Demand for luxury houses increases in India, clients selected by invitation

New Delhi: India is seeing a revival in luxury housing. Property developers are offering high-price apartments with concierge services, spas, multi-level parking, large green open spaces, and a heated pool.

Top real estate firm DLFsold a residential project worth $1 billion in 72 hours. Another leading company Godrej Properties is offering $3 million apartments to clients selected by invitation only, reported Reuters. The indoor confined experiences of the pandemic are said to have prompted the rich to upgrade their living conditions. Godrej invited around 160 people to view 3D models of the project and videos to show off amenities. 17 out of the 46 flats were sold.

Prashant Thakur, head of research at real estate consultant Anaroc, told the outlet that such a "mad rush" hasn't happened in a decade. DLF's Arbour project in Gurugram got over 3,000 applications for 1,137 apartments in its launch weekend. They were priced close to Rs 7 crore which is an extremely high price for the location.

Customers are attracted to the green, open, clean space. They come with a grand reception area, high-speed elevators, restrictions to outsiders, and enough space to jog.

The economic slowdown that came with the pandemic affected real estate in the past couple of years. The market started picking up last year. Luxury condominiums (priced above Rs 1.5 cr) made up 17% of the housing launches in 2022, which is a five-year high. A record 65,700 luxury units were sold which is three times the sales of 2021. Mumbai, Delhi, and Hyderabad topped the sales.

Amit Goyal, India CEO at Sotheby's International Realty, said there is a desire for larger spaces and lifestyle upgrades among customers.