India’s rich millennials driving luxury real estate boom in search for investment opportunities, bigger liveable spaces

Mr Prashant Thakur, senior director of Anarock Property Consultants, told CNA that there has been a “great resurgence” in the entire residential real estate market after the pandemic, and notably in the luxury and ultra luxury segments.

“The top and foremost reason is that a lot of people realised the importance of a house, typically a physical asset. There were a lot of upgrades happening. People upgraded from a smaller house to a bigger house,” he told CNA.

“And people were sitting on good money. During the pandemic, the stock market did well, so the savvy investors moved their money from the stock market to the physical market.”

ASPIRATIONAL PROOFS OF SUCCESS

For young Indians with new wealth, home ownership is something they aspire towards and is seen as proof of success.

According to a recent survey by global commercial real estate firm CBRE, 44 per cent of millennials polled in India said they plan to use their earnings to invest in a home within the next two years.

This is a big change from previous generations, which usually invested in stocks or gold, said observers.