The demand for luxury homes is expected to increase in 2022. The reasons behind this are attractive pricing, the positive perspective of the home-buyers, and the preferences for bigger homes.
The properties costing Rs 1 crore and above also fall in the category of the higher end of the property market which has done better progressive in 2021. In 2020 all primary sales were being about 21 percent, about 23 percent of the total primary sales they constituted, revealed in a Research. In the last 18 months, more than 1/4th of real estate properties being purchased by the high net-worth luxury home-buyers, stated by a luxury residential and international property consultancy in a new survey.
The demand for homes with ultra-modern amenities has seen an uprise because people were confined to their houses for a long time as per all these data collected. The buyers are looking at bigger and upgraded living spaces and the sales are better compared to pre-Covid-19 levels because as per experts, the Covid-19 period has created a reset in the luxury residential market.
The factors behind the considerable spike in the demand of luxury and premium segment.
Key demand drivers
The demanding nature of houses has witnessed a change due to the work-from-home now being an integral part of the way we work nowadays, mainly because of COVID lockdowns. There has been massive movement in both supply and absorption in Mumbai Worli to Churchgate, by looking at the luxury market. Similarly, there are some other best-performing regions also like Koramangala in Bengaluru, Luytens, Vasant Vihar in Delhi-NCR, ECR in Chennai, and Banjara Hills in Hyderabad. Luxury sales were filling around 20 to 23 percent of the total sale value with consistent transactions throughout the year.
Other cities were being driven by sales from the independent bungalows and houses, while the Mumbai luxury market was dominated by high rises. According to the experts, since people have started spending more time inside the house, the trend has now shifted towards low-density projects with controlled gentry.
The emphasis on comfort and health is given more importance for focusing on improving the quality of life as a result of Covid-19. As recently homes have become one of the sole spaces for almost all activities, there has been increasing in the demand for high-end properties that may serve as catch-all compounds like providing a resort-like living experience, and live-work spaces, among the UHNIs. As a result, and to fill in the gap by providing world-class amenities, distinctive architecture, and a healthy lifestyle which has evolved the luxury real estate market in India and also supports the purchasers’ concept of elegant and modern living.
Changing of the luxury landscape
To appease more buyers, the real estate developers are armed with the most in-demand home features because recently home-buyers are looking for and, viewing properties very differently. There have been gained supremacy of homes that have boasted features like fire pits, outdoor kitchens, bar areas, and outdoor areas with huge patios. The premium developers are now providing Home automation, balconies, decks, courtyards, water walls, clubhouses, private pools, rooftop gardens, reception and concierge desk, high-speed branded elevators, well-equipped gymnasium, and lobby with a waiting area for guests and visitors. Advance enterprise technologies and new-age digital transformation tools such as analytics for decision making and mobility solutions, ERP, data science, robotics process automation (RPA), and internet of things (IoT) are also helping developers with increasing visibility and productivity, negotiations, and prompt assets valuations.
There could be a lead to a large supply of high-rise waterfront towers due to the relaxed coastal regulated area (CRZ) guidelines. The new favorite statement for buyers are now, the connection between top developers and high-end designers.
There could be a lead to a large supply of high-rise waterfront towers due to the relaxed coastal regulated area (CRZ) guidelines. The new favorite statement for buyers are now, the connection between top developers and high-end designers. The increased ceiling height, designer wallpapers, luxury plumbing, modular kitchens, smart homes, and other interior aesthetics are also determinants of the buyer. Indore, Chandigarh, Slat, Cochin. Luxury apartments are gradually increasing in Tier-II cities such as, and developers are jumping into second-home or first-home options with telecommuting facilities. Because security and security are top priorities, UHWI prefers to buy a home in an integrated community that does not require exit from the community. “The gated community provides an overall life experience, so developers can easily drive-in cinemas, healthcare facilities, life support for the elderly, supermarkets, shopping malls, hotels, schools, etc. We provide world-class facilities with access.
Break of momentum
In the last five quarters, luxury home sales have gained momentum since the third quarter of 2020, and Omicron is not considered a party stopper, according to government experts. “Restricted movement can lead to the challenge of completing the home buying process and delaying buying decisions. This year’s debut of new goods has been met with enthusiasm by developers across the country. To take advantage of the current atmosphere, many modest, structured players have formed joint ventures and co-development agreements. As a result, the upheaval caused by Omicron could represent an exception in terms of continuing demand recovery.
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