Anuj Puri
Chairman, ANAROCK Group
How do you look at the emerging trends in luxury real estate segment?
The luxury real estate segment in India is witnessing a transformative phase, driven by evolving consumer preferences and technological advancements. Key trends include a heightened focus on sustainability, with eco-friendly designs and energy-efficient features becoming paramount. Smart home technology is revolutionizing luxury living, offering seamless integration of devices and enhanced security. Wellness is a major priority, with properties incorporating amenities like spas, fitness centers, and meditation rooms.
How is hospitality sector contributing to the luxury market?
The hospitality sector plays a pivotal role in elevating the luxury real estate market in India. High-end hotels and resorts often collaborate with developers to offer branded residences, providing residents with access to world-class amenities and services. These branded residences not only enhance the value proposition of luxury projects but also attract discerning buyers who seek a luxurious lifestyle. Additionally, the presence of renowned hospitality brands in a neighbourhood can significantly boost property values and attract affluent residents. By setting new standards of luxury and exclusivity, the hospitality sector significantly contributes to the growth and development of the luxury real estate market.
Which cities and regions are doing well in luxury real estate segment?
A comprehensive analysis by ANAROCK Research reveals robust activity in India's luxury residential market, with over 314,200 luxury housing units launched across the country's top 7 cities from 2019 through the third quarter of 2024.
The Mumbai Metropolitan Region (MMR) emerged as the dominant market with the highest number of new launches in both segments. While Hyderabad claimed the second position in luxury segment launches, the National Capital Region (NCR) established itself as the second-most active market in the ultra-luxury category.
How is the trend of luxury projects in the tier-2 and tier-3 cities?
Luxury real estate in tier-2 and tier-3 cities is witnessing a gradual but notable uptick, driven by improved infrastructure, and relatively lower property prices. Cities like Chandigarh, Kochi, Indore, and Ahmedabad are seeing increased development of luxury projects, albeit at a different price point compared to metro cities. These markets are particularly attractive to end-users seeking premium living spaces at more reasonable prices, with developers adapting luxury offerings to match local preferences and purchasing power. However, the definition of luxury in these markets is often different, focusing more on space and amenities rather than premium locations.
What is your outlook on the luxury real estate market?
The outlook for India's luxury real estate market remains robust for the coming years. The sector is likely to witness sustained demand driven by increasing disposable incomes, aspirational lifestyles, and a stable economic environment. The market is expected to evolve further with increased focus on sustainable luxury, technology integration, and wellness-oriented amenities.
