The real estate segment is witnessing a high-demand surge of luxury homes. Increasingly more people are ready to invest in luxury real estate as a result of the strengthening economic capacity, increasing disposable incomes, and the urbanisation of society. On this Yash Miglani, MD, Migsun Group shared his views. Luxury is an improved version of comfort and convenience that elevates buyers’ lifestyles and provides a once-in-a-lifetime experience. A luxury residence in a remote but accessible and convenient spot on a map provides an increased pleasure of ownership.
The demand for high-end, premium or luxury residences has been increasing yearly, and the credit goes to the availability of sound options and supportive policies. Buyers are now more focused on diverse amenities & big residential spaces that give them access to redesign their lifestyle and have ample space for themselves and their loved ones. As per a recent report by Anarock & CII, 45% of real estate investors in NCR wish to buy 3 BHK homes. This shift in the buying preferences of homebuyers indicates the importance of luxury and premium houses in the real estate market. It also depicts a drastic shift of preference in the real estate sector because of the strengthening purchasing power of individuals.
The housing sales are at a peak in Delhi-NCR, and as per the recent report by Knight Frank India, the sale in the premium residential segment in the overall housing sales has risen in the first half (H1) of 2023. Nestled in the National Capital Region, Noida has especially transformed itself into a real estate powerhouse, captivating the attention of industry experts and investors alike. Noida has emerged as the most sought-after real estate destination in NCR for luxury projects by developers and investors over the past few years due to its vast network of roads and the availability of tremendous resources and amenities.
Luxury residences provide buyers with all the amenities that they require to live a quality lifestyle. The increase in high net-worth individuals (HNIs) leads them towards the luxury segment offering a quality lifestyle along with world-class amenities. Today, buyers look for residences that offer comfort, aesthetics, scope of work, education, etc. Post-pandemic citizens have also realised the importance of owning secure, personal spaces, living with family, spending time together, and performing several activities around their near & dear ones. All these priorities of people require a larger space to be fulfilled.
Luxury and premium homes are the need of the hour, not only for the buyers but also for the developers. High & competitive land prices in the NCR do not allow developers to give all the amenities in comparatively smaller spaces with low prices. On the other hand, luxury houses allow them to use their creative skills and craftsmanship by not only giving them big spaces but also profitable margins in this competitive real estate market.
The strategic location of NCR, with a diverse range of standard living, is also one of the reasons for the increasing importance of luxury houses. Developers are now responding to this demand by launching a wide variety of options, including apartments, independent floors, elite houses, villas, mansions, etc. Luxury houses are planned strategically, keeping in mind the convenience of every age group of residents. These include kids’ playgrounds, gyms, banquet halls/clubhouses, tennis and badminton courts, private terrace gardens, etc.
The strategic location, diversified amenities, proximity to important places, connectivity to significant cities, access to leading hubs and large spaces for work and education from home are some powerful advantages of a luxury house in NCR. The changing preference of buyers after the pandemic is increasing luxury house sales year-per-year. Developers are also ready to fulfil this upward demand for luxury houses and are providing their best to the buyers. All these factors are giving positive hope for the coming months for NCR’s real estate sector.