New Delhi [India], March 24 (ANI): India's luxury real estate market is witnessing rapid growth, driven by strong demand from high-net-worth individuals (HNWIs), non-resident Indian (NRI) investors, and domestic buyers looking to invest in premium properties.

According to a report by GRI Club, an international real estate company, the sector is outperforming expectations and is set to record its third consecutive year of unprecedented sales.

'The sector is not only outperforming expectations but is on track to deliver its third consecutive record-breaking year in sales. In the top seven cities, total residential sales in 2024 are projected to exceed INR 5.1 trillion, with more than 300,000 units sold,' it said.

This surge highlights the increasing dominance of the luxury real estate segment in the country's evolving property market.

The report stated that cities such as Mumbai, Gurgaon, and Bangalore have seen particularly high demand for ultra-luxury residences, with absorption rates reaching new heights. The trend reflects a growing preference among buyers for high-end, amenity-rich homes that offer exclusivity and superior lifestyle features.

Apart from individual buyers, family offices and institutional investors are also expanding their investments in luxury real estate. Many are channeling funds into structured real estate investments and alternative financial instruments, viewing luxury properties as a stable and appreciating asset class, especially amid stock market fluctuations.

The report said 'Many of these investors are deploying capital into structured real estate funds and alternative investment vehicles, viewing luxury properties as a stable, appreciating asset class amid stock market volatility. NRIs, in particular, are playing a key role in this expansion'.

For many NRIs, luxury real estate in India is seen as a long-term wealth preservation strategy, aligning with global investment patterns. Indian investors are also showing a strong interest in luxury properties abroad, particularly in markets like Dubai and the UK.

The continued momentum in India's luxury housing market signals a shift in investment strategies, with high-value property transactions becoming increasingly popular. As demand for premium real estate continues to rise, the sector is expected to remain a key area of growth within India's broader economy. (ANI)