RISING DEMAND FOR LUXURY HOUSING WITH PARADIGM SHIFT
The real estate scenario in India is experiencing a significant surge in demand for luxury housing. In the last two years, people’s preference has turned towards luxury living-bigger houses and top-of-the line amenities. The pandemic made people realize the importance of living in spacious homes with superior lifestyle. Plus, all indicators are pointing out that India is having high economic growth. As a result, we are witnessing a huge demand for luxury housing in all the metro markets. Pandemic-driven Shift towards Luxury Housing Among all the factors mentioned above, the most significant factor affecting this change has been the COVID-19 pandemic. It has played a pivotal role in reshaping the real estate market, especially the preference towards the luxury segment. Lockdowns and the rise of remote work arrangements have emphasized the importance of spacious homes that offer self-sufficiency and a range of amenities, including the necessity of home office set-up, if required. Homebuyers now seek properties that provide shopping, entertainment, and recreational facilities within the residential complex with particular emphasis on healthy surroundings. Luxury housing projects aim to fulfil these requirements, offering residents a comprehensive living experience. Economic Growth and Increased Purchasing Power India's impressive economic growth and positive performance in global markets have increased purchasing power among urban dwellers, especially in metro cities. Affluent individuals aspire to lead a good lifestyle, and they are willing to invest in luxury residences that reflect their status and provide an elevated living experience. They look at home not just as a play to stay in, but it should also amplify their outlook and lifestyle, and the address should also serve as a style statement. As a result, the preference for bigger houses and luxury amenities, along with the joy of living in an iconic address, has become more pronounced in recent years. Impact of Pan-India Real Estate Players Another noteworthy trend has been the entry of big pan-India real estate players in NCR's luxury housing market. It signifies the maturity of the realty market in the region. Corporate real estate companies were relatively scarce in the past, but the scenario has changed drastically in recent years. The presence of multinational corporations (MNCs) in Gurugram and Sohna Road, coupled with the development of the Noida International Airport and peripheral infrastructure in Noida and Yamuna Expressway, has attracted reputed developers to the region. These players bring advanced technologies, global expertise, and innovative practices that contribute to the growth and improvement of the luxury housing sector. End-user Driven and Investment Opportunities One of the most remarkable features of the resurgence of luxury housing in NCR is that it is primarily driven by end-users who seek a premium living experience. At the same time, investors with medium and long-term horizons have also recognized the potential of the luxury segment. Favorable exchange rates, particularly for non-resident Indians (NRIs), have made international investment in India's real estate market attractive. Additionally, startup founders and entrepreneurs are investing in premium housing to benefit from tax advantages. These factors contribute to the increasing demand and growth prospects of luxury housing in NCR. Noida: Transforming into a Hub of Luxury Residences Traditionally considered a premium market, Noida has witnessed a remarkable transformation over the past year, emerging as a hub of luxury residences. Numerous developers in NCR launched several luxurious high-end projects & witnessed a great response from homebuyers. Last year, we at Gaurs Group also launched an ultra-luxury project "The Islands by Gaurs" in Greater Noida, offering 4/5 BHK uber luxury residences facing an 18 hole golf course in a sprawling 452-acre green campus. The response was overwhelming and buoyed by that, we have plans to launch more projects in the luxury space. Promising Prospects and Future Growth The prospects for luxury housing in NCR are highly promising. The segment has witnessed a rise in new project launches, and completed or near-completion projects are almost sold out. With ample land available, robust regulatory checks, and the presence of reputed developers, the luxury housing segment is poised for a quantum growth in India.
Tags : rising demand luxury housing paradigm shift Manoj Gaur CMD Gaurs Group Chairman - CREDAI National & President CREDAI (NCR) & Chair Housing & Urban Development Committee PHDCCI - UP Chapter homebuyers real estate India amenities superior lifestyle