On each occasion, these Gurgaon apartments, adjacent to Delhi, were sold in about three days.
Most of these apartments sold for close to Rs 7 crore. Some 25% of these apartments were bought by non-resident Indians or NRIs according to reports.
While India's middle class tightens its belt, cutting back on everything from tea to two-wheelers due to soaring consumer inflation, the richest 1 per cent who own 40 per cent of the country's wealth are snapping up homes in cities with well-paying jobs, says the Reuters poll.
The poll adds that average home prices in India are set to rise steadily over the coming years driven mainly by demand from wealthy individuals, while rising cost of living will make owning a property unattainable for most people.
This story is from the December 03, 2024 edition of The Free Press Journal.
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This story is from the December 03, 2024 edition of The Free Press Journal.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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