India’s luxury housing market soars to new heights
Kolkata: India’s ultra-wealthy are redefining luxury living, with a meteoric rise in demand for opulent homes. Kolkata, traditionally celebrated for its heritage, is undergoing a dramatic transformation. The city’s skyline is now punctuated by high-end residential projects like Forum Atmosphere and The 42 on Chowringhee Road, offering unparalleled amenities such as the world’s first residential floating sky sculpture. These projects are more than just real estate; they are symbols of status and lifestyle. Reflecting this surge in demand, luxury apartment sales in Kolkata have soared by an astonishing 153 per cent since the pandemic.
Meanwhile, Gurugram is giving other cities a run for their money. In a recent transaction, an ultra-luxury flat spanning 11,000 sqft at The Camellias in Gurugram, on the prestigious Golf Course Road was sold for a staggering 114 crores, highlighting one of many such high ticket transactions in the past few quarters. Shortly in a month another residence at The Camellias, developed by DLF, India’s largest listed real estate developer, fetched INR 95 crores, further underlining the market’s appetite for high-end Uber luxury homes, a segment earlier ruled only by Mumbai. Catering to this burgeoning demand for luxury and super luxury homes, DLF recently announced that it will be launching super luxury projects in Goa and Gurugram. In Goa, it will be launching super luxury villas priced 50 crores and upwards.
Aakash Ohri, MD and CBO, DLF Home Developers Ltd said, “Over the past two years, the definition of luxury homes has evolved, driven by a significant rise in buyer intent. There is a shift in investment preference towards real estate, particularly high-value holiday homes set in natural surroundings away from metropolitan areas. This trend, amplified by Ultra/High Net-Worth Individuals, Non-Resident Indians, and corporate professionals, has led to increased demand for luxury properties offering a global standard of living with amenities such as clubhouses, swimming pools, business centers, etc.
But this surge extends beyond Gurugram, as seen in Mumbai where leading fashion designer Vratika Gupta made headlines with the acquisition of a sea-view luxury home in the lavish ‘Three Sixty West’ tower for a whopping Rs 116.42 crores. ‘Three Sixty West’ in Worli epitomizes elegance and grandeur, featuring the Ritz-Carlton Hotel and luxury residences.
Beyond opulence, these super-luxury homes are also lucrative investments. Properties like DLF’s The Camellias exemplify this trend with astounding value appreciation. Prices have skyrocketed from Rs 65,000 to Rs 85,000 per square foot, and in some cases, even breached the Rs 1 lakh per square foot mark in recent resales. This surge in value has solidified The Camellias’ position as a premier super-luxury development in the region.
According to industry experts, this surge reflects a paradigm shift in the Indian luxury real estate market, where properties symbolize embodiments of success and prestige, fuelled by economic growth and evolving lifestyles.
As the appetite for luxury living continues to grow, developers are responding with visionary projects that promise to redefine the landscape of luxury real estate in India and beyond, signifying a lasting shift in aspirations and lifestyles in one of the world’s fastest-growing economies.
