In quest of larger living areas and investment options, wealthy millennials in India are fueling the growth in luxury real estate
NEW DELHI: The notable expansion of India's residential real estate market is mostly being driven by the country's younger, wealthy population.
Three-quarters of the population in India are millennials, and last year they made up five4% of homebuyers with a projected total buying power of over US$330 billion.
With more people in the sector having more disposable money, they are looking for larger residences and making more investments, particularly in high-end real estate, in the hopes of earning larger returns.
Market figures show that between 2018 and 2023, sales of luxury homes in India's top seven cities increased five-fold.
In the first nine months of 2023, sales of apartments costing more than US$4.8 million—which often include a swimming pool, an open gym, a lush garde...