India's premium residential market soars with rising demand for luxury living spaces
According to ANAROCK Research, luxury housing (units priced above Rs 1.5 crore) account for almost 17 per cent of all new residential launches in India as of 2024.
Notably, tier-2 and tier-3 cities account for 12 per cent of these projects, signalling a shift in buyer preferences and market focus. Cities like Chandigarh, Ludhiana, Kochi, Indore, and Ahmedabad have emerged as strong players in the luxury real estate segment due to rapid urbanization and enhanced infrastructure.
Affluent buyers in these developing cities are seeking residences that offer exclusivity and high-end amenities.
This shift is also driven by rising disposable incomes and increased investments from NRIs. For instance, Punjab once primarily known for its manufacturing and trade, the city is now emerging as a hub for luxury residential enclaves, premium retail spaces, and world-class commercial developments.
As demand for upscale living and modern infrastructure rises, leading developers are stepping up with innovative projects that cater to the evolving aspirations of residents and investors alike. These new developments like The Wilton and 'M Square' by Malhotra Realty are focusing on offering world-class amenities such as integrated five-star hospitality, high-end retail experiences, and lush green landscapes.
The Wilton,' a 12-acre luxury development on Hambran Road, features 550 premium residences and a five-star Courtyard by Marriott hotel while 'M Square,' a 50,000 sq. ft. shopping hub on Gaushala Road, offers modern retail, dining, and entertainment experiences.
According to Meenu Malhotra, founder and chairman of Malhotra Group PLC (UK), these projects are not merely about brick and mortar but aim to elevate the city's stature on the global stage with meticulously designed spaces redefining the city's landscape. With more developments planned, cities like Ludhiana are set to emerge as a leading premium real estate hotspot in North India.
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