“The theme of 2023 has been premiumization and appreciation, marked by a surge in luxury and premium apartment sales. This performance reflects homebuyers’ desire for distinct living spaces, spacious homes with additional rooms dedicated to passions, entertainment, or workspaces. Additionally, homebuyers sought homes with modern amenities, complemented by extensive green spaces and captivating views. While end-users dominated the market, the year also witnessed a surge in NRI buyers who saw India as a lucrative option with promising high returns.

Living closer to city center has become a key preference, offering not only convenience, shorter commutes, and socio-cultural vibrancy but also acting as a catalyst for an improved quality of life. Moreover, there has been a growing inclination towards second homes, reflecting people’s desire to own property beyond their primary residence.

The outlook for premium and luxury housing in India is undeniably promising, with strong demand reshaping the real estate market. We expect the demand to be more resilient from NRIs, working professionals, and the millennials as they look for thoughtfully designed community spaces to cater to all family members.

At Rustomjee, we will continue to focus on consolidating our existing presence in the Mumbai Metropolitan Region by undertaking Greenfield and society development projects. The premium and luxury segments will remain a priority for us due to the revival in demand in these segments over the year—a trend we expect to continue in 2024.”