A recent survey by CBRE has unveiled a remarkable trend in the luxury real estate market, highlighting a staggering 75% increase in the sales of homes priced at Rs 4 crore and above in the past year. This uptick indicates a significant shift in demand for opulent properties.
The rise in popularity of lavish homes has captured the attention of buyers, particularly among wealthy millennial homeowners who are now gravitating towards living environments that merge sustainability with aesthetic appeal and functionality. This transformation is prompting a fresh approach to both construction and marketing.
According to Knight Frank’s The Wealth Report 2024, changes in consumer preferences, especially in the wake of the Covid-19 pandemic, have contributed to the remarkable growth of this segment of the real estate market. Premiumization continues to advance steadily, reflecting evolving tastes.
A key characteristic of this new class of affluent buyers is their commitment to environmental mindfulness. Sanjoo Bhadana, MD of 4S Developers declared that luxury is no longer merely a showcase of wealth and extravagance. Instead, the focus is on crafting living spaces that harmoniously combine beauty, utility, and sustainability.
Gunjan Goel, Director at Goel Ganga Developments, remarked that millennials now expect homes that automatically feature these qualities, alongside being built with green design principles and smart technologies to minimize carbon footprints.
Developers are responding to this demand by integrating advanced technological elements—such as green spaces, rainwater harvesting systems, and energy-efficient appliances—into their high-end projects. Aman Gupta, Director of RPS Group emphasized that luxury is evolving beyond mere spaciousness and high-end finishes.
“The objective is to craft experiences that enrich daily living,” he pointed out, mentioning that their properties have transformed into integrated environments that support a range of interests and lifestyle pursuits.
Moreover, global exposure and advancements in technology play pivotal roles in shaping these consumer preferences. Unlike previous generations that had limited access to diverse trends, today’s buyers have grown up in a world rich with international influences.