Fewer takers for luxury homes in key Indian markets

Luxury home prices in Delhi, Bengaluru have seen a sharp falls while Mumbai has recorded a marginal rise, according to a new report from global property brokerage Knight Frank.

Delhi has witnessed a decline of 3.1 per cent while Bengaluru registered 0.8 per cent negative growth between September 2016 and September 2017. However, prices for luxury homes in Mumbai saw a marginal increase of 0.6 per cent in the same period.

“Prime residential markets have been under immense pressure since demonetization. While the move had an adverse impact on the overall residential market, luxury home sales were worst hit. The wealthy investors known to take interests in such projects are missing courtesy better returns from other investment avenues,” said Dr. Samantak Das, chief economist and national director (research) at Knight Frank.