Gurugram is one of the most desirable luxury real estate markets in North India. Assimilation of international technology to meet modern-day consumer demand, which typically consists of millennials and Gen-Zs, has slotted Gurugram as one of the most viable hotspots for luxury residential units, says Vikas Garg, Joint Managing Director, Ganga Realty.

In an exclusive interview with Sanjeev Sinha, Mr Garg talks about the rising demand for luxury homes especially in Gurugram and shares his business outlook. Excerpts:

What is your take on the rising consumer demand for luxury homes?

The demand for luxury homes is at an all-time high. Recently, a CBRE South Asia report revealed startling figures, indicating a rise of 151% year-on-year (YoY) in luxury housing purchases across India in the first quarter of 2023. The National Capital Region (NCR) has seen the highest market growth with sales jumping by 216% in the same quarter. The statistics are tantamount to the growing demand from consumers’ end. Demand for large spaces, upgraded amenities, and better living standards have seen a dramatic upshift. It is a post-pandemic reality which guides the buying behavior of a large section of real estate users. People who can afford luxury homes are looking for diverse options, green building features, and a lot of other factors before investing in projects. The current market dynamics favoring the growth of luxury real estate are likely to increase manifold in the future as well.

How has the concept of luxury housing evolved post-Covid-19? Has it been the same across India or only certain cities have become the hubs for luxury apartments?

The concept of luxury homes has undergone a gradual change. Nowadays, luxury and ultra-luxury residential units have seen a vast premiumization. Smart home features, high-scale technological attributes, home interiors, and the advent of 4BHKs and 5BHKs homes are some of the highly-promoted characteristics of luxury homes in India today. Talking about NCR specifically, Gurugram has become a luxury realty powerhouse. Assimilation of international technology to meet modern-day consumer demand, which typically consists of millennials and Gen-Zs, has slotted Gurugram as one of the most viable hotspots for luxury residential units.

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Since you are a proponent of inclusion of sustainable and green architecture in the real estate sector, how much inclusion of it will we see in your upcoming luxury project in Gurugram?

As a real estate developer, we think it is our prime duty to practice what we preach. We have always supported the expansion of green real estate in India and made our efforts towards the goal. Therefore, implementing the principles of sustainable architecture in our new luxury project is equally important. For starters, we are committed to using eco-friendly raw materials for construction to cause less and less environmentally-draining impact. Construction pollution stifles environmental cover and stymies economic growth eventually. Hence, we have planned to use noise-free equipment for the construction process so that there is no disturbance caused to outside activities. We are also planning to introduce rainwater harvesting and waste segregation infrastructure to ensure that the principles of the 3Rs are followed duly.

How has Gurugram contributed to the luxury housing boom that India’s property markets are witnessing currently?

Gurugram is one of the most desirable luxury real estate markets in North India. Most luxury buyers like entrepreneurs, start-up founders, business magnates, and CXOs settle in the luxury properties of Gurugram. The diversity of luxury units and configurations, projects of trusted developers, and top-notch infrastructural quality in terms of metro lines and road connectivity make Gurugram a perfect location for long-term settlement. Industry studies have time and again reaffirmed Gurugram as the top and most chosen location for luxury housing with heterogenous offerings ranging from Rs 1.5 cr to Rs 20 cr and above range starting from independent floors to 4 and 5 BHK condominiums and farmhouses and villas, among others.

What kind of response you have seen for your luxury project?

The response to our new luxury project in Gurugram has eclipsed our expectations. We have received a phenomenal response. As we are planning to venture and tap into the luxury real estate markets, the response to our first luxury project will be truly memorable.

What’s next on the agenda for Ganga Realty? Any key announcements, business expansion plans, or upcoming projects that you want to talk about?

Enthused by the buoyant demand for luxury homes, we will be coming up with a luxury project in Gurugram shortly which has been tentatively titled, ‘84’. We are planning to build high-scale luxury amenities providing a uniquely comfortable recreational experience for buyers. We will introduce Luxurious Gymnasium, Swimming Pool, Mini-Theatre, Modular Kitchen, Wi-Fi-enabled zones, Retail Spa, Sun Deck, etc in the upcoming project to elevate the standards of luxury housing experience in the country as a whole.