Latest news with #WealthReport2024
India.com
3 days ago
- Business
- India.com
Rs 500 crore, Rs 700 crore, Rs 1000 crore..., who are the people who are buying such expensive houses and why?
(File/ New Delhi: Nowadays, there is a lot of buying and selling of very expensive property in India. Leena Gandhi Tewari, chairperson of the pharmaceutical company USV Limited, has purchased two duplex flats in Mumbai's Worli area for 635 crore rupees. The total area of both flats is 22,572 square feet. The cost per square foot is 2.83 lakh rupees. In the past few years, many wealthy people in India have invested a lot of money in homes. This has changed the luxury housing market in the country. Apart from Leena Gandhi Tewari, the Kotak family bought an entire building facing the sea in Mumbai for around 628 crore rupees. Radhakishan Damani, the owner of D-Mart, purchased an old bungalow in Malabar Hill for 1000 crore rupees. This shows that India's wealthy people are not just investing in the stock market or startups, they are now investing heavily in land and property as well and they are not just buying anywhere, but rather in selected areas of the country. Why are people buying such expensive properties? There are several reasons. Firstly, people feel that the market for luxury homes in India is doing very well. The demand for good homes is very high, but their supply is low. This is especially true in areas like Lutyens' Delhi, Malabar Hill and Worli in Mumbai, and Golf Course Road in Gurugram. As a result, prices are skyrocketing. In Gurugram, prices at DLF Camellias have reached Rs. 1.17 lakh per square foot. There are some unique aspects to these deals. For instance, the Kotak family has purchased an entire building facing the sea in Worli. It is believed that they will redevelop it. These properties are not just for living but also for investment purposes. This opens up the potential for creating luxury apartments or mixed-use projects in the future, which could yield good returns. Hot spots for luxury homes According to a report by Knight Frank, Mumbai, Bengaluru, and Delhi are among the 15 cities in the world where luxury home prices are rising the fastest. In this list, Bengaluru is fourth, Mumbai is fifth, and Delhi is fifteenth. The report studied luxury home prices in 45 cities globally. It indicates that India is rapidly advancing in the luxury home market. According to the Knight Frank Wealth Report 2024, the number of ultra-rich individuals in India increased by 6% last year, reaching 85,698. It is expected that by the year 2028, this number will increase to 93,753. These individuals have invested 32% of their wealth in homes, compared to 25% in 2020. This shows that people are now investing more in assets like land and property.
Mint
30-04-2025
- Business
- Mint
Blending Business with Belonging: How Global Families Are Rethinking Where They Live
For globally mobile families, the meaning of 'home' is evolving. In an increasingly interconnected world, high-net-worth individuals (HNWIs) and ultra-HNWIs (UHNWIs) are rethinking what makes a destination not just viable for business, but also livable for their families. Traditional financial hubs are no longer judged solely by tax efficiency or investment access. Instead, quality of life indicators — education, healthcare, safety, infrastructure, and global connectivity — are rising to the top of decision-making frameworks. According to the Knight Frank Wealth Report 2024, 19% of UHNWIs planned to apply for a second passport or obtain new citizenship in 2024 – part of a broader movement among the ultra-wealthy to prioritize factors such as security, education, and long-term family wellbeing in their relocation decisions. Wealth mobility today is as much about where one can thrive personally as it is about where capital can grow. This recalibration of priorities is influencing how families choose their base jurisdictions — giving rise to a new class of lifestyle destinations that offer both opportunity and everyday comfort. As this shift gains momentum, could Dubai — long known for its commercial dynamism — be quietly emerging as both a business hub and a place that elite families choose to call home? According to the Henley Private Wealth Migration Report 2024, the UAE attracted over 6,700 millionaires in 2024 — the highest net inflow of any country globally. A significant portion of these individuals are choosing Dubai for its balance of global access, high-quality infrastructure, and lifestyle offerings tailored to international residents Dubai International Airport connects to more than 260 international destinations, making it one of the world's busiest international hubs. Its geographic position supports same-day business access across Europe, Asia, and Africa. In parallel, Dubai's infrastructure includes advanced mobile networks, digital ID services, and concierge support that cater to high-net-worth individuals and their families. The UAE's Golden Visa programme offers a 10-year residency to investors, professionals, and retirees, with flexible options for family members and staff. These pathways are particularly appealing to family offices planning for multi-generational relocation. Real estate plays a significant role in this trend. According to Knight Frank's Q4 2024 Dubai Residential Market Review, the emirate recorded AED 422 billion in residential transactions in 2024 — a 30% increase over the previous year. The surge was driven not only by volume but also by value, with 435 homes sold above USD 10 million, the highest tally globally for the second consecutive year. High-demand neighborhoods such as Emirates Hills, Palm Jumeirah, and Dubai Hills Estate continue to attract interest from globally mobile buyers seeking long-term lifestyle security. Dubai is home to one of the most diverse private education landscapes in the world. The Knowledge and Human Development Authority (KHDA) oversees over 200 private schools offering curricula such as IB, British, American, French, and Indian. More than 77% of these schools are rated "Good" or higher in KHDA inspections, making academic transitions smoother for expatriate families. Well-established schools such as Nord Anglia International School, GEMS World Academy, and Swiss International Scientific School serve internationally mobile families and offer academic programs aligned with global university admissions pathways. The UAE ranks among the top 20 healthcare systems globally, as per the CEOWORLD Magazine Health Care Index 2024. In Dubai, international-standard hospitals like Cleveland Clinic Abu Dhabi, King's College Hospital Dubai, and Mediclinic provide advanced care across specialties. Many facilities are internationally accredited and partner with global insurance providers — a key requirement for globally relocating families. Dubai continues to be recognised as one of the safest cities in the world. In Numbeo's 2024 Safety Index, the city scored 84.4/100, ranking above most major international capitals on crime and security measures. Safety is supported not only by policing but by digital surveillance infrastructure, low crime rates, and a culture of efficiency in urban management. In today's globalised world, does quality of life hold as much weight in relocation decisions as regulation and returns? For a growing number of families, the answer seems to be yes. Dubai's ability to blend elite services with everyday comfort — all in a future-ready, globally connected environment — is helping position it not just as a place to invest but a place to live. To the Reader: This article is a promotional feature and does not have journalistic/editorial involvement of Mint. Mint does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Mint shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also concerning the view(s), opinion(s), announcement(s), declaration(s), affirmation(s), etc., stated/featured in the same. The article does not constitute financial advice. First Published: 30 Apr 2025, 06:54 PM IST
