SALAR NEWS

Premium residential market in India is growing rapidly

Luxury housing (units priced above Rs 1.5 crore) is set to account for nearly 17 per cent of all new residential launches in India by 2024. Rapid urbanisation driven by innovative designs is changing the market landscape

ANI

https://salarnews.in/public/uploads/images/newsimages/maannewsimage23032025_204018_Banners (3).png

cities like Ludhiana are set to emerge as a major premium real estate hotspot in north India

Bengaluru, 23 March,

India is witnessing a rising demand for luxury living spaces in both urban centres and emerging metros. As of last year, about 17 per cent of all new residential buildings launched in India were priced above Rs 1.5 crore. About 12 per cent of these projects were located in tier-2 and tier-3 cities.

This reflects a change in buyer preferences and market focus. Wealthy buyers in developing cities are looking for residences that offer exclusivity and high-end amenities. Cities like Chandigarh, Ludhiana, Kochi, Indore and Ahmedabad have emerged as strong players in the luxury real estate segment due to rapid urbanisation and better infrastructure.

Increase in disposable income and investments from NRIs might be another factor in the game. For instance, Punjab which was once primarily known for its manufacturing and trade, is now metamorphosing as a hub for luxury residential enclaves, premium retail spaces and world-class commercial developments.

Consequently, leading developers are coming up with innovative projects that meet the aspirations of residents and investors. They are focused on providing integrated five-star hospitality, high-end retail experiences, lush green landscapes and entertainment areas.

Many projects are aimed at elevating the city's stature on the global stage. With more developments planned, cities like Ludhiana are set to emerge as a major premium real estate hotspot in north India.