Premium Housing Demand To Stay In 2024, Gurugram Growth To Continue, Says Nayan Raheja of Raheja Developers

The surge in demand for luxury projects mirrors changing buyer motivations and preferences, says Nayan Raheja of Raheja Developers. A real estate developer, deeply ingrained in this landscape, shares his insights into the sector’s growth, sustainability, and future outlook in a free-wheeling chat with Realty & More. Excerpts from the conversation: 

Q. How has the definition of luxury housing transformed over time, and what factors do you attribute to the recent surge in luxury projects’ demand?

A. Luxury has always been an aspiration for humans that was initially accessible only to the privileged few. However, the landscape changed with the opening up of economies and the surge in entrepreneurship. This shift gave rise to a new segment of buyers who were motivated to lead extraordinary lives and elevated living standards. As a result, luxury housing became a focal point of their attention, which goes beyond expansive, well-designed spaces to encompass a suite of high-end amenities. Buyers now seek impeccably designed residences, top-notch services, cutting-edge security, and modern conveniences such as restaurants, clubs, swimming pools, sports and recreational facilities, concierge and laundry services, home automation, and more.

A new generation of real estate developers specializing in luxury housing has emerged, who leverage the world’s best technologies, adhere to modern international standards, and set up partnerships with renowned names in the service industry, transforming their developments into iconic structures.

Q. Can you share insights into your key principles for achieving success in the real estate sector? Also, could you elaborate on your personal journey and the challenges you navigated before gaining recognition?

A. My fascination with architecture has been a lifelong interest, and I proudly hold the status of an alumnus of the School of Planning and Architecture. Beyond my love for buildings, I also have a strong passion for wildlife photography and music. I believe that these varied interests significantly influence my perspective on housing, motivating me to provide a unique offering compared to other developers. One of the most challenging aspects of my journey as a developer was persuading our stakeholders about the untapped potential of luxury housing in India.

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Q. How do you analyse the current landscape of the real estate market, and what are your projections for growth in the sector?

A. This year has witnessed a remarkable balance between the demand and supply of projects, which has also been backed by numerous research reports. Gurugram witnessed a considerable increase in new residential launches, showcasing the resilience and attractiveness of the region’s market. The third quarter itself witnessed a 9% increase as compared to the previous one and a 44% rise on an annual basis. Gurugram dominated the annual growth with 50% projects across the residential domain. I think that the growth will continue as the response to the sector has been quite good, and buyers have been showcasing a keen interest in Gurugram and its adjoining areas. 

Q. What strategic plans does your company have to advance its business footprint and ensure sustained growth?

A. We have tried to contribute our best in shaping the real estate sector in India and have earned a name that commands both respect and awe. The credit goes to our hardworking team and their proactive stance. To sustain our leadership, we consistently stay updated on the latest innovations, trends, and technologies. Our progression extends into the digital realm, leveraging cutting-edge technologies and harnessing big data and analytics to scrutinize current trends and predict future developments. Across diverse verticals, from affordable housing and slum redevelopment to senior citizen and assisted housing, as well as super luxury projects, we have firmly established our presence, catering to all segments of society.

Q. Incorporating sustainability principles is increasingly pivotal in real estate development. Could you shed light on how your projects integrate these principles and contribute to environmental responsibility?

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A. All of our projects have been meticulously conceived and executed with a strong emphasis on sustainability. Our initiatives include resource conservation, energy efficiency, and deploying eco-friendly machinery. In the realm of design, our buildings have garnered acclaim on both national and international stages for their cutting-edge architecture, interiors, and landscape, with a particular focus on environmental sustainability. Our commitment extends to ensuring environmentally conscious construction practices and prioritising the welfare of labour at our project sites.

As a company, we proactively engage in corporate social responsibility (CSR) activities, demonstrating our dedication to giving back to society. Employing best practices in sustainability, we strive to minimise our carbon footprint through measures such as Rainwater Harvesting, Dual Flushing, the utilisation of purified Sewage Treatment Plant (STP) wastewater for construction, Water Recharging, Solar Energy Generation, Sensor-Operated Lighting, and the incorporation of locally sourced materials, among other strategies.

Q. As we transition into 2024, how has the real estate sector fared in 2023, and what are your expectations for the sector’s outlook in the coming year?

A. The real estate sector in India experienced unprecedented growth in 2023, notably in the luxury housing segment. The industry responded to evolving urban tastes with a focus on luxury and larger living spaces. Delhi-NCR emerged as a hotspot, witnessing a remarkable 216% growth in luxury housing sales. Positive economic indicators and increased NRI investments fuelled this surge. There will be no letting back in the premium housing segment in 2024.

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