Luxury Property: Steady Sales For Real Estate In India
The luxury property market in India has been experiencing steady sales throughout recent years. This is due in part to the growing population as well as the development of the country. The increasing demand for high-end homes in major cities such as Delhi has been consistently driving investors’ attention. Are you a home investor? Well, this article is for you.
In this article, we will get into the depths of many such reasons that act as the driving forces behind the steady growth of India’s luxury real estate market. If you are an investor or someone interested in understanding the real estate market better, you are in the right place. By the end of this five-minute read article, you will have all the information regarding the best properties to buy in 2023. Let’s get into it!
4 Pillars Of Luxury Property Sales In India
Many reasons back the steady sales of luxury properties in India. Quality homes give people personal satisfaction with what their life looks like. Thousands of people with high disposable incomes live in urban areas and are looking for luxury houses. However, the four primary reasons contributing to the consistent rise in the sales of high-end luxury homes in India during 2021-22 are mainly:
- Improving Economic Growth
- Demand For Luxury Homes
- Financing Made Easy
- Lifestyle Changes
Economic Growth: No Going Back
One of India’s key drivers of the luxury property market is the country’s strong economic growth. Over the past decade, India’s economy has been expanding rapidly, with the country’s gross domestic product (GDP) growing by an average of around 7% per year. This incurred a decline during the pandemic as the world recovered from the covid-19 pandemic.
Here are some statistics from the government press release to present things articulated. It is to be noted that the GDP growth in 2021-22 is 8.7%. It is 1.5% higher than the GDP of 2019-2020. This implies that India has now fully recovered most of the losses that came with the hit of the pandemic during 2019-20 and 2020-21. Thus, overall, a better and consistently rising economic growth of the country is making citizens move into better and more luxurious homes.
India is a country driven by youth; this economic growth will persist for decades. This growth has led to numerous high-paying jobs, particularly in the technology and finance sectors. As a result, there has been a significant increase in the number of high-income individuals in India who are looking to purchase luxury properties.
Increasing Demand For Luxury Homes
One of the key factors driving the strong sales of luxury properties in India is the increasing demand for high-end homes in major cities like Mumbai, Delhi, and Bangalore. In these bustling metropolitan cities, it is common for people to invest in luxury homes. A luxury home with all the modern amenities is considered a status symbol and a source of pride. Known for their vibrant business and technology sectors, these cities attract many professionals and entrepreneurs daily. You might have heard people say things like “Mumbai to mayanagari hai,” implying that cities such as Mumbai, Delhi, and Gurgaon are like a dreamland where anything can be possible. They are considered the land of glooming opportunities. Many people migrate from different areas of the country to metropolitan cities in search of good opportunities.
This increased demand comes down to two things:
- The higher status of life
- Migrating population
As a result, there is a strong demand for luxury homes in these locations, with people willing to pay a premium for the best properties. In turn, this demand has led to a rise in the construction of new luxury properties giving rise to a robust market for luxury real estate in India.
Financing Made Easy With Loans
The luxury property market in India is also benefiting from the increasing availability of finance options. In the past, purchasing a luxury property in India was often difficult due to the high upfront costs involved. However, in recent years, there has been a surge in banks and other financial institutions offering financing options and home loans for luxury properties, especially in cities like Delhi and Gurgaon. This has made it easier for individuals to purchase high-end homes in the country.
With making a settlement for the down payment, which is around 20% of the total price of the property, one can apply for a loan to manage the rest of the amount. With reasonable interest rates and new year discount offers on home loans offered by many banks, you can quickly move into a luxury home in 2023. Moreover, the digital era supports the loan application process right from the comfort of your residence. With minimal paperwork and an easy application process, financing is much easier for investors seeking a loan.
What Lies Ahead For Real Estate Investors In 2023
The pandemic affected people from all walks of life, especially vulnerable people suffering from poverty. However, all the economic development has increased the demand for luxury homes in India. Real estate investors who invest in luxury properties now may have some of the best apartments. The amenities of a luxury property include the following:
- CCTV surveillance
- Good Layout
- Quality Fittings
- Supreme Finishing
Overall, 2023 will be an explosive year for real estate. The luxury property market in India has been experiencing steady sales in recent years, thanks to the country’s strong economic growth, the increasing demand for high-end homes in major cities, and the availability of finance options. And this is estimated to rise in 2023 as well. Thus, it is the best time to contact a reliable realtor local to your area today.
Seek advice from a professional and trustworthy real estate business while there is still time. This is one of the most important factors to consider as a house buyer. Experienced realtors recommend some of the most luxurious properties based on your budget.
Happy Homes India is one such real estate company that deals with luxury properties in Delhi NCR and Gurgaon. We aid property buyers not only in locating a verified home but also in obtaining loan financing and completing the necessary loan paperwork. You can accomplish all of this with no brokerage fees.
Do not miss this golden opportunity, as it might be one of the best decisions of your life. Luxury flats may provide a lot of benefits to purchasers, including convenience, finishing, and availability in posh locations. All this is happening due to the rising real estate industry. So what’s stopping you from getting your hands into it? Get a free consultation from Happy Homes today!