Come 2025, India's real estate developers will double down on luxury and premium housing, leaving the affordable segment to catch up.
Developers from across India are stacking their portfolios with premium, luxury and uber-luxury projects. Delhi NCR-based M3M India has two luxury developments lined up for next year. Gaurs Group is looking at a series of ultra-luxury residential developments, townships and luxury projects in FY26. Among others, Bengaluru-based developer Sobha Ltd is planning to launch about 10 million sq. ft of projects in FY26, including venturing into the uber-luxury category.
"We are strategically leveraging the robust demand in the luxury real estate segment by curating projects that align with the evolving preferences of modern buyers," said Robin Mangla, president, M3M India. "We have an exciting pipeline of new launches planned for next year in the luxury category."
In the premium segment, Mahindra Lifespace Developers Ltd is turning away from affordable and launching more projects with ticket size starting from ₹2 crore.
"We used to play mostly in affordable and mid-premium," said Amit Kumar Sinha, managing director and chief executive officer of Mahindra Lifespace. "Now, we will exit affordable after our commitment is over and will play in mid-premium and premium. These are two of our bread and butter segments."
Consequently, the supply of homes in the luxury and premium segment has gone up significantly since last year. In the first three quarters of 2024, the supply of luxury homes priced over ₹2.5 crore surged by 59.27%, rising to 52,400 units from 32,900 units in the same period last year, according to data from Anarock Group. The ₹80 lakh to ₹1.5 crore segment saw modest growth of 2.26%, increasing from 85,475 to 87,410 units. In contrast, affordable housing supply declined significantly, with homes priced at ₹40-80 lakh dropping 14.64% from 1,04,000 to 88,770 units.
This story is from the December 30, 2024 edition of Mint Chennai.
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This story is from the December 30, 2024 edition of Mint Chennai.
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