India's luxury property market boom has ‘no plateau in sight' – is it sustainable?
Advertisement
The successful sale of the project called DLF Privana North in Gurugram followed two others over the 116-acre (47-hectare) residential development, DLF Privana South and DLF Privana West, each of which were sold out in 72 hours in January and May last year respectively.
The benchmark set by
India 's largest property developer has seen several others such as Godrej, Emaar and Experion trooping in with launches of several luxury flats at similar prices.
A mix of volatile geopolitical tensions – which have driven overseas Indians to buy into reputable residential properties in their home country – combined with domestic entrepreneurial and professionals' wealth has ushered in a new genre of housing.
Central Mumbai's cityscape and skyline. Photo: Shutterstock
The sale of such expensive homes has caused concern among certain quarters over whether the trend is sustainable.
Advertisement
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
6 hours ago
- South China Morning Post
India to ban ‘harmful' online money games, threatening US$3.6 billion industry
India 's parliament on Thursday passed a bill to ban online games played with money in a move that threatens the survival of the popular fantasy gaming sector, after Prime Minister Narendra Modi 's government flagged the high risk of financial harm. The sudden ban has shocked an industry backed by venture capital firms like Tiger Global and Peak XV Partners and which was set to be worth US$3.6 billion in India by 2029. Executives fear imminent job losses and a complete shutdown of many app-based businesses, which attracted billions from foreign investors. The bill prohibits 'harmful' online money gaming services, advertisements and financial transactions related to them, with the government also citing the psychological harm they can cause. 'It is the duty of the government and the parliament to take strict action against social evils, which keep erupting time and again,' federal IT minister Ashwini Vaishnaw said in parliament on Thursday. India's upper house of parliament passed the Promotion and Regulation of Online Gaming Bill 2025 after the lower house cleared it earlier this week. The president must sign the bill into law, which, although there is no set date, is considered a formality.
South China Morning Post
11 hours ago
- South China Morning Post
China and India are rebuilding relations, but will it be ‘a cold peace'?
From a new border agreement to resuming direct flights and deepening economic cooperation, China and India appear to be entering a new diplomatic chapter following Chinese Foreign Minister Wang Yi's first visit to New Delhi in three years. There could be a further thaw in ties when Indian Prime Minister Narendra Modi travels to Tianjin at the end of the month – his first trip to China in seven years – for the Shanghai Cooperation Organisation summit, when he could also meet Chinese leader Xi Jinping. But analysts say challenges remain and any improvement in the relationship might be limited given the mutual distrust between the two neighbours and Beijing potentially seeing New Delhi's overtures as 'opportunism' at a time when Washington has stepped up tariff pressure. During Wang's two-day visit to New Delhi this week, the two sides agreed to start talks on their eastern and middle border sectors, in addition to talks on the western Himalayan border that have been under way since a deadly clash between Chinese and Indian troops in the Galwan Valley in 2020. Indian media also reported that Beijing had cleared rare earth exports to India, a strategic move given the pivotal role of the minerals for China in its trade war with the United States Chinese Foreign Minister Wang Yi (left) meets Indian Prime Minister Narendra Modi in New Delhi on Tuesday. Photo: Xinhua Harsh Pant, a professor of international relations at King's College London, said New Delhi and Beijing had been pushed to engage by 'a lot of factors'.
South China Morning Post
12 hours ago
- South China Morning Post
China's shipments of major fertiliser surge 600%, signalling softer export curbs
Chinese shipments of urea – a major fertiliser and chemical used to reduce emissions – have surged after Beijing reportedly eased an export ban imposed last year to curb domestic prices and maintain food security Analysts said exports of the chemical – a type of nitrogen used in agriculture as well as to curb diesel and industrial emissions – may continue rising in August and September, as a large portion of the quota remained unused and shipments to India might resume. China exported 567,184 tonnes of urea in July, an increase of 614 per cent year-on-year and a 7.6-fold rise from June's shipments, according to customs data released on Wednesday. Exports in June had already jumped to nearly 66,241 tonnes, compared with an average of no more than 2,200 tonnes a month between January and May. The remarkable surge was mostly attributed to an exceptionally low base last year caused by the ban, reinforcing market speculation that Beijing had relaxed controls. Xu Xiaoyun, an analyst from commodity consultancy JLC Network Technology, noted that inspections restarted in late May before Beijing issued its quota. 'The urea exports in June and July were conducted under government guidance, with quota limits and price controls, rather than being fully opened.' Export destinations for the chemical also expanded from 13 countries and regions in June to 31 in July, customs data showed.
