The real estate sector is gaining traction in the residential segment as buyers are taking purchase decisions rapidly in subsequent unlock phases. The segment has registered a massive 254% increase in the enquiry. It has also reached 65% of sales of the pre-Covid level, Anarock, a property consultant, says in its report. These figures are the result of increased economic activity post lockdown and the lucrative discounts offered by builders.
The luxury homes, a lifestyle statement reflecting a higher social and financial status, are a major attraction of buyers, especially of NRIs who are inclined towards a life of luxury. Luxury houses provide an opportunity for buyers to expand their social circle and connect with a diverse community having similar status. A weaker rupee, lower interest on a home loan, and the permission to own many immovable properties are the other prominent factors that make them buy a property in India.
Developers see a sanguine future for the segment and are building projects equipped with all the modern amenities. Talking about the luxury segment and buyers’ inclination towards it, Amarjit Bakshi, CMD, Central Park, said, “Indeed the coronavirus pandemic has disrupted the smooth flow of the real estate market globally. However, we at Central Park have started experiencing an increase in traction from potential customers in the luxury housing segment as the lockdown is easing out. Individuals have realized that real estate is still the best investment option. Luxury real estate is not only a great investment, it is the destination for the upwardly mobile professional elites of India.”
The concept of luxury has evolved to include many more features. The globetrotting generation compares the amenities offered in India with the world. As a result, the developers have included world-class features in projects.
“With evolving dynamics in the Indian Real Estate, developers are also focusing on offering lux amenities to the homebuyers. The leisure of clubhouses, swimming pools, kids play areas, spa and other resorts like amenities are gaining huge traction from the buyers in the luxury housing sector. The post-COVID-19 scenario is assumed to be no different for High net-worth individuals (HNIs), who are the target audience of this segment. The luxury housing market is witnessing a revival as the end-users at the top of the pyramid have only been affected marginally, and their lifestyle benchmarks continue to evolve.” Said Pankaj Bansal, Director, M3M Group.
From high-rises to duplexes and independent construction or even gated communities; luxury homes across the country are now constructed with high-end features and specifications not just in design and interiors, but also in construction methods, and amenities. Swimming pools, sports complexes, fitness centres, kids zones, meditation centres, manicured lawns, electronic security, are some other features that make luxury housing the best place to live. The technology inclusion, especially automation, has gained equal importance. Thus, it is not only drawing interest from domestic buyers, but also from the NRIs.
The pandemic has further increased the importance of luxury housing projects due to health and safety reasons. People want a serenely beautiful place having all the facilities to live in. Luxury houses meet all the demands of the buyers. This is the reason behind the increase in demand for such homes which has spread beyond the metro cities. The segment is going to witness more increase in demands in this festive quarter.