The luxury housing market is dominated by well-heeled buyers looking for a new way to escape the monotony of life.
Many reports indicate a rising demand for luxury homes in the market; this is especially true in the Delhi NCR market, where some of the best properties guarantee a world-class living. Despite the demand for luxury houses spread across the NCR, premium developments in Gurugram and Faridabad offer the best options with an ‘in-the-midst-of-nature’ experience. Premium developments like Amstoria, Terra, Astaire Gardens in Gurgaon offer the similar kind of products in these larger township. It offers Independent floors, high-end 3 BHK and 3BHk+Home office apartments, Villas, Plots, etc.
According to data by ANAROCK, housing sales in the top seven cities surged by 71% y-o-y in 2021, with the premium segment (priced between Rs 80 lakh and Rs 1.5 cr) accounting for 25% of total sales. The luxury market is dominated by well-heeled buyers looking for a new way to escape the monotony of life. As a result, NCR offers projects that provide resort-like experiences or initiatives that provide rural experiences.
The purpose of buying a luxury property is to find a location that would allow the buyers to live a healthy and secure life. However, determining the price range is challenging since the luxury home buyer market includes people from many walks of life.
Since June 2021, residential demand has shifted significantly, with demand for larger apartments at an all-time high; the COVID scenario has tilted the balance in favour of the real estate. Demand has outstripped supply in the Delhi NCR market, meaning that a good project has a decent chance of being snapped up by buyers. To take advantage of the market’s momentum, developers have raised the number of new launches.
According to Sotheby’s Luxury Housing Outlook-2022, up to 67% of high-net-worth individuals intend to buy luxury houses in 2022, with a lifestyle shift being the key driver. The luxury industry is dominated by well-heeled clients looking for a different kind of escape from ordinary life. NCR will profit as a result, as the region contains some of the greatest assets in the market. Also, a CII-ANAROCK Consumer Sentiment survey conducted last year said that a substantially higher percentage of NRIs are looking for self-use apartments. According to the survey, at least 53% of NRI respondents who plan to acquire property in India will do so for personal use and 47% for investment.
A prior ANAROCK poll put NCR third in attracting NRIs, behind Bengaluru and Pune, which boosts the prospects of luxury in the region. The vast majority of NRIs (about 90%) prefer properties developed by well-known companies, which explains why NCR, which has a vibrant real estate sector, has performed so well. One of the biggest draws for NRIs to NCR is the planned development, where even the sector roads are developed before the commencement of a project.
(By Rohit Mohan, VP Marketing, BPTP Limited)