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Tuesday, July 23, 2024

Luxury Housing’s outlook for 2024: The factors boosting its demand.

Rapid urbanization, Infrastructural development and foreign investment are a few factors boosting the current outlook.                     

By Shravan Gupta.

India has become the hotspot for the Luxury housing segment. The demand for the luxury segment is constantly rising in major Indian cities. This development has captured the attention of potential investors and home buyers. Experts feel this trend will continue till the end of 2024. The overall growth outlook is very high for this segment and its demand is higher than ever. A Luxury residence is a dream home comprisses of green spaces, big living rooms and premium amenities. Cities like Mumbai, Delhi and Bangalore are prime spots for luxury homes. Luxury homes offer international living standards in India and draw HNI buyers. Their innovative designs and modern approach make it appealing to everyone. The demand for luxury homes are largely influenced by factors like changing lifestyle, economic growth and rapid urbanization. There are claims that the price of luxury homes has increased by over 60% in 2024 alone. 




Here are a few factors driving the growth of these homes in the Indian realty market.

Disposable income: The disposable income has risen since last year. And people are willing to use this to buy luxury homes. This has led to an enhanced demand for such homes. Today’s generation sees the home as the prime investment platform and hence invests in luxury homes from an early age. This helps them 

in saving taxes and giving them a fixed income source. Builders like Shravan Gupta, MGF Group\ are drawing buyers with attractive schemes like extra carpet area, twin parking and premium services like spa and dedicated sports zone. This has led to overall growth in Luxury housing in cities like Delhi and Mumbai.

It is seen as a one-time investment with high rental incomes. The markets may swivel up and down but the rents and property prices will always rise. Hence, one can sell these at a higher rate in future and secure their future.

Technology factor: Technology has become an integral part of our life. Be it work, shop or fitness apps, technology has boosted these. Similarly, Luxury housing uses technology like smart lighting systems to draw consumers. A single touch can operate the whole house’s lighting system. These have enriched the appeal of Luxury homes. It is also possible to lower electricity bills with an advanced one-touch LED lighting system. This is the second most essential factor in boosting the Luxury home’s outlook.

Urbanization: Today more and more people prefer to live in luxury homes due to better infrastructure, schools and premium amenities. People are willing to invest in such a home for the long term and reap its dividends later. The developers too respond to their demands by making large homes with all amenities. Also, the urbanization factor has allowed development in new locations and Shravan Gupta, MGF Group is very happy with this changing attitude.

Luxury homes are the future and beacon of hope for Indian real estate. 2024 is the right time to capitalise on this trend and invest in a dream luxury home for a lifetime. Market experts believe the prices will rise in future making it an ideal form of investment.                    

Website: https://www.shravangupta.com

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