A new study by research firm Mintels shows that India’s luxury housing market is poised to be one of the hottest of the decade and, in the process, will become a hotbed of competition to its home buyers.
The study, titled India’s Largest Luxury Residences and Larghest Largiest Luxury Home, is based on an interactive analysis of real estate data, and is based mainly on information from online listings and real estate websites, such as RealtyTrac and Realty Guru.
It says that by 2020, India will have more than 40,000 luxury residential buildings and 3,500 luxury condos, which will be worth $3.9 trillion.
The number of luxury residential properties and condo sales will be around 13,000 crore in 2021-2022.
While the luxury housing boom is still relatively new, it is expected to be fuelled by the global boom in the luxury residential property market.
According to Mintels, by 2020 India will be home to a total of 2,872 luxury residential units, representing over 30% of the total housing stock in the country.
The luxury residential market is also predicted to have grown at a faster rate than the residential property sector in India.
In the decade to 2020, the number of residential units in India has more than doubled from 1.8 million in 2011-12 to 7.3 million in 2021.
Mintels says that India is expected be the most populous country in the world by 2020.
The research firm expects India to become the fifth largest housing market by 2021 and the fastest growing housing market globally.
By 2024, the country’s housing market will have grown to 5.7 million homes.
The report says that over half of the homes sold in India in 2021 will be luxury properties.
The country is also expected to become one of India’s fastest growing luxury housing markets in 2021 with growth rates of over 6%.
“We expect to see growth in the global luxury residential residential market, which is the fastest growth among the developing world countries in 2021,” said Dr Akshay Kumar, Head of Research at Mintels.
“With this fast growth in India’s housing sector, it will be a game changer for the global housing market and will have a major impact on the overall market in the coming years.”
Mintels also predicts that India will become the largest market in Asia for luxury residential development.
The luxury residential housing market in India is estimated to be worth over $8 trillion in 2021 and has already surpassed China’s luxury residential real estate market of $7.3 trillion.
In 2020, over half the luxury condo sales in India were to foreign buyers.
The majority of the foreign buyers were from Europe, Asia and the United States.
The data suggests that by 2022, India’s condo market will be the fourth largest market after China, the United Kingdom and the US.