Luxury sales supersedes all other segments – What does it evince for the future of RE?
By: Ritu Ahlawat, CEO, InvestinPRO
The post-Covid performance of luxury real estate has depicted a congruent picture. Luxury condominiums, villas, independent floors, and various other luxe housing formats have emerged as the top choices of investments for home buyers moreover in top metro cities. Most experts opined that the demand for bigger homes, spacious living rooms, and smart features led to a dramatic increase in sales of luxury homes.
The recent industry reports have gauged a promising outlook for luxurious home settings. The next generation populations, millennials and Gen-Zs, have developed a predilection for comfortable living and technology-equipped luxury spaces. They are opting for houses replete with attributes such as hi-tech surveillance and artificial intelligence (AI)-based features, including automatic temperature, light, and voice control features.
Hardly hit by the pandemic, the luxury RE developers might have considered a rollback of luxury projects or put them on hold for a while. Quite contrarily, those presumptuous views proved to be in vain. The luxury real estate class came out as the top-performing asset after the pandemic. While the pace of other housing formats has witnessed a slowdown or reported sluggish growth, the luxury segment continues to grip its hold on the elite classes. It is also pushing developers to announce new projects and line up fresh launches in the luxury segment.
Whenever we talk about the luxury real estate scenario in India, Gurugram’s mention is unmissable. Gurugram has single-handedly dominated the luxury RE segment with some of the most empowering luxury assets planned throughout the region. The home buyers have no scarcity of luxury and ultra-luxury homes to scout in the region.
Dwarka Expressway, Sohna Road, Golf Course Road, Southern Peripheral Road, and MG Road are some of the top-living corridors in the Gurugram region. A robust socio-economic infrastructure, proximity to commercial establishments, and expressways have upped the living quotient of these areas.
What is to note here is that luxury projects are high-priced yet cost-effective. HNIs are not brazenly investing in white-elephant projects, which is a bizarre and insipid representation of sound and value-based investments. They justify the costs at which are sold in realistic terms, whether it’s beautification (interiors, design etc.), amenity sets, technology facilities, and the presence of community need-based centres are inevitably present.
Latest industry reports are also confirming the trend where the tilt is toward luxury living. It is reflective of the fact that a well-maintained lifestyle governed by peace and comfort living is said to be a pronounced parameter in choosing homes than giving weightage to less cost expenditure and opting for cheaper modes of living means.
Luxury RE is riding high on buyers’ backing, and it is estimated that it will continue to attract new consumers. The demographic dividend is also favouring the segment, as there is a significant spike in the millennial population and working class.
Technological breakthroughs, innovations, and the creation of a well-aware ecosystem will also charge up the luxury segment in the coming times.
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