Luxury buyers seek real luxury including green spaces, multi-functional corners
Buyers are back in the market with renewed demands
The pandemic has made luxury buyers crave for the best when it comes to their homes as the idea of health and safety has kicked in. As per various reports, housing units priced above between Rs 80 lakh and Rs 1.25 crore are the most inquired ones, especially in Delhi NCR. Also, around 80% of housing deals during these months have been closed as the market is witnessing only the end-users and serious investors.
Buyers are back in the market with renewed demands regarding the design sensibility and quality. This is also reflected in the new launches in this segment in H1 2020 where the luxury segment witnessed more launches as compared to a similar period last year. The percentage of luxury launches in Delhi NCR is higher than that of MMR.
The demand has been on the rise for spaces that can provide absolute freedom to people where they are free to enjoy world-class facilities within the premises. Realtors say that people are now also inquiring about the overall design and judging the project based on the social distancing it provides. Multi-functional corners for working, exercising, or yoga, have now become one of the few must-haves apart from green and naturally illuminated areas such as terraced gardens.
Explaining more on the market sentiment, Dr Rahul Chaudhary, promoter, Sunworld Group, said, “The size of a housing unit has become the deal-breaker now. End-users are stepping out for site visits and are interested in bigger units. The shift in configurations of a home is also an after-effect of home confinement. Apart from IT and ITes professionals, NRIs have also come out as the ones looking for an exclusive lifestyle. A luxury project is being judged based on the amenities that it provides. We hope to see the market get better as the festive season comes closer.”
Adding on to the developer’s prudent measures for providing the most advanced healthy living amenities, Amit Modi, director, ABA Corp & president (elect), CREDAI Western UP, said, “Developers are keen on providing extra amenities that set their projects apart. Luxury buyers, HNIs are attracted to making property investment in Noida and Greater Noida regions. This trend is due to the influx of industrial and foreign businesses entering the region. Better connectivity with upcoming International Airport will lead to a rise in residential and commercial real estate in the Post-COVID era.”
Amit Jain, MD, Mahagun Group, said, “Luxury is a class and rare virtue. For premium buyers, this ability to stand out from the rest must reflect in their homes. The quantum of health, convenience, and safety issues involved have risen lately leading to buyers becoming extremely selective. Technology upgradations and automation in home appliances and facilities have also become one of the deciding and attractive factors for luxury homes”.
Overall, the luxury real estate will continue to get better in demand as normalcy returns. There will be expectations from the developers to include essential and advanced amenities within the premises. This has the potential to become a long-term trend, as convenience and comfort will be the dominating values in the purchase of luxury homes that more or less become status symbols for buyers.