India’s housing market attracts more HNIs, Mumbai market to set a new sales record

Top luxury micro-markets in the city include Andheri, Bandra, Lower Parel, Prabhadevi, Tardeo, and Worli

Due to heightened interest in prime real estate, India’s high-end property market is projected to skyrocket next year, according to Financial Express. After recovering from the adverse effects of the pandemic, the luxury real estate segment has piqued the interest of high net-worth individuals (HNIs), and the majority of them are planning to purchase properties within the next two years.

“The segment has gained traction among buyers wanting to upgrade their living space with greener surroundings, best-in-class amenities, and top-notch services. Luxury condominiums, luxury housing, and villa projects are on a selling spree in the region, recording record sales and making a distinct mark in the real estate sector. Going by the current market dynamics and trends, the premium realtors are not only adding new customers but also retaining the old ones by offering them better upgrades,” said Amarjit Bakshi, CMD, Central Park.

Sales of luxury properties in Mumbai are also slated to set a new record in 2022. The Economic Times reported that the city performed exceedingly well, with 1,214 units being sold in 2021 compared to 2020’s 548 units.

Top luxury micro-markets in the city include Andheri, Bandra, Lower Parel, Prabhadevi, Tardeo, and Worli.

Another report by Financial Express also shared that non-resident Indians (NRIs) have also started to appreciate and invest in Indian real estate. It accounted for USD13.1 billion last year and is expected to go up by 12 percent this year.

More: Foreign investments in Indian real estate grows to 82% from 2017–2021

“NRIs are increasingly investing in hill station properties due to the soothing climate, favourable topography, strong infrastructure, and upscale, luxurious properties. There is a mindset disposition to mirror a similar lifestyle to what they are accustomed to experiencing in other countries. The modern-day luxury residences offer various high-end facilities and benefits they cannot afford to miss,” commented Dharmesh Shah, CEO of Hero Homes, when asked about what caused the surge in NRI investment.

The Property Report editors wrote this article. For more information, email: [email protected].