These Cities Have The Highest Ready-To-Move-In Luxury Homes Stock
For a vastly populated country such as India, affordability is the prime criterion in property selection. However, India is also an emerging economy, where growing income levels are empowering a significant part of its population to fuel the demand for luxury housing. Indian developers are busy catering to both segments now. PropTiger.com data shows nearly four lakh affordable housing units lying unsold in the nine prime residential markets of the country. Nearly the same number of luxury housing units also awaits buyers in these markets. Read on to find which Indian mega city offers a buyer the largest number of property options in the Rs 1-7 crore range.
Mumbai: Numbers make the ‘City of Dreams’ a clear winner here. Nearly 51 per cent of the over 1.40 lakh units available for grabs in this price range are speared across the Mumbai Metropolitan Region (MMR). Considering Mumbai is one of the most expensive property markets in the world, it must, however, be remembered that these properties are primarily located in the peripheries- in Thane and Navi Mumbai.
Since space sells at a premium in this market, the units might be comparatively smaller in size. For instance, if a standard luxury home spans 1,500 square foot in, Noida, the unit size might be restricted to 1,100 -1,200 sq ft in Mumbai.
Check out luxury properties in Mumbai here.
Bangalore: Second in the list is India’s Information Technology capital, which is abuzz with activity because of its commercial significance. As global and domestic giants increasingly enter the Karnataka capital, fueling the demand for office space, more people follow suit for jobs, driving the demand for housing.
The city has nearly 14,000 units in this price range, much less than what’s seen in the MMR. However, luxury home buyers would be able to afford for themselves a comparatively central location and a larger home as compared to Mumbai in the same price range.
Check out luxury properties in Bangalore here.
Hyderabad: Following Bangalore closely is India’s pharmaceutical capital, where over 13,300 ready-to-move-in units form part of the existing inventory. In this price range, not only is a snug house in a coveted locality available, one can also secure a comparatively larger house. A standard luxury home in the City of Nizam is nothing less than 1,500 sq ft.
Check out luxury properties in Hyderabad here.
Luxury homes across cities
Inventory* as on Sep 2019
*Units priced between Rs1-7 cr
Source: PropTiger DataLabs