If you think the market has been hit by recession, then you need to specify which market. Because, if the findings of the Sulekha Report for luxury property sales are anything to go by then recession is but a meaningless term when it comes to real estate! Sulekha.com, an e-commerce platform that offers classified ads, bikes & mobile deals and that started off as a yellow pages site, had launched Sulekha Property in 2011. This arm of Sulekha deals with all things related to real estate – buying, selling, renting and provides information on localities, brokers.
A market study of the Luxury Housing Market in India, 2011-2012 conducted by Sulekha Property has put forth data which suggests that Indians are spending liberally and a LOT on luxury property. The survey was conducted in eight cities – Delhi, Mumbai, Pune, Chennai, Ahmedabad, Bangalore, Hyderabad and Kolkata. For the sake of the survey luxury property was defined as apartments/flats, independent floors, row houses, individual houses, plots, villas and farmlands and price range was fixed between Rs. 1 crore and Rs. 15 crore.
According to the survey, Chennai recorded the highest number of online searches for luxury properties above 1 crore. On the whole there was a 64% increase between 2011 and 2012 for properties in the range of Rs. 1 crore to Rs. 6 crore. While Delhi had the maximum luxury property listings followed by Mumbai, Kolkata and Ahmedabad experienced the highest year-on-year % increase in property listings – it increased from 73% to 81%.
Speaking on the findings, Satya Prabhakar, CEO of Sulekha.com said, “It is interesting to note that despite the pressures of a recessionary environment, the luxury housing market in our country has been growing significantly. With the HNI (High Net Worth Individuals) segment growing steadily in India, increase in NRI investments in property here, and change in the demographics of the country, the luxury housing market is poised for greater growth in the next 5 years.”
Earlier in the year, MagicBricks.com’s survey showed how people’s choices and styles of home decorating are changing. I know that both surveys have nothing in common on the face of it, but if you look at the larger picture you will realize that the way property is bought/sell is changing as are home décor prerefences. People are choosing to flaunt their money (no matter the dismal financial situation) and are not shying away from expressing themselves through their homes. These trends then are reflective of changing times, yes?
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