In a bid to take the standard of living to the next level, real estate developers have started building several ultra-luxury projects.
In the evolving Indian real estate market, the demand for luxury houses is getting higher. Luxury realtors have recognized India as one of the world’s most vivacious & diverse markets to explore. They are now concentrating more on developing luxurious apartments, penthouses, villas and bungalows in gated communities, with world-class designs and amenities besides luxury lifestyle and golf townships. In order to take the standard of living to the next level, the Indian real estate developers have also started building several ultra-luxury projects.
Some real estate developers in India have ventured with well-known domestic and international interior designers to provide custom decor whereas many are also delivering fully furnished service apartments to rejuvenate and work. The focus of developers is now shifted to developing townships with a golf course & modern landscape on the themes of hills, mountains, forest etc., that creates premium products than the rest of the market. Also, housing projects having a specific architectural style, such as Spanish, European, French, German, etc are in demand.
It is true that affordable housing is driving the market, but the demand for luxury housing is also growing. In fact, there are various factors which have been driving the demand for luxury housing. Firstly, India is witnessing a strong economic turnaround. In April 2017, the International Monetary Fund (IMF) released its predictions for the Indian economy – The growth rate for India was pegged at 7.2% and is predicted to rise to 7.9% in 2018-19.
As per the research by an Ahmedabad-based marketing consulting firm IKON, the Indian real estate market is on a recovery path and is witnessing investments by HNIs, while demand will grow in the luxury segment after 2020, which is in the near future.
A PwC report estimates that India’s economy is set to go past the US by 2050 in PPP terms and will be ranked second in global GDP rankings.
Luxury housing is gaining more attention in metro cities. With close proximity to Delhi, NCR has witnessed an excellent overall increase in its luxury home sales during the past few years with new projects being launched in cities like Gurgaon, Noida and Faridabad. NCR offers a good choice of premium living, with a vast number of luxury housing projects that are either operational or nearing completion.
The existing physical and social infrastructure of Gurgaon has put this city on top of the chart of luxury housing segment, giving India an edge over other countries. With RERA in place, the Indian real estate sector has become more lucrative and regaining its popularity in the global market, resulting in the incremental growth of foreign investments in the sector.
(By Gaurav Mittal, Managing Director, CHD Developers)