Over the last decade, India has gained recognition as a key travel and tourism destination. According to the 2009 Travel and Tourism Competiveness Report published by the World Economic Forum, India ranks 11th in the Asia Pacific region and 62nd overall in the list of the world’s most attractive destinations.
“Property prices in the prime locations continue to witness an upward trend”
In many ways India seems set on a promising path and rapid economic growth: fast rising literacy, more girls in schools, the economy is worth almost $2 trillon, making it the tenth-biggest economy worldwide, and by the mid-2020s it will be more populous than China.
Ten key cities: the National Capital Region (NCR), Mumbai, Bengaluru, Goa, Pune, Jaipur, Hyderabad, Chennai, Kolkata and Ahmedabad.
About luxury real estate Indian buyers’ profile: Who are they?
There are about 32 M Indians that are potential targets for luxury real estate, of which 1M in the luxury class, 7 Min the very affluent segment, 10 M in the mid-affluent class and 14 M in the upper-middle class. The super-rich status is bestowed on only the top 1000 families in the country. Their high-end taste has been derived from travels to European and other Asian destinations such as Dubai, Singapore, London. Indian buyers acquire luxury properties mostly for social status, especially “New Luxury” or ”Nouveau riche” players that are slowly entering the market. HNWI individuals in India primarily reside in the urban cities.
Indian residential market has traditionally been an end user market with a very small proportion of investors. Kolkata and Rajarhat are two hotspots considered as most established residential markets with limited new developments like Park Street, Camac Street, Jodhpur Park, Lake Garden, Magnolia City, Natural City and others. The residential market has been resilient to the law project launches and property prices in prime locations continue to witness an upward trend.
New Projects in India
