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New Delhi (India), September 13: The demand for luxury residential properties is on the rise as a result of more people across the country having disposable income, which in turn translates into a desire to live a life that includes living in a space that is filled with luxury and privilege. According to data from Knight Frank, home sales in the first six months of 2024 reached an 11-year high of 173,000 units.
Market trends are urging for larger living spaces with top amenities in prime locations more than ever before. The new generation of buyers prioritize homes that are over 3,000 square feet in size and equipped with amenities like valet parking, private wellness centers, smart home technology, advanced security systems, etc. As buyers prefer homes that reflect their lifestyle choices, these homes come with beautiful infrastructure that resonates with their sense of style.
Gurpal Singh Chawla, Managing Director, TREVOC said, “The sustained demand for luxury homes in Gurugram has created an opportunity for developers to offer curated projects in the city’s most sought-after locations. With world-class amenities, state-of-the-art infrastructure and prime real estate, these developments continue to attract affluent buyers who prioritize lifestyle and convenience. This change in preferences has prompted us to design projects that blend contemporary architecture with urban sophistication to cater to the discerning tastes of today’s luxury homebuyers.”
The new generation of home buyers see luxury homes as more than just an asset. They prefer to buy into a lifestyle that is rich in taste and individuality and they aspire to live in prominent locations. With ultra-luxury homes available across India, developers are constantly working to ensure buyers get their dream home that matches their aspirational lifestyle.
Sandeep Chhillar, Founder and Chairman, Landmark Group, said, “Cities like Gurugram are witnessing a surge in demand for luxury real estate, especially as affluent individuals and young professionals with rising purchasing power aspire to premium homes. Affluent buyers are seeking exclusive living spaces that reflect their style and offer the benefits of premium amenities. Wellness-oriented amenities coupled with comfort and convenience factors are constantly driving the evolution of the luxury residential landscape. Gurugram is a vibrant city with an abundance of luxury housing options to cater to the evolving demands of homebuyers.”
Market analysis has revealed that luxury homes in Delhi-NCR have become popular in the first half of 2024. According to a JLL report, in the last six months, Delhi-NCR accounted for 64% of the total luxury home launches.
Shantanu Gambhir, Co-Founder & MD, RISE Infraventures Limited said, “Gurugram is already established as a hub for luxury residential and commercial real estate. With more affluent Indians opting for luxury properties, we expect to see exponential growth in luxury properties in the city, with more ultra-luxury projects by developers. This will not only bolster the city’s economic growth but also take real estate growth to new heights.”
With an increasing number of affluent buyers in the Delhi National Capital Region, areas like Noida and Gurugram are expected to see major developments soon. Prateek Group, one of the big names in the real estate industry, has delivered premium projects in Noida and Ghaziabad. Offering spacious residences and prime locational locations, Prateek Group’s projects are designed to cater to all the evolving tastes of buyers, making them the go-to choice for buyers seeking a luxury living experience in Noida and Ghaziabad. Raising the standard of quality living, the group is gearing up to launch premium projects soon.
Ashwani Kumar, Pyramid Infratech, added, “Home buyers today are proactively conscious while purchasing luxury homes. Buyers are looking for unique architectural elements while purchasing a home, indicating that design plays a key role. Moreover, they aspire to an integrated lifestyle with premium amenities and prefer properties surrounded by lush landscapes. As developers continue to innovate and strengthen the sector through unique architecture, we expect growth to accelerate further in the coming years.”
The outlook for India’s luxury residential sector is bright, with the sector expected to grow at a compound annual growth rate of 3%, and developers are quick to adapt to homebuyers’ changing preferences for more space, more greenery and premium amenities.
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