Demand For Luxury Homes Doubled, People Want To Become Owners Of Villas

Geeta Kumar
3 Min Read
Luxury House

The demand for luxury houses is increasing rapidly in India. Since Corona, people have again started feeling the need for bigger houses. This is why the demand for luxury homes and villas segment was highest in 2023. Now, the same expectation is being expressed in the year 2024. Due to people’s increasing incomes, the good condition of the economy, and changing lifestyles, the demand for luxury housing increased by 112 per cent last year.

- Advertisement -

Want To Buy A House According To Income and Lifestyle

According to the report of property firm NoBroker, the demand for luxury housing in India increased by 112 per cent in 2023 compared to 2022. This is happening due to increased income and increasing lifestyle. According to NoBroker, there will be a significant increase in demand for luxury homes in the country in 2023. The company said that the sales of luxury realty property have more than doubled compared to 2022.

Demand To Become A Villa Owner Increased

According to the report, the demand for owning a villa is increasing in metro cities. The highest demand for these luxury homes has arisen in Delhi-NCR, Mumbai Metropolitan Region (MMR), Hyderabad and Bengaluru. The biggest reason for this is the increasing income of people in these metro cities.

More Desire To Live In A Big and Good Society

Saurabh Garg, founder of NoBroker, said the real estate market’s luxury housing sector is the fastest growing. There is a great desire among people to live in a big and good society. He said that people’s priorities are changing. The budget of buyers has also increased. The number of High Net Worth (HNI) and Ultra High Net Worth Individuals (UHNI) has grown rapidly. These people are considering property as a good option not only for living but also for investment. Rising inflation is also motivating them to invest.

Demand Increased Rapidly In Metro Cities

According to the data, Sarjapur and Devanahalli in Bengaluru, Greater Noida, Noida and Gurugram in Delhi-NCR, MMR, Kollur, Tellapur in Mumbai, and Mokila in Hyderabad have emerged as hotbeds with a large number of villa launches in the last year. The demand for villas in Bengaluru was 32 per cent higher than in the pre-Covid years. After this, an increase of 25 per cent has been seen in Delhi NCR, 30 per cent in Mumbai and 27 per cent in Hyderabad.

Share This Article
By Geeta Kumar Journalist and Digital Marketing Expert
Geeta is responsible for creating video content for News Waker's website and social media channels. She also covers breaking news and events, and is skilled at capturing essential moments on camera.