In 2024, while on one hand interest rates are skyrocketing and the common man is avoiding buying a house by taking a loan, on the other hand the demand for luxury homes in india has increased rapidly. These luxury homes worth 100 crores or more are not only a place to live but have also become a status symbol for the rich.
New craze of billionaires
The idea of buying a luxury home is not new. D-Mart founder and billionaire investor Radhakishan Damani bought a bungalow in Malabar Hill area of mumbai in 2021 itself for Rs 1,001 crore, which made a lot of headlines. This trend has strengthened further in 2024. Billionaires and millionaires are investing heavily in ultra-luxury properties.
Big deals from mumbai to Delhi
Many record-breaking deals took place in india during 2023-2024. JP Tapdia family bought a house worth Rs 369 crore in lodha Malabar project in Malabar Hill area of Mumbai. In the same project, Neeraj Bajaj bought a house worth Rs 252.5 crore and BK Goenka bought a house worth Rs 230.5 crore in Oberoi Three Sixty West in Worli.
Like mumbai, the demand for luxury properties is increasing in Delhi-NCR too. Rishi Parti recently bought a house for Rs 190 crore and Smriti Agarwal for Rs 95 crore in Gurugram's 'Camellias Project'. Rishi Parti is the founder of a software technology company, while Smriti Agarwal belongs to a prominent business family. Apart from this, record deals were also seen in Bengaluru. Ruia international Holding bought a house worth Rs 64.6 crore and Infosys founder NR narayana murthy bought a house worth Rs 50 crore.
Due to the increasing demand for luxury homes in India
According to reports, the number of Ultra-High-Net-Worth Individuals (Ultra-HNIs) is increasing rapidly in India. The number of Ultra-HNIs in india was 13,263 in 2023, which is expected to reach 19,908 by 2028. Their main source of income is stocks, business, and private equity. At the same time, according to a report by Knight Frank, there has been a tremendous jump in the sale of luxury apartments since 2021. By september 2023, luxury apartments worth Rs 1.3 lakh crore were sold in india, which is 648% more than in 2021.
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