A heightened interest in high-end properties (Rs 2.5 crore and above) and escalating sales figures of the past few months are testimony to the fact that the luxury realty market in India is set to explode in 2023. Having recovered resolutely from the stifling effects of the pandemic, it has witnessed spectacular growth, surpassing market expectations and garnering the attention of several high net-worth individuals (HNIs).
According to a recent survey conducted by India Sotheby’s International Realty, for instance, a large number of HNIs are proposing to buy luxury property in the next two years, reflecting a strong and decisive turnaround in the luxury real estate segment.
Amarjit Bakshi, CMD, Central Park, says, “It is an undeniable fact that the luxury real estate market has performed exceptionally well in the post-pandemic era across the country, including Gurugram. The segment has gained traction among buyers wanting to upgrade their living space with greener surroundings, best-in-class amenities and top-notch services. Luxury condominiums, luxury housing and villa projects are on a selling spree in the region, recording record sales and making a distinct mark in the real estate sector. Going by the current market dynamics and trends, the premium realtors are not only adding new customers but also retaining the old ones by offering them better upgrades.”
The digital boom, which has recently pervaded the real estate sector, has also contributed substantially to the booming luxury market. The modern, working and tech-savvy individuals in metro cities are the target customers of luxury real estate developers. Trends show that the growing preference of Gen Next towards investing in luxury properties has helped the market make major strides. Latest digital tools deployed by developers, particularly post-pandemic, have made it easier for the millennia buyer to scout, choose and buy properties.
Rohit Mohan, Senior Vice-President, BPTP Group, says, “The concept of luxury housing has taken manifold leaps and evolved over the period of time. Nowadays, luxury houses are in high demand as they offer expansive green covers, high-end security features, a sense of peace and serenity and opulent interiors. The rise in demand for luxury houses can be primarily attributed to these factors and the market is bound to see a huge jump in 2023.”
Nayan Raheja, Director, Raheja Developers, observes, “The luxury property sale recorded in 2022 is just a precursor to the shape of things to come; it is set to catapult in 2023. Luxury properties, from apartments to villas to condominiums, mansions, bungalows and cottages, have a high number of takers. Developers are keen to launch new projects, solidify the sales and carve a niche in the market by catering to the ever-rising demand of the buyers.”
According to a property consutant, they are witnessing around 35 per cent quarterly hike in demand in the luxury segment and the euphoria is sure to continue in the times to come.
Ankit Kansal, MD, 360 Realtors, says, “India’s luxury real estate is set to register a strong jump in demand in the coming fiscal. Because of the growing WFH culture, the perception that compact homes are more livable is getting outdated and homebuyers now prefer to move into large spaces. Likewise, there is a growing demand for row houses, villas, penthouses and farmhouses, thereby pushing the luxury segment northwards. We are witnessing around 35 per cent quarterly hike in demand in the luxury segment and the euphoria is sure to continue in the times to come. Home loan rates are also at an all-time low, which is further adding to the growth witnessed by the segment.”
Going by the upbeat sentiments, which are supported by healthy numbers, one can say with certainty that the luxury real estate market has registered a spectacular growth and there is no slackening of demand from the buyers. Come 2023 and the sales numbers in the segment may topple all the previous records.