Why did luxury housing boom even in a falling market, this is the big reason

The Indian economy is in trouble on the fronts of employment, development and market. From the giants of the market to the common man, everyone is worried about inflation. 

But in the meantime, there has been a surge in the demand for luxury housing in the country. Luxury houses are being sold in large numbers across the country. 

According to the report, people with high individual net worth are now showing more interest in buying luxury homes. This is the reason why last year, a growth of 75 percent was seen in the sale of houses worth Rs 4 crore or more in seven big cities of the country.

Even in a falling market, business pundits are surprised by the huge increase in luxury housing. Let us know why the demand for luxury housing is increasing even when the economy is sluggish.

Demand for houses worth more than Rs 4 crore

According to CBRE South Asia's India Market Monitor Q3 2024 - Residential, in just 9 months from January to September last year, sales of homes priced above Rs 4 crore grew by 37.8 percent year-on-year. Delhi-NCR sold the most at 5,855 units. After this, 3,820 units were sold in Mumbai.

First choice of NRI

The reason behind this boom in the luxury housing market is NRIs' eye on premium properties. According to the report, the first choice of NRIs is houses worth crores. 

In the first half of last year, a surprising 1,73,241 houses were sold in India. What is even more interesting is that 41 percent of them were worth Rs 1 crore or more. 

This makes it clear that the trend of premium living is increasing. Actually, Corona has had a huge impact on the attitude towards houses.

Mumbai becomes a hub of luxury housing

Not only this, Mumbai has become the centre of ultra-luxury housing. Last year, 21 of the 25 most expensive property deals across the country took place here. The price of these houses is Rs 2,200 crore.