Did Delhi-NCR surpass Mumbai in the ultra-luxury residential market in 2024?
By Bricksnwall | 2024-12-23
The demand for upscale real estate stayed high in
2024. A number of ₹100 cr real estate deals were finalized in Delhi, Mumbai,
and Gurugram.
The sale of two apartments in Mumbai for ₹198
crore, a ₹190 crore ultra-luxury apartment deal in Gurugram, and a ₹130 crore
bungalow transaction in New Delhi's upscale Kautilya Marg all seem to point to
the same conclusion: that high-net-worth Indians were drawn to the super luxury
segment in 2024, and that the Delhi-NCR market may be quickly overtaking
Mumbai, where ₹100 crore deals are the norm.
The findings of the most current survey, HSBC's
Global Entrepreneurial Wealth survey 2024, were not shocking because there was
such a strong demand for ultra-luxury real estate.
Nearly six out of ten (61%) Indian wealthy business owners allocate personal wealth to real estate for their own use, compared to one in two globally (51%), according to a report that sheds light on the attitudes of wealthy business owners worldwide, including the investing habits of India's High Net Worth and Ultra High Net Worth business owners.
Additionally, the affluent are drawn to upscale
neighborhoods with residences valued at ₹80 crore and higher for reasons other
than the amenities. The gentry is to blame. Here, students get the opportunity
to live and socialize among high society's elite and successful people. These
condominiums' clubhouse provides a venue for people to conduct business while
playing poker or approve salon investments while receiving a pedicure.
According to Amit Goyal, MD of India Sotheby's
Realty, "India's UHNIs view strategic investments in luxury real estate as
a tool for multi-generational wealth and legacy creation."
Has the ultra-luxury market in Delhi-NCR finally overtaken Mumbai?
In India, Delhi and Mumbai are the pinnacles of
luxury real estate. Millionaires, CXOs, businessmen, industrialists, and
startup entrepreneurs all want to invest in their ideal residences. Over the
past ten years, the number of new ultra luxury project launches in the NCR,
particularly in Gurugram, has increased.
In this area, Mumbai has always been in the lead.
Mumbai continues to hold the top spot in terms of the volume of premium sales
as well. Nevertheless, NCR is also catching up. stated IndexTap's Abhishek
Gupta.
In Delhi, succession planning is the reason behind the sale of the majority of houses, particularly independent bungalows. "During their lives, the majority of the original owners wish to sell and profit from their holdings. They have no lien because they were the original allottees. As a result, they are not eager to sell. Only if the price is compelling enough will they choose to sell," Chopra continued.
Source: Hindustan Times
