Luxury housing records resounding recovery

Luxury Housing
Market surveys indicate sale of luxury realty went up in the year 2019 as over 2.3 lakh new housing units, which were launched in the top seven cities including Bengaluru, Chennai, Hyderabad, Pune, Mumbai Metropolitan Region, National Capital Region and Kolkata, nearly 23,000 units or 10 per cent of the number of housing units launched belonged to the luxury and ultra-luxury segment. Luxury housing sales are basically driven by the growing investors' interest on the back of falling prices. The purchasing power of Non-Resident Indians (NRIs) has increased in the past couple of years with the steady increase in the exchange rate of the US dollar, which stood at around ₹69.70 in January 2019 strengthened itself continuously over a period of 12 months and now stands at ₹71.33 as of January 2020. Inward remittances by NRIs settled particularly in the US, the UK, Canada, the Middle East countries and some of the Southeast Asian nations have consequently increased. These remittances have been pumped into real estate with sizeable investments made into luxury residences. Investments by NRIs in luxury housing units, including penthouses, villas and bungalows, have increased. In case, the dollar continues to witness its northward growth over the next year, sales of luxury housing are set for an increase this year as well. As per a study, India now boasts of 2,697 ultra net worth individuals each having a net worth of at least $30 million. The number of these individuals in the country grew by 118 per cent in between 2013 and 2018. The growth in numbers is expected to be 37 per cent in between 2019 and 2024 and the fact that high net worth individuals often invest in multiple luxury houses and their demand is likely to go up further.

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