Indian real estate market has seen a remarkable upsurge in the sale of mid-segment and premium segment, with mid-segment homes increasing from 35% in the first half of 2022 to 38% this year and while premium homes have increased from 25% to 30% as the recent study report by Knight Frank.
The data in the report demonstrates a significant surge in demand for mid-segment and premium homes, reaching the highest levels seen since 2018. In the first half of 2023, 59,563 unit of mid-segment homes and 47,130 units of premium homes were sold, showcasing substantial growth compared to the previous year.
Mr. Ravi Aggarwal, the Managing Director of Signature Global, Said that the surge in sales of mid-segment and luxury residences, indicating a noticeable shift in choices and expectations. This trend signifies a growing market of buyers seeking more opulent and well-equipped homes. At Signature Global, we remain committed to meeting these changing demands by providing exceptional residences that cater to the evolving needs and aspirations of our perceptive customers.”
The demand for mid-segment and premium homes remains robust, showcasing buyers’ confidence in the long-term value and returns of upscale properties. The surge in demand for costlier homes comes as residential property prices across India have increased by 2-10%, highlighting buyers’ willingness to invest in premium homes and the market’s potential.
Jatin Lohia, director, LID (Lion Infra Developers) said – “The Indian real estate market has experienced a remarkable shift in homeowners’ preferences, with a growing demand for opulent and feature-rich homes. This shift reflects the confidence of buyers in the long-term value and returns of upscale properties, showcasing the market’s potential and attractiveness. The surge in sales of mid-segment and premium homes, reaching the highest levels since 2018, reflects the growing market of discerning buyers seeking residences that cater to their evolving needs and expectations. Despite moderate rises in residential property prices across India, buyers are displaying a willingness to invest in premium homes that embody the epitome of luxury and elegance, underscoring the untapped potential and allure of this market segment”.
The rising demand for mid-segment housing showcases a shift towards a lifestyle that seamlessly combines affordability and world-class amenities. Today, home seekers seek not just a roof over their heads, but an immersive experience that elevates their everyday lives. Gurugram’s real estate landscape is witnessing a revolution, where mid-segment housing is no longer synonymous with compromise, rather a gateway to an elevated lifestyle. World-class lifestyle shouldn’t be limited to a select few. Hence, the mid-segment housing options here ensure that individuals from diverse backgrounds can embark on their journey of living in an extraordinary way, without compromising on quality or breaking their bank. – Santosh Agarwal, CFO and Executive Director, Alphacorp.
The Indian real estate industry is undergoing a vivid transformation as demand for mid-segment and luxury homes is increasing significantly. This pattern reflects the changing desires of Indian homeowners, who are looking for more feature-rich properties.