The increasing demand for larger residences among high-net-worth individuals has prompted leading property developers to announce several ultra-luxury projects in the upcoming months. Renowned names such as DLF, K Raheja Corp Homes, Prestige Estates, and other major developers in the country have outlined over half a dozen ultra-luxury projects in Mumbai and NCR, with prices ranging from Rs 15 crore to Rs 50 crore.
DLF, for example, is set to introduce a super-luxury project in Gurgaon after an eight-year hiatus. Industry experts anticipate that the properties will be priced above Rs 40 crore each, although specific price points have not been disclosed by company executives. The project is slated for launch in the fourth quarter of this financial year, with additional luxury projects planned for Mumbai and Chennai in the coming quarters.
“DLF has consistently excelled in the luxury segment, and customers trust our brand. It’s just that the pipeline has come up now,” said Aakash Ohri, Joint Managing Director at DLF. K Raheja Corp Homes, led by billionaire developer Chandru Raheja, is set to unveil two ultra-luxury residential projects in the Juhu area of Mumbai, home to many Bollywood actors and industrialists. Each of these projects falls in the range of Rs 15 crore to 30 crore apiece.
The company recently launched a luxury project in South Mumbai on a three-acre land parcel.
“The demand for premium developments has remained robust, attracting high-net-worth individuals and discerning buyers who have experienced global best standards of living and want the same in their home country,” said Ramesh Ranganathan, CEO of K Raheja Corp Homes.
Bengaluru-based Prestige Estates is aiming to double its luxury launches in FY24. It will soon introduce an ultra-luxury development in Marine Lines, called Prestige Ocean Towers, where prices are approximately Rs 20 crore apiece. Additionally, the company plans to launch another ultra-luxury project in Worli.
It recently launched a luxury sea-facing development called Prestige Ocean Pearl in Kozhikode, Kerala. The company has also introduced two luxury projects in Hyderabad and is planning one more, according to Irfan Razack, Chairman and Managing Director of the company.
“Alongside the increased spending capacity of families, we are seeing a desire for larger homes and a shift towards three and four-bedroom apartments from one and two-bedroom apartments,” Razack said. The company is expecting a topline of Rs 2,000 crore from luxury projects this year.
Mumbai-based Sunteck Realty is set to unveil an uber-luxury project in South Mumbai with price points exceeding Rs 50 crore, according to its Chairman and Managing Director, Kamal Khetan.
“It’s worth noting that we have witnessed a slight uptick in launches within the luxury segment, particularly in cities like Mumbai and Bangalore, over the last few quarters compared to a year ago,” said Ashwin Chadha, CEO of India Sotheby’s International Realty. However, supply challenges continue to persist, especially in the Delhi luxury market, Chadha added.
He mentioned that prices in the luxury segment have shown some upward movement compared to the same period last year. “Developers seem to be introducing properties at slightly higher prices than before, which could be attributed to various factors such as increased construction costs, inflation, and also possibly due to the sustained demand in this segment and limited supply,” he said.
In Mumbai, residential properties priced above Rs 10 crore in the primary and resale market rose by 49 percent in value terms to Rs 11,400 crore during the January-June period of 2023 against Rs 7,660 crore in the year-ago period, according to the India Sotheby’s International Realty and CRE Matrix report. Similarly, between January 2023 and March 2023, Delhi NCR witnessed an increase of 216 percent in the sale of luxury houses compared to the first quarter of the calendar year 2022.
