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Last updated: 19 Jun, 2024  

Realty.9.Thmb.jpg Luxury property buying surges amid rising disposable income in India: Report

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IANS | 19 Jun, 2024

With disposable income continuing to rise amid changing lifestyle preferences, more and more Indians in metros are purchasing high-value, premium properties than ever before.

There has been a surge in the sale of properties valued Rs 1 crore and above across top cities and in the first quarter this year, these premium properties constituted 37 per cent of all transactions -- a significant rise from 16 per cent in the same period in the pre-pandemic 2019.

According to a report by PropTiger.com, owned by REA India, there has been a substantial growth (50-55 per cent) in demand within the Rs 1-Rs 5 crore price bracket in the January-March period this year.

It was closely followed by the Rs 5-Rs 10 crore range, especially in cities like Mumbai, Gurugram and Bengaluru.

According to the report, this trend signals promising opportunities for investors and stakeholders.

“Aspirations are evolving, with homebuyers seeking residences equipped with modern amenities and spacious layouts. This shift towards larger, amenity-rich homes contributes to the uptrend in property prices,” said Vikas Wadhawan, group CFO of PropTiger.com and Housing.com.

It’s evident that the market is moving towards a positive trajectory, driven by the evolving preferences of discerning buyers.

The report highlighted a 41 per cent increase (year-on-year) in residential sales, setting a record high for the first quarter with a total of 120,640 units sold nationwide.

According to Anarock research, around 8.25 lakh new homes were launched and 8.72 lakh units were sold during the last two financial years.

After the 2019 elections, average residential prices across the top seven cities have appreciated at a CAGR of 6 per cent -- rising from Rs 5,600 per sq feet in June 2019 to Rs 7,550 per sq feet by the end of FY2024.

For investors seeking to preserve and grow their wealth amid inflationary pressures, real estate has emerged as a popular hedge, according to Anarock research.

--IANS

 
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