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Below the Comment on JLL Luxury Report by Mr Ashwin Chadha, CEO, India Sotheby's International Realty

We are not surprised that ultra luxury home sales are doing so well. The demand for such residential  real estate has been registering  significant growth since 2021 and it continues its momentum into 2024. The Luxury Outlook Survey conducted by India Sotheby’s International Realty confirmed this trend with over 71% of the respondents expressing a desire to invest in real estate in the next 12-24 months. While traditionally only bungalows, farmhouses, and independent luxury villas commanded prices above Rs 50 crore, now apartments and penthouses in high-rise buildings in top pin codes also fetch such prices due to the exclusive lifestyle and luxury amenities they offer. 

The latest Hurun Global Rich list reveals a 51 percent jump from last year with 271 Indian Billionaires, which puts the country in the big league. Mumbai, the financial capital has experienced a wealth surge of 47%, surpassing Beijing to become the billionaire epicenter of Asia. New Delhi is not that far behind with 57 billionaires, consolidating its position in the top 10 cities with the most billionaires across the globe.  

We anticipate the demand momentum to continue with growing wealth in the country, as India continues to march towards becoming a $5 trillion economy.

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