We have seen a massive spike in sales of affordable luxury homes in 2023, indicating a significant trend in home buyers’ preferences. These buyers are now inclined towards larger living spaces equipped with luxurious amenities that provide an indulgent lifestyle at a well-connected location.

The focus on luxury and wellness amenities, and sustainability features, along with green living initiatives and zero-waste planning, reflects the evolving priorities of developers and homebuyers in the real estate market in India.

The increasing aspiration among homebuyers for luxurious living with amenities and unique experiences reflects a broader shift in lifestyle preferences and expectations.

This shift in preferences and lifestyle choices has significantly propelled the demand for affordable luxury housing in Mumbai. Concurrently, the city of Mumbai has been undergoing upgrades, enhancing overall convenience and ease of travel across its various regions.

Outlook for 2024

Looking ahead to 2024, we see homebuyers in the mid-segment of housing aspiring to a better lifestyle. They are looking at homes that are luxury in nature yet come at an affordable price point and at a centrally located, well-connected property. (The author is Director, Siddha Group)