- Luxury supply increased by 29% since 2017
- Of 12,090 units new luxury supply in 2018, MMR launched nearly 6,310
- NCR – 2,650, Hyderabad – 1,585, Kolkata – 160; Pune saw least supply with less than 100 units
Prashant Thakur, Head – Research, ANAROCK Property Consultants
Catering to a very niche clientele and not the masses, luxury housing has evolved at a rapid pace in India. The nouveau riche (newly rich) prefer discreet opulence over the commonplace, and look for experiential luxury, both at a unit and project level.
From start-up founders to high-salaried professionals, high net-worth individuals are prompting developers who understand the luxury segment to think increasingly out of the box and deliver something unique and aspirational.
On the ‘other side of the fence’, affordable housing has taken centre-stage in India over the past 3-4 years, not only because of the massive demand for it but also due to the concerted efforts by the Government to cater to it. Against such a backdrop, there are rising speculations that luxury housing is losing its sheen to the affordable segment.