A top Indian developer plans to build two luxury housing projects near the nation’s capital where the rich have been snapping up premium homes.
Godrej Properties Ltd. will develop luxury residential projects on two plots of land in Gurugram, a satellite town near New Delhi, the company said in an exchange filing. It is projecting sales of 31 billion rupees ($377 million) from the projects spread over a combined area of more than 3 hectares.
A growing population of wealthy Indians is boosting real estate investments in India, particularity for premium housing, prompting builders to come up with more such projects. Earlier this year, another developer DLF sold 1,137 apartments costing almost a million dollars each in just three days.
Read: India Developer Sells $1 Billion of Luxury Homes in Three Days
India has seen an upswing in the sale of pricier homes in the first three months of this year, according to a CBRE report in May. Luxury apartment sales in one of the fastest-growing major economies increased by 151% from a year ago as home buyers look for larger space with better amenities post the pandemic.
The number of super rich households, those earning more than 20 million rupees a year, almost doubled to 1.8 million in five years to 2021, showed a report by People’s Research on India’s Consumer Economy and India’s Citizen Environment last week.
An unprecedented amount raised from the bond market by the nation’s property companies shows that a pause in interest-rate hike by the central bank and the resilience of the economy has bolstered the home demand. India Ratings and Research Pvt. forecasts home sales to increase 9% in the current fiscal year that ends March.
