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The real estate industry is one of the largest contributors to India’s GDP. With a mix of dynamic adaptation to contemporary times and scalable experiments in new kinds of commercial and residential projects, the Indian real estate economy has seen massive growth supported by robust customer demand. It has also played a major role in consolidating India’s supremacy as a formidable economic power while also providing large-scale employment opportunities and jobs to millions of people.
The pre-Covid era saw the real estate sector at the peak of new launches in the realm of luxury housing, and commercial and affordable residential projects. It was at the apogee of diversification in terms of developing all kinds of real estate investment classes like luxury condominiums, plotted developments, SCOs, mixed-use commercials, holiday and vacation homes etc. Every class of investment had its separate customer base and it kept on increasing with time as real estate investment is seen as a prudent and bankable investment choice with great ROIs.
After being buffeted by the pandemic, the real estate industry in the post-Covid period assisted by favourable government policies and positive market sentiments has made a strong and resilient comeback. After going through a phase of economic slumber, the realty sector is again at the stage of new and improved developments, reporting tremendous sales and takeaways.
The demand for luxury residential properties has recorded a massive growth this year, especially in the Delhi-NCR region. There is a scalable increase in the numbers of buyers of luxury properties, the majority of the takers are High Net-worth Individuals (HNIs).
The reasons for this record-breaking figure are the benevolent interest rates, stable prices and a huge demand among the new buyers for luxury living with high-end amenities and facilities. There were a few challenges initially but the spike in the buyers’ interests and demands post that paced up the luxury real estate markets and brought it into a glorious phase.
Obviously, it is out of human control to stop the onset of a global pandemic, but we can take precautionary steps to curb the impact of the economic crisis we faced during the time. There should be a strategy in place for revenue recovery, business model rethinking, bolstering crisis management structures and a place for resilient comeback and reforms to constantly modernise the business organisation and be in tandem with the current flow of business restructuring.
Overall, the future of luxury real estate is very promising. A rapid growth in the number of sales and launches is already being reported. The market sentiment is favourable and it is going to churn out even greater numbers. There is a prevalence of a pro-luxury living mind-set among the millennial working population, residing in big metro cities and constantly opting for luxury real estate. A diversity of options in this asset class is also making it highly appealing and attractive to the masses.
I FIRMLY BELIEVE THE GREATEST PUSH OF TALENT COMES AMIDST THE CRISIS. PERSONALLY, IT WAS A TIME TO WORK ON INNER GROWTH AND WELLNESS THAT ADVERTENTLY REFLECTS ON YOUR WORK. THE BUSINESSES TOO NEED TO CREATE A STRATEGY BASED ON A PRUDENT ANALYSIS OF WHAT MIGHT HAPPEN IN THE FUTURE AND BE WELL PREPARED TO HANDLE IT.
