After a year, the realty market appears to be inundated with a comeback in the demand for luxury homes. Beyond the prime locations like Bangalore and Mumbai, even tier-II and tier-III cities, such as Nagpur and Ahmadabad, are experiencing notable growth in the segment of luxury homes. Within a mere six months, these cities have seen a surge of approximately 20-25% in premium residential projects.
Prominent developers who have launched several luxurious schemes across the country to attract more investors and end-users include Hiranandanis, Sobha, DB Realty, Lodhas, Indiabulls, and Prestige.
However, each city has its own price range for these luxury homes. The cities of Bangalore and Hyderabad have pricing starting from Rs 6,000 per sq ft, while the pricing in Mumbai is Rs 30,000 per sq ft.
"From Jones Lang LaSalle Meghraj (JLLM), which is a real-estate consultant, the managing director, strategic consulting, Mr. Deepak Bhavsar stated that there has been an increase of 10-12% in projects in Delhi NCR and Mumbai."
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