Luxury homes (homes priced above Rs. 4 rupees) in India will register 10% YoY sales growth in Q1 2024, with up to 64% YoY growth for newly launched luxury homes during this period is said to have been seen. Go to recent CBRE report.
City-wise, Mumbai recorded the highest sales growth during the quarter, registering 15% year-on-year growth in the luxury category, followed by Delhi-NCR, Hyderabad and Pune.
Several important trends have emerged in the luxury home segment that are shaping the preferences of today's discerning homebuyers. Location, connectivity, and developer reputation are important factors. However, in recent years, buyers have placed more emphasis on the aspirational aspects, and notable new trends include:
Thoughtful grand living space: Homebuyers are increasingly attracted to spacious homes that offer ample space for both living and leisure. Luxury residential projects are now focused on offering expansive living spaces featuring thoughtful design that prioritizes comfort and elegance.
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Distinctive architecture and green spaces: Unique architectural design and lush greenery characterize the luxury residential project. Homebuyers are looking for homes that not only offer aesthetic appeal, but also promote a sense of tranquility and well-being through lush landscaping and open space.
Wellness amenities for a healthy lifestyle
High-end modern amenities: Luxury is synonymous with comfort and convenience, and today's homebuyers expect nothing less. Luxury residential projects now boast a variety of high-end amenities that enhance the living experience, including smart home technology, concierge services, and 24/7 security.
Sustainable smart home: Sustainability is no longer just a buzzword, but a fundamental consideration in luxury homes. Developers are increasingly adopting sustainable building practices and incorporating energy-efficient features into their projects. Additionally, smart home technology is becoming more prevalent, making it easier for residents to control many aspects of their home environment.
Exclusivity and privacy of gated communities: Gated communities offer a sense of exclusivity and security, making them highly desirable among luxury home buyers.These communities offer a sanctuary from the hustle and bustle of city life
Commenting on these trends, Mr. Manoj Gaur, President, CREDAI NCR and CMD, Gaurs Group, said: It is now seen as a way for address to serve as a style statement and enhance one's lifestyle. At the same time, customers are not only satisfied with luxurious interiors, but also expect a number of high-end amenities and facilities, such as a club and various gaming and recreational options within the boundaries of the project, to promote community living. Masu. ”
The recent luxury housing market is
Ashwani Kumar of Pyramid Infratech said: “Developers have responded to this growing demand by launching new properties that cater to the evolving tastes of urban elites. From strategically located ultra-luxury apartments to expansive villas and farmhouses, luxury homes The segment offers diverse options to suit different tastes.Additionally, luxury homes with high ROI have also emerged as an investment vehicle in the sector in Gurugram. We are launching a luxury residential project at 71. This residential product is designed to provide an enchanting experience of enriching lifestyle.”
Highlighting the factors driving demand for luxury homes, Mr. Rajas Goel, Managing Director, MRG Group, said, “The surge in luxury homes is due to a number of factors, including wider housing needs in the post-pandemic era. The exchange rate attracts investments from NRIs and the desire to live a premium lifestyle.
Along with the Indian economy