The demand for luxury housing has seen a major rise in India in the past few months. Factors like changing buyers’ preferences, evolving living standards of people and dropping in the home loan rates have given a big boost to the luxury real estate. Besides the High Net-Worth Individuals (HNIs), who have always been the frontliners in luxury asset buying, young working professionals and start-up owners have also contributed significantly to the purchase of luxury properties in the country. Seeing the current surge, many big investors are also showing keen interest in luxury realty, mainly because of the long-term yield that it offers.
Given the recent trend, developers across the country have also increased the supply of luxury housing and are focusing on delivering good quality projects which compliment the needs of present-day buyers.
Definition of “Luxury” has changed
Today’s buyers want a space with amenities. People are now seeking homes with all those features that contribute to a wholesome lifestyle. Developers also understand these needs and are coming up with new projects, fulfilling the demands of young buyers. In the post-COVID era, The need for more open and green spaces, which every environmentally- conscious buyer now looks for, is well taken care of by the developers. Most importantly, the properties on offer ensure the provision of multi-functional spaces, the need for which has become paramount due to the ongoing hybrid work culture in the corporate industry.
Owing to all these factors, the luxury segment of Indian real estate industry has taken the centre stage with several experts and research agencies stating the healthy uptake in the sector in recent times. It is quite certain now that the future of luxury housing is bright in our country.
Luxury Real Estate To Scale Greater Heights
The changing lifestyle preferences of home buyers and emerging need of sustainability are the two major catalysts behind the increased demand of luxury real estate. The ultimate goal of investment in a luxe property is to make the living experience hassle- free. Hence, people are leaving no stones unturned to upgrade their houses with world-class amenities and smart safety systems to meet the benchmarks of their opulent lifestyle in the posh areas.
If you take the stats into account, as per the report of ANAROCK, the luxury realty sector has performed exceptionally well post lockdowns, with overall sales rising steeply across the top 7 cities. Today, the HNIS, UHNIS, NRIs, expats, business leaders, working professionals and others are actively looking to investing in an expensive and luxurious property to magnify their status in the market.
The luxury realty has become resilient and is also considered as a hotbed of investment opportunities. With the pandemic fear withering away, the upcoming quarters will be a defining period for the real estate market. Moreover, the buyers are confident like never before and this will usher in a new growth phase in luxury real estate in the near future.