Magicbricks across 13 prime Indian cities has revealed a striking surge in demand for luxury real estate, with 35% of respondents now eyeing ultra-luxury properties. This marks a significant rise from 18% in the previous quarter, pointing to a robust shift in consumer sentiment towards high-end housing.
The survey, which highlights a growing appetite for properties priced above Rs 1 crore, also reports that a significant portion of prospective buyers, 25.5%, are particularly interested in homes priced between Rs 3.5 crore and Rs 5 crore. This shift suggests that the demand for luxury homes in India is no longer just limited to the ultra-wealthy but is increasingly becoming mainstream among high-net-worth individuals (HNWIs). Another noteworthy trend uncovered by the survey is the growing preference for larger living spaces. Post-pandemic, the demand for bigger homes has escalated, with 45% of buyers actively seeking properties larger than 2,000 sq-ft. This change in preference reflects the growing desire for more space, driven by lifestyle changes, remote working, and the need for multifunctional homes. Moreover, over half of the survey respondents, 56%, are opting for 3BHK or larger configurations, indicating a strong demand for functional, spacious homes that cater to family needs.
From a sustainability standpoint, the rise in demand for larger and luxury homes also prompts questions about energy consumption and environmental impact. Buyers increasingly expect modern amenities, eco-friendly features, and sustainable construction practices in high-end properties, which may push developers to focus on greener, more energy-efficient solutions in the luxury segment. This survey marks a pivotal moment in India’s real estate landscape, with luxury housing now firmly positioned as a key driver of the market’s future growth. As buyers seek more space and greater luxury, developers are under pressure to meet these rising expectations while balancing sustainability and environmental concerns.
