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India: Luxury homes catch real estate market’s fancy

Posted on 13 March 2013

Luxury homes have caught the market’s fancy with nearly $2 billion (over Rs 10,000 crore) worth of such houses launched across the country last year, this at a time when there’s a general slowdown in the housing segment. According to estimates, close to 5,000 homes priced above Rs 3 crore (above Rs 5 crore in Mumbai) were launched across major metros during the year as absorption beat supply in these markets.
“Luxury real estate usually does well during recession or sluggish environment as we are seeing even now. In a highly uncertain environment , the super-rich clientele prefers to put their money into these hard assets than any intangible service or instruments ,” says Sanjay Dutt, executive managing director — South Asia, Cushman & Wakefield………………………………………..Full Article: Source


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