Insight into Real Estate Trends: Wealthy Indians Flocking to Luxury Properties
Luxury residential properties are increasingly in demand as a result of the growing number of people with disposable incomes across the nation. It has inversely grown into a desire to live a life encompassing living in a space equipped with opulence and perks. Knight Frank data reveals that housing sales hit an 11-year high of 1.73 lakh units between January and June 2024.
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As per the market trends, the desire for larger living spaces with supreme amenities located in a prime location is more pronounced than ever. New-age buyers prioritize homes that span over 3000 sq. ft and are well-equipped with services like valet parking, private wellness centres, smart home technology, advanced security systems, and more. As buyers prefer homes that mirror their lifestyle choices, these homes come with aesthetic infrastructure that resonates with their sense of style.
Gurpal Singh Chawla, Managing Director, TREVOC, says, “The sustained demand for luxury housing in Gurugram has created an opportunity for developers to deliver curated projects in the citys most sought-after locations. With world-class amenities, cutting-edge infrastructure, and prime real estate, these developments continue to attract affluent buyers who prioritize lifestyle and convenience. This shift in preferences has driven us to design projects that blend contemporary architecture with urban sophistication, catering to the discerning tastes of todays luxury homebuyers.”
New-age homebuyers perceive luxury homes as more than a physical asset; they prefer buying a lifestyle rich in taste and personal style and show a keen desire to live in prominent addresses. With the supply of ultra-luxury residences across India, developers are constantly working to ensure buyers get their dream homes for their aspirational lifestyle.
Sandeep Chhillar, Founder and Chairman, of Landmark Group, says, “The demand for luxury real estate, particularly in cities like Gurugram, has boomed since HNIs and young professionals with increased purchasing power aspire for high-end living. Affluent buyers are looking for exclusive living spaces that reflect their style and offer the benefits of prime amenities. Wellness-focused amenities coupled with comfort and convenience factors are constantly pushing the transition in the luxury housing landscape. Gurugram is a vibrant city with an array of luxury housing options catering to the evolving demands of homebuyers.”
Market analysis shows that luxury homes in Delhi-NCR emerged as the favorite options during H1 2024. According to the JLL report, in the last six months, Delhi-NCR contributed to 64 percent of overall luxury residential launches.
Shantanu Gambhir, Co-founder and MD, RISE Infraventures Limited, says, “Gurugram is already established as a hub for premium residential and commercial property. With more wealthy Indians choosing luxury properties, we envision exponential growth in the luxury graph of the city, welcoming more uber-luxury projects by developers. This will not only strengthen the city’s economic growth but also take its real estate growth to new heights.”
Delhi-NCR is seeing a rise in the frequency of affluent buyers and areas like Noida and Gurugram are expected to witness a huge development shortly. Prateek Group, one of the notable names in the real estate sector has been delivering outstanding projects in Noida and Ghaziabad. Offering spacious residences and prime location benefits, Prateek Groups projects are designed to cater to all the evolving preferences of buyers and are a go-to choice for buyers seeking luxury living experiences in Noida and Ghaziabad. The group is in the advanced stage to soon launch its upcoming premium project raising the bar of quality living high.
Ashwani Kumar, Pyramid Infratech, adds, “Todays homebuyers are actively conscious while buying luxury homes. Buyers seek unique architectural elements while buying a home, which shows that design plays an important role. Besides, they want an integrated lifestyle with high-end amenities and prefer properties surrounded by landscaped green spaces. As developers continue to innovate and enhance the sector through unique architecture, the growth is anticipated to get stronger in the years to come.”
Indias luxury housing segment is projected to grow at a CAGR of 3%, and its prospects are strong. Developers are quickly responding to the evolving dynamics of homebuyers preferences towards bigger spaces, more greenery, and high-end amenities.
