Demand for housing has been increasing since last two decades. Now when the growth in Indian market is exceptional, real estate sector, especially for luxury properties in Bangalore and other metro cities is growing rapidly. The real estate is expected to go double by the end f 2020. Along with the GDP, the per capita income is also growing at a faster pace than ever.
A recent report by The Indian Express claim s that the growth in luxury property market in India will take over the small housing market. According to financial analysts and experts, a majority of homebuyers will be choosing luxury properties over the mid-range houses.
“The number of Indian ultra-HNIs jumped to 2.36 lakh currently from 1.84 lakh in 2014 and is expected to reach 4.83 lakh by 2025,” says the report.
It is also being said that the GDP per capita income will grow to US$3500 by the year 2020. At present, the same is at US$2000. The significant growth is a strong indication that a majority of homebuyers are going to invest in luxury property market. Overall, we can expect that your investment in luxury properties will be considered smart.
Those who consider luxury home buying as an unnecessary expense, will no longer find it useless because the report also suggests that the luxury real estate market will reach US$180 billion mark by 2020 which was at US$93 billion in 2014. The experts believe that the luxury real estate market will be accountable for a majority of purchases in the coming years.
It’s Still Buyers’ Market
You may feel that luxury properties are not available in the buyers’ market and sellers only rule the kingdom. But this is not the case anymore. The environment is highly buyer-friendly and those who wish to invest in luxury properties in Bangalore or other Indian cities, this is the right time to take decisions. The growth will definitely make the market crowded and you will feel exhausted when finding the right property for yourself.
A Golden Opportunity For NRIs
When the salaries are increasing worldwide, this is the right time for tech employees and entrepreneurs to invest into luxury properties in India. The favour from the government, policies and tax benefits have made the Indian real estate market a safe place to invest in.
All-in-all it is a win-win situation for both Indians and non-resident Indians to invest in luxury real estate market. If you have already planned to buy properties in India, you should consider buying luxury houses over the mid-range properties.