India Residential Property Market Size By Property Type (Economic, Affordable Luxury, Premium Luxury, and Ultra Luxury), By Geographic Scope And Forecast

Published Date: July - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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India Residential Property Market Size And Forecast

India Residential Property Market is growing at a faster pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e., 2023 to 2030.

The expansion of the Indian real estate sector has been greatly aided by non-resident Indians (NRIs). NRIs are more likely to purchase a home in India as a result of hybrid work arrangements, a wish to go back to one’s country of origin, and a desire for a higher standard of living. The India Residential Property Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

India Residential Property Executive Summary

Luxury properties refer to premium residential properties. With their opulent amenities, luxury apartments are designed to give you a charming, resort-style lifestyle. A gym, an infinity pool, miniature theatres, seating areas, walking trails, a secure play area for children, and more are just a few of the opulent amenities available. Luxurious homes come with a prestigious past, a high price, a large size, priceless materials, and competent design. Luxury real estate often has a valuation that falls among the top 10% of houses on the local market.

Luxury properties play an important role in providing solutions for the lavish and high-end requirements of customers. Based on different levels of luxury and pricing, the properties are classified as Affordable Luxury, Premium Luxury, Ultra Luxury, and Economic. The settings of ultra-luxury properties are almost invariably exceedingly exclusive, with little room for expansion or access. Ultra-Luxury properties cost consumers over and above 5 Crore INR (Indian Rupee) to buy their dream, customized homes.

Architects that are well-known and well-respected and who are at the forefront of contemporary design trends frequently create ultra-luxury homes; thus, they are referred to as starchitects. International brands are synonymous with ultra-luxury projects, particularly when it comes to fittings and finishing. International and domestic buyers are growing more receptive to accepting real estate that does not conform to their usual and comfortable expectations. Buyers are prepared to give up on traditional notions of ultra-luxury due to enhanced structures and the rising development of ultra-luxury residential zones. You may find ultra-Luxury anywhere, even in the most unusual places.

The properties cost approximately between INR 3 Crore to INR 5 Crore depending on the brand, amenities, area, location, and rest of other factors, which are considered under Premium luxury properties. Premium luxury is defined as having a well-designed floor plan with plenty of open space, high-quality building materials, precise planning, and sustainable development techniques. The demand for affordable luxury and premium luxury as they offer luxurious amenities at affordable rates. Compared to other countries, Indians generally invest in real estate and gold.

Indians often buy real estate to rent it out or invest in it. Earning passive rental income from their property investments is a key goal for real estate owners. However, the rental revenue varies depending on the city, region, demand, and property type. Residential properties often have a lower rental yield than commercial assets. Many chances exist in top metropolises like Mumbai, Delhi, Bangalore, Hyderabad, and Kolkata to generate rental income via property leases. The property also carries emotional importance in India and is seen as more than just a means of investment.

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India Residential Property Market Outlook

Hey, you know what's been really boosting the Indian real estate scene? Non-resident Indians (NRIs)! It seems like hybrid work, wanting to come back home, and chasing a better lifestyle are making them want to buy property in India. Plus, they see it as a smart way to make some money and diversify their investments. They're especially keen on cities like Gurgaon, Bengaluru, and Hyderabad, and a lot of them are based in the US, Canada, the Middle East, Europe, and other parts of Asia. So, you've got major players in both tier 1 and tier 2 cities building all sorts of luxurious properties. Think Godrej Properties, Mahindra Life space, Kalpataru Group, Oberoi Realty, Hiranandani, DLF Limited, Embassy Group, and Brigade Enterprises Ltd., just to name a few. And besides these big national names, there are tons of local luxury developers popping up all over the place too!

India Residential Property MarketSegmentation Analysis

The India Residential Property Market is segmented based on Property Type.

India Residential Property Market, By Property Type

  • Economic
  • Affordable Luxury
  • Premium Luxury
  • Ultra Luxury

To Get a Summarized Market Report By Property Type-

Based on Property Type, the market is segmented into Economic, Affordable Luxury, Premium Luxury, and Ultra Luxury.

In 2023, the "Economic" segment really dominated, grabbing a massive 85.43% of the market share, which translates to 2,89,561 units! We're expecting it to keep growing at a solid pace of 6.81% over the next few years. Affordable Luxury came in second, with 24,119 units in 2023, and is predicted to grow even faster at 7.63%. But get this – Ultra Luxury is set to explode with the highest growth rate of 9.91%! Lately, we've seen a real hunger for affordable luxury homes in India. You know, the kind that gives you the fancy stuff without breaking the bank? It's super appealing to folks in the middle and upper-middle classes. Plus, the Indian government is pushing for more affordable housing, trying to fix the housing shortage and give people better places to live. That's why we're seeing more of these affordable luxury options popping up to meet the demand. If you're looking for these properties, keep an eye on cities like Mumbai, Delhi, Bangalore, Chennai, and Hyderabad. They're booming with new construction, and developers are all trying to outdo each other with the coolest features to snag buyers.

Key Players

The major players in the market are; Kolte Patil Developers, Godrej Properties, Lodha Group, Adani Group, Mahindra Lifespaces Developers, Sobha Limited, Tata Value Homes, Ajmera Group, Prestige Group, Puravankara Limited, Majestique Landmarks, Supertech and others. This section provides company overview, ranking analysis, company regional and industry footprint, and ACE Matrix.

Company Market Ranking Analysis

So, we dug deep to figure out who's really leading the pack in the Residential Property market, focusing on the top 3 players. Ranking these companies isn't just a quick glance; we look at a bunch of things! Right now, Kolte Patil Developers, Godrej Properties, and Lodha Group are the ones to watch. We size them up based on their brand value, what they're offering (looking at product variations, specs, features, and prices), how widespread they are, their recent sales numbers, and their overall slice of the revenue pie. Plus, we further study their product lineup, checking out the tech they use and any fresh strategies they're trying to boost their presence – both globally and closer to home. Finally, we peek at their distribution setup (both online and offline) to get a feel for how strongly they're planted in different Residential Property markets.

Company Regional/Industry Footprint

Want to know where a company does business? The regional section tells you all about their geographical presence, how far their reach extends on a regional level, and where their sales network is. Take Prestige Group, for examplethey're all over the map! You can find them in North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Beyond just location, the industrial footprint section gives you a breakdown of different industries and the key players, painting a picture of where a company fits in and what industries benefit from their offerings. Then we look at their product portfolio, seeing how diverse they are and just how many products or services they offer. To top it off, we analyze their geographic reach and market penetration, figuring out how deeply their products and services have made their mark in different regions and industries.

Ace Matrix

This section of the report provides an overview of the company evaluation scenario in the Residential Property market. The company evaluation has been carried out based on the outcomes of the qualitative and quantitative analyses of various factors such as product portfolios, technological innovations, market presence, revenues of companies, and the opinions of primary respondents.

Report Scope

REPORT ATTRIBUTESDETAILS
STUDY PERIOD

2019-2030

BASE YEAR

2022

FORECAST PERIOD

2023-2030

HISTORICAL PERIOD

2019-2021

KEY COMPANIES PROFILED

Kolte Patil Developers, Godrej Properties, Lodha Group, Adani Group, Mahindra Lifespaces Developers, Sobha Limited, Tata Value Homes, Ajmera Group, Prestige Group, & Others

SEGMENTS COVERED

By Property Type.

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