India's super rich individuals invest nearly half of their total wealth in the real estate sector and there number is expected to double by the year 2024, reveals the latest report released by real estate advisory firm Knight Frank.
According to the Knight Frank Wealth Report 2015, India's Ultra High Net Worth Individuals (UHNWIs) invest nearly 50 per cent of their total wealth in the real estate sector, the highest across the globe, followed by the Australians at 42 per cent. The report states that as of 2014, there were 1,652 Ultra High Net Worth Individuals (UHNWIs) in India, which are expected to double to around 3371 by the year 2024.
With the number of Ultra-wealthy individuals is likely to increase and real estate sector being their preferred investment destination, there will be more demand for luxurious residential and commercial properties in India in the near future. The wealth report also states that premium properties in Delhi NCR are much cheaper than those available in Dubai or Mumbai. One can buy premium residential property in Delhi at Rupees 33,400/ sq. ft. as compared to Rupees 40,455/ sq. ft. in Dubai or Rupees 61,300 / sq. ft. in Mumbai.
Mr. Anil Mithas, Chairman & Managing Director at Unnati Fortune Group, says, “India's ultra rich individuals bring lot of optimism back into the real estate sector with almost quarter of them are contemplating purchase of another residential property in 2015. From an investment point of view, about 87 per cent of the total Indian UHNWIs wish to allocate more wealth towards premium residential projects, which is a good sign for the ailing sector.”
The growth in wealth of India's super rich individuals has impacted prime residential markets across India with several metropolitan cities, especially Delhi NCR, Mumbai and Bangalore, seeing a strong infrastructure growth over the past few years. With a stable government at the Centre and favorable economic environment arises due to decline in home loan rates and controlled inflation, more people are looking to buy residential and commercial properties in Delhi NCR than ever before.
Mr. Anil Mithas says, “with positive sentiments back into the real estate sector, the prospects of sale of premium residential apartments across India saw a significant growth and more people are planning to buy real estate properties to capitalize maximum benefits from their investment.”
According to the Knight Frank Wealth Report 2015, India's Ultra High Net Worth Individuals (UHNWIs) invest nearly 50 per cent of their total wealth in the real estate sector, the highest across the globe, followed by the Australians at 42 per cent. The report states that as of 2014, there were 1,652 Ultra High Net Worth Individuals (UHNWIs) in India, which are expected to double to around 3371 by the year 2024.
With the number of Ultra-wealthy individuals is likely to increase and real estate sector being their preferred investment destination, there will be more demand for luxurious residential and commercial properties in India in the near future. The wealth report also states that premium properties in Delhi NCR are much cheaper than those available in Dubai or Mumbai. One can buy premium residential property in Delhi at Rupees 33,400/ sq. ft. as compared to Rupees 40,455/ sq. ft. in Dubai or Rupees 61,300 / sq. ft. in Mumbai.
Mr. Anil Mithas, Chairman & Managing Director at Unnati Fortune Group, says, “India's ultra rich individuals bring lot of optimism back into the real estate sector with almost quarter of them are contemplating purchase of another residential property in 2015. From an investment point of view, about 87 per cent of the total Indian UHNWIs wish to allocate more wealth towards premium residential projects, which is a good sign for the ailing sector.”
The growth in wealth of India's super rich individuals has impacted prime residential markets across India with several metropolitan cities, especially Delhi NCR, Mumbai and Bangalore, seeing a strong infrastructure growth over the past few years. With a stable government at the Centre and favorable economic environment arises due to decline in home loan rates and controlled inflation, more people are looking to buy residential and commercial properties in Delhi NCR than ever before.
Mr. Anil Mithas says, “with positive sentiments back into the real estate sector, the prospects of sale of premium residential apartments across India saw a significant growth and more people are planning to buy real estate properties to capitalize maximum benefits from their investment.”