The recent upsurge in luxury housing sales can be attributed to various factors, including the pandemic. Lockdowns and the rise of the work-from-home concept underscored the importance of expansive, better homes and self-sufficient apartment complexes. These complexes offer residents a wide range of facilities, from shopping to entertainment, says Nayan Raheja of Raheja Developers Limited.

In an exclusive interview with Sanjeev Sinha, Mr Raheja shares his insights into the evolution of luxury housing, the factors propelling its growth, and the unique attributes that define the new era of upscale residential living in Delhi-NCR. Excerpts:

What is your view on the recent resurgence of luxury housing in NCR?

The resurgence of luxury housing in the National Capital Region (NCR) is an exciting development. Previously, luxury living was limited to a select few. However, with the opening of the Indian economy, globalization, the information revolution, and the growth of startups, the number of affluent individuals has grown significantly.

This is going to last for a few years more as in the latest MPC meet, the RBI has retained the GDP projection for the current fiscal at 6.5 per cent. The experience of the pandemic left a strong feeling and desire to have bigger houses for work and education requirements.

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However, not everyone could afford a large home in Delhi, and land availability was limited, which led to vertical expansion. On the supply side, as land in the NCR became scarcer and more expensive, developers found competing in the price-sensitive affordable housing segment challenging. Simultaneously, the democratization of wealth created a strong demand for luxury housing. Gurugram took the lead, followed by Noida, and some parcels of land in Delhi became prime locations for luxury residential apartment projects.

How has the concept of luxury housing evolved over the years, and what factors contributed to the recent increase in luxury home sales?

Luxury has always been aspirational, capturing the imagination of people. Historically, it was accessible to only a privileged few. However, as the Indian economy opened up, entrepreneurship thrived, leading to the emergence of a new affluent class. These individuals desired an exceptional lifestyle, Larger than Life desires, and housing became a focal point of their aspirations.

Today, the definition of luxury housing has evolved significantly. It goes beyond large, well-designed and furnished homes. Discerning buyers also seek impeccable services, top-notch security, and modern conveniences, such as restaurants, clubs, swimming pools, sports facilities, concierge and laundry services, home automation, and even helipads. Alongside these rising aspirations, a new breed of exceptional real estate developers specializing in luxury housing has emerged. Raheja Developers, for instance, leverage the world’s best technologies, modern international principles, and partnerships with renowned service industry names, transforming their complexes into iconic structures.

How do you assess the future scenario, particularly the mid-luxury and luxury segments gaining favour among homebuyers?

While affordable housing continues to enjoy healthy demand, the balance has shifted in favour of premium housing, driven by the earlier-mentioned factors. As India progresses towards prosperity and double-digit growth, the mid-luxury and luxury segments are expected to catalyze further. It’s essential to acknowledge that these segments have experienced substantial growth post-pandemic. The outlook for these segments appears promising, aligning with India’s ongoing journey toward economic advancement.

What are the growth prospects for luxury housing in NCR and challenges?

The prospects for luxury housing are substantial. The segment has witnessed a rise in new launches, and completed or near-completion projects are nearly sold out. The prospects for luxury housing are bright and expected to gain further momentum. In terms of challenges, there are currently no significant obstacles. An ample land bank is available, regulatory checks and balances are in place, and the presence of reputed companies ensures that this segment is poised for future growth.

Please tell us about your upcoming ultra-luxury project in Delhi.

Leela Sky Villas – Navin Minar in Delhi by us represents a larger-than-life concept in luxury living. This project is the first hotel-branded residence in Delhi, characterized by its architectural magnificence, spanning 42 floors and reaching a height of 190 meters—more than double the height of the iconic Qutub Minar, making it the tallest planned building in Delhi. To elevate the living experience, we have partnered with Leela Lace Holdings, an internationally-renowned service industry player, to offer housekeeping, laundry, concierge, valet, room, and spa facilities. The 4 and 5 BHK homes feature private lap pools, and the building includes a skytop restaurant with a dedicated helipad. The project is expected to be completed by the last quarter of 2025.

Hotel Residences & Branded Residences are a novel concept. How do they differ from luxury housing?

Hotel Residences and Branded Residences represent the pinnacle of ultra-luxury living and transcend traditional definitions of luxury housing. These residences go beyond providing exceptionally designed and furnished homes. They incorporate the finest amenities within the complex, including services, security, and conveniences that redefine luxury living.

Hotel and branded residences these days are a style statement where one associates either with a 5 star hotel or a luxury brand for interiors or with both in order to achieve the best in the world. Our projects provide better amenities, focus on health, safety, cleanliness, and green surroundings, and thus gain an extra edge over many other developers and their projects.

The commitment of Raheja Developers to this unique concept is evident through partnerships with internationally renowned firms like Callison, Arabtec, Leela Lace Holdings, Aedas, Thornton Tomasetti, and Aecom. The focus is on delivering an unparalleled lifestyle experience, setting a new standard of luxury living.

How do you react to the Haryana Government’s TOD-linked FAR policy and its potential impact on the infrastructure?

The Haryana Government’s visionary Transit Oriented Development (TOD)-linked Floor Area Ratio (FAR) policy is a game-changer for the thriving market of Dwarka Expressway, transforming it into a “Skyscraper City.” This policy is about constructing tall buildings and reimagining urban living in the NCR. This not only aligns with urban planning goals but also promotes sustainable, transit-oriented living while reducing congestion and pollution.