The demand for luxury residential properties in India is at an all-time high, driven by post-pandemic preferences, economic growth, and the rising wealth of millennials and NRIs. The market is booming, with significant contributions from urbanization and infrastructural development. Developers are rapidly adapting to meet this growing demand.

In Delhi NCR [India], the demand for luxury residential properties has reached unprecedented levels, fueled by post-pandemic home preferences, economic growth, and rising wealth among millennials and NRIs. The Indian luxury housing market is experiencing a remarkable surge in sales and development activity.

Millennials, constituting around 36% of the population, are a significant force driving the market, contributing to 54% of home purchases in 2023 as per CoreLogic. Additionally, the presence of high-net-worth individuals and the influx of NRIs seeking to diversify their portfolios are further boosting the sector.

Developers are quickly adapting to this shift, expanding their luxury project portfolios. The market size is projected to grow from $38.02 billion in 2024 to $101.92 billion by 2029. The luxury housing sector is not just about living spaces but also about making long-term investments and statements of success through cutting-edge amenities and prime locations.

(With inputs from agencies.)