By Amit Jain
India’s real estate sector stands at a crucial point where the need for sustainable development is becoming just as important as economic growth. Being one of the foundational pillars of the Indian economy, the real estate sector is key to the country’s overall progress. However, to maintain this growth while caring for the environment, the industry is looking for ways to strike a balance between the pressures of economic realities and the demand for sustainable practices.
In recent years, efforts like the Smart Cities Mission, affordable housing programs, and regulatory updates through the Real Estate (Regulation and Development) Act (RERA) have laid the groundwork for a more accountable and transparent sector. These changes have further catalyzed the alignment of economic development with sustainable practices, encouraging real estate players to adopt green buildings, smart infrastructure, and responsible development methods. This transformation is paving the way for a future where sustainability and economic gains coexist, marking a shift towards environmentally conscious growth.
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While sustainability is being prioritized, another trend is shaping the market—luxury housing. India’s luxury residential real estate market is witnessing an unprecedented boom, especially in key urban centers like Mumbai. The demand for luxury homes has never been higher, with many buyers now opting for larger, more luxurious living spaces. Several factors are driving this surge, including post-pandemic lifestyle changes, India’s massive economic growth, rapid urbanization, and a rise in the number of high-net-worth individuals (HNIs).
Mumbai’s luxury real estate market, in particular, is growing at an aggressive pace. Over the last quarter, new luxury launches in the city, especially in central suburbs like Santacruz and Mulund, have shot up by 64%, according to CBRE data. This growth is largely due to the rising aspirations of buyers who are looking for homes that offer a higher standard of living. Additionally, developers are expanding their portfolios to meet this demand, offering more high-end properties to cater to the increasing number of affluent individuals.
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