Publication: Brick & Block Making Machine – May 2021
Real estate is one of the fastest growing sectors around the world. According to IBEF, by 2040, the real estate market is expected to grow to US$9.30 billion from US$ 1.72 billion in 2019.
The growth is complemented by the rise in income and constant desire to buy better residential, commercial and hospitality spaces. Talking about luxury real estate, over the last couple of years, the segment has witnessed significant growth in demand due to a rise in the number of high net worth individuals. According to the Wealth Report 2021 from Knight Frank, at present, India is home to 6,884 ultra-high net worth individuals and 113 billionaires. The number is expected to grow to 11,198, a rise of 63% in the next five years. These statistics indicate the potential, luxury housing holds.