FY 2022 started with fantastic news for the luxury housing segment. The impact was such that it left real estate experts bewildered.
Luxury Housing
“The immense appetite for the luxury apartments post-pandemic was a natural corollary of the experiences of the time. However, I must say that discerning buyers have always sought big houses, especially in high-end luxury residential projects. In the last few years, leading real estate companies in Noida have launched their luxury projects in sectors adjacent to Noida-Greater Noida Expressway (such as 129 and 144). Over time, this region emerged as the hotbed of a luxurious lifestyle. The period immediately following the pandemic provided a big fillip to luxury housing projects in these sectors as these were priced and positioned just right to fulfil the needs of the discerning buyers,” says Yukti Nagpal, Director, Gulshan Group.
Released almost one year ago (January 2022), the survey by Anarock focussed on Buyer Interest Profiling (BIP). According to the report, sales in the price bracket of Rs. 1.5 to 5 crores accounted for 11% of the total sale. It was 1% higher than the affordable segment, which registered a sale volume of 10%.
“Luxury housing never had it so good. Its popularity surprised most developers. However, once they understood the underlying reason behind it – the pandemic-induced desire for larger homes and to lead a better lifestyle – it led to a slew of new launches. The developed regions like Noida and Greater Noida, especially the sectors along the expressway among others, witnessed increased traction as far as the luxury housing segment is concerned,” says Amit Jain, Director, Mahagun Group.
“From apartments and independent floors to independent houses and villas to farmhouses, this renewed zeal for luxury housing transformed the entire spectrum of the luxury housing segment. People were not merely content with large houses; they also wanted a wide range of high-end facilities and were willing to pay for them. An increased emphasis on the developer’s credentials was one major differentiator from the buyer’s point of view. It naturally enthused the segment and catalysed the development of the luxury segment,” says Amit Modi, Director, County Group and President CREDAI Western U.P.
“New launches in the luxury segment in the 1.5 Cr plus range have witnessed a big rise this year. The projects in fully developed residential localities such as Central Delhi and Gurugram have also tremendously gained popularity. It seemed that money was longer a barrier if the project and its location and features enthused the buyers. House size, wide terraces, airy interiors, open surroundings, and premium facilities inside the project complex are the main drawing factors,” says Nayan Raheja, Raheja Developers.
“Apart from HNIs, luxury real estate received a major boost on account of NRI investment. The favourable investment climate, the government’s policy initiatives and the rupee-to-dollar ratio were a magnet for NRIs yearning for their roots. Real estate, especially the luxury segment, was one such avenue which attracted them. Along with the top seven cities, the locations in NCR that saw increased traction included New Gurugram and Sohna Road,” says Dr. Renu Singh, President, Sales & Marketing, Spaze Group.
The luxury real estate segment never had it so good. Based on a desire to lead a better lifestyle and high return on investment, HNIs are bullish about luxury properties. And with the Indian economy expected to perform well, the luxury segment will continue to take rapid strides in 2023.
