CNN Central News & Network–ITDC India Epress/ITDC News Bhopal: The term luxury, often synonymous with vast living spaces, prime locations, and high-end amenities, has significantly evolved over the years. Today, the definition of luxury goes beyond exquisite interiors. It resonates with buyers’ lifestyle aspirations, where residents feel connected and engaged.
The large proportion of youth and their increasing urge to fulfill their aspirational lifestyles are driving rapid changes in the marketplace for aspirational products. Modern buyers, particularly millennials and Gen Z, seek more than just a grand living room or designer fitting. Their definition of luxury now includes the convenience of having everything they need, including fitness centers, co-working spaces, smart-home technologies, and eco-friendly features. This changing behavior towards aspirational projects is evident from various market analysis reports on growing sales of the luxury residential segment.
As per Mordor Intelligence, luxury housing constituted 7% of the overall market share in 2019, which reached 21% in 2024. According to its research findings, India’s luxury residential market size is estimated at US$38.02 billion in 2024 and is expected to reach US$101.92 billion by 2029, growing at a CAGR of 21.81%.
Rajjath Goel, Managing Director, MRG Group, says, “With increasing UHNIs desire of residing in cosmopolitan cities, the demand for luxury residences has skyrocketed. There is a preference for bigger homes and an aspirational lifestyle. Buyers also want to reside in iconic addresses that have brand value and enable community engagement. At MRG Group, our developments are designed to be gathering spaces where residents can connect, share, and grow together.”
Market trends underscore that modern buyers no longer seek mere accommodation but are gravitating toward homes that reflect their values, whether focusing on sustainability, wellness, or community engagement. From state-of-the-art fitness centers to eco-friendly building materials, high-end amenities, and lifestyles centered on theme concepts have become central in defining true luxury and differentiating high-end residential spaces.
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