India's Ultra-High-Net-Worth Individuals to surge by 58.4 per cent, boost luxury real estate
May 26, 2023
Delhi-NCR [India], May 26: In a recent report by Knight Frank, a renowned global real estate consultancy firm, it has been projected that the number of India's ultra-high-net-worth individuals (UHNWIs) with a net worth over $30 million will experience a significant rise of 58.4 per cent over the next five years. This surge in wealthy individuals presents a promising opportunity for real estate developers, particularly those specialising in luxury residential and commercial projects.
The Delhi-NCR region is poised to witness a surge in real estate transactions and investments as a result of this trend. Delhi-NCR, one of India's prime metropolitan regions, is expected to be at the forefront of the real estate boom. The area boasts a vibrant economy, robust infrastructure, and a high concentration of UHNWIs. With the projected increase in their numbers, the region is likely to witness a surge in real estate investments in the residential and commercial sectors.
Manoj Gaur, CMD, Gaurs Group, said, "The projected rise in India's ultra-high-net-worth individuals presents an exciting opportunity for luxury real estate. We are thrilled to be part of this growth story. Our focus is on delivering meticulously designed projects that epitomise luxury and sophistication. We aim to create residences and commercial spaces that are not just opulent but also sustainable and in harmony with the evolving lifestyle preferences of our discerning clientele. Our recently launched uber luxury project, The Islands by Gaurs has seen tremendous response so much so that we have sold close to 75 per cent inventory in 8 months of its inception. The project features expansive 4 & 5 BHK apartments ranging from 3700 sq. ft. to 12000 sq. ft."
"As the real estate landscape evolves, we constantly recognise the need to push the boundaries of excellence. We are dedicated to creating iconic projects that redefine luxury living and working spaces. We strive to surpass the expectations of our esteemed clientele by integrating innovative design, state-of-the-art technology, and sustainable practices. With the anticipated surge in UHNWIs, we are excited to contribute to the growth of the real estate market in Delhi-NCR, offering unparalleled quality and exclusivity. Gulshan One29 is one such project through which we aim to offer premium commercial spaces to investors," said Deepak Kapoor, Director, Gulshan Group.
"We are aware of the need to push the boundaries of quality as the real estate market changes. We are committed to developing enduring projects reimagining opulent living and working environments. By combining cutting-edge technology, environmental practices, and inventive design, we want to go above and beyond the expectations of our prestigious customers. We are thrilled to contribute to expanding the Delhi-NCR real estate industry by providing unmatched quality and exclusivity with the anticipated spike in UHNWIs," said Amit Jain, Director, Mahagun Group.
The report highlights the increasing affluence of India's elite class, driving the demand for exclusive and high-end properties. This growth will also lead to the availability of sound investment opportunities for such individuals in the form of luxury projects. Luxury real estate developers are poised to benefit from this trend as UHNWIs seek to invest their wealth in projects that offer exceptional design, amenities, and premium locations. These developers are well-positioned to cater to affluent buyers' discerning tastes and preferences, offering customised and opulent living and working spaces.
Real estate developers in Delhi-NCR are keenly aware of the immense opportunities that lie ahead. They are committed to delivering exceptional quality projects that cater to the needs and aspirations of the affluent class. These developers understand the importance of providing world-class amenities, cutting-edge technology, and sustainable design in their luxury projects. They aim to create spaces that offer comfort and exclusivity and contribute positively to the environment and community.
Amit Modi, Director County Group & President Credai (WUP), said, "The expected increase in India's ultra-high net worth individuals offers luxury real estate developers an opportunity to develop projects in the premium segment. Though this section of society remains unaffected by economic fluctuations, high-end real estate is one of the safest segments to invest in segments to beat the volatility in the market. We aim to deliver ultra-luxury projects that can be touched, felt and used anytime after delivering and exemplify elegance and sophistication. We aim to deliver them on time and develop projects that stand out in their respective segments. Our goal is to design luxurious homes and commercial buildings that are also sustainable and in tune with the changing lifestyle preferences of our affluent clients."
In conclusion, the Knight Frank report forecasting a 58.4 per cent increase in India's ultra-high-net-worth individuals over the next five years opens up many opportunities for real estate developers specialising in luxury projects. With its strong economy and concentration of affluent individuals, the Delhi-NCR region is poised to witness a surge in real estate investments. By focusing on delivering exceptional quality projects that cater to the evolving demands of the elite class, real estate developers in this region are well-positioned to capitalise on this upward trend and contribute to the growth of the luxury real estate market.
(Disclaimer: The above press release has been provided by NewsVoir. ANI will not be responsible in any way for the content of the same)