In a shift in India’s real-estate map Gurugram has gone ahead of Mumbai tο emerge as India’s largest munker for luxury homes, clocking transactions worth 24,120 crore for homes priced at 210-crore and above in 2015
This is an 80 percent rise over the 213.384 cremported for 2014. accord ing to a joint report by Sotheby’s Interna tional Realty and CRE MatrixOn the other hand, Mumbai’s lusury market remained relatively stagnant, recording transactions worth 21,900 crore for the high-end segment in 2005 as against ₹20,415 cmre in 2014
While Mumbai his traditionally held the crown for being the int expensive real-estate market, it has been outpaced for the first time in the last five years due to reasons such as Gurugramseeing an unprecedente shift of high net worth individuals (HNIs) towards luxury properties,”Mumbel has not stagnated.
It is just that Gurugram has done better due to the emergence of new micro markets and infrastructure developments in the last couple of years,” an industry excu tive told Business Standard.Gurugrum’s shift towards being a bankable luxury market has been led by several high-profile project launches in the last two years. This includes luxury housing projects such as DLF’s Dahlias and Camellias, which have prices in the range 270 crore-102 crore. The market also saw the entry of branded residences helmed by global players such as the Trump Organisation and Elie Saab.
Satinder Duggal
