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Budget 2023
Budget 2023

Luxury housing uptick expected to continue in 2022

Both Mumbai and Delhi saw high networth individuals sign multiple deals for properties worth over Rs 100 crore in 2021. That momentum is not expected to let up next year

For the uber rich, a high-end property deal is no more than a number, particularly when it comes to homes in the range of Rs 80 crore to Rs 1,000 crore. While Delhi had its own share of super luxury bungalows being lapped up by industrialists, pandemic or no pandemic, India’s commercial capital continued to epitomise this syndrome in 2021. Real estate experts say the trend is likely to continue in 2022.

Several transactions were registered in the Mumbai market until March 31, the day the Maharashtra government decided not to extend the stamp duty waiver. And yet, the trend of industrialists, diamond merchants and start-up owners purchasing luxury ready-to-move-in properties has continued right until the end of the year.

In Delhi, too, several bungalow transactions were finalised in Delhi’s Lutyens’ zone and other luxury markets such as West End and Vasant Vihar. More recently, two branded players — Godrej Properties and Tata Realty and Infrastructure — said they had plans to launch projects in the segment.

While Tata Realty and Infrastructure has plans to develop an ultra-luxury residential apartment project near Hailey Road in Delhi and is expected to invest close to Rs 200 crore by 2023, Godrej Properties said it has entered into a joint venture with the TDI Group to construct a luxury housing project in the Connaught Place area.