India's Luxe Residential Surge: A New Era for Urban and Emerging Markets

India's luxury residential sector is booming, driven by innovative designs and demand in cities and emerging metros. Tier-2 and tier-3 cities, like Ludhiana and Chandigarh, play a crucial role, as they develop upscale infrastructure and attract affluent buyers seeking premium amenities.

India's premium real estate market is experiencing a dramatic transformation, propelled by cutting-edge designs and a growing appetite for luxury living among urban and emerging metros. According to ANAROCK Research, luxury housing units, priced above Rs 1.5 crore, now represent nearly 17% of all new residential projects launched in India as of 2024.

Tier-2 and tier-3 cities are playing significant roles, accounting for 12% of these developments, indicating a shift in buyer preferences and an evolving market focus. Cities such as Chandigarh, Ludhiana, Kochi, Indore, and Ahmedabad are emerging as key players in the luxury segment due to rapid urbanization and improved infrastructure. These cities are attracting affluent homebuyers who seek exclusivity and top-tier amenities.

This shift is further fueled by rising disposable incomes and increased NRI investments. In Punjab, traditionally known for manufacturing and trade, there is now a burgeoning luxury residential market, featuring premium retail spaces and world-class commercial projects. The demand for upscale living is prompting developers to innovate, with projects like The Wilton and 'M Square' by Malhotra Realty focusing on world-class amenities such as integrated five-star hospitality, high-end retail, and vibrant green spaces.

'The Wilton,' a 12-acre luxury development on Hambran Road, boasts 550 upscale residences and a five-star Courtyard by Marriott hotel, while 'M Square,' a 50,000 sq. ft. shopping centerpiece on Gaushala Road, provides a modern blend of retail, dining, and entertainment. Meenu Malhotra, founder and chairman of Malhotra Group PLC (UK), asserts that these projects transcend traditional real estate to elevate the city's global stature through meticulous design. With further developments on the horizon, Ludhiana is poised to become a premier luxury real estate destination in North India. (ANI)

(With inputs from agencies.)