Encouraged by excellent consumer demand, realtors are launching various types of projects in Tier 1 and 2 cities across the country. These cities are all set to witness large-scale investments in the coming years, says Saransh Trehan, Managing Director, Trehan Group, one of the leading developers of Rajasthan.
Talking about the luxury real estate, he says that as more and more people are looking to invest in real estate, luxury properties have become an attractive option for those who can afford them.
In a exclusive interview with Sanjeev Sinha, Mr Trehan talks about the latest trends in real estate and the future of the sector in Tier 1 and 2 cities. Excerpts.
As realty development in Tier 1 and Tier 2 cities is picking up steam, please tell us about some of the upcoming projects of the Trehan Group and the regions you are targeting.
We have received a spectacular response for the residential offerings that we have delivered over the past few years. Encouraged by the positive homebuyers’ demand, currently, we are developing 2 residential township projects — Trehan Vistaar and Trehan Vilasa City — in some of the rapidly-developing Tier 2 realty hotspots like Alwar and Neemrana, respectively. Expanding our wings, we are also coming up with a mall in Alwar — Urban Square Galleria — which will comprise of retail shops, a food court, a haat bazaar, restaurants, a multiplex, and an entertainment zone. Spread across 1 lakh sq ft, it will redefine the retail landscape of Alwar and provide a holistic shopping and recreational experience to the local population.
Also Read: Financial Protection: Victim of identity theft? Essential steps to take now
Bhiwadi is another region in Rajasthan where we have developed many residential projects like Trehan Vivanta Residency. In Neemrana, we have delivered THD Royal Court to provide a well-designed residential ecosystem to homebuyers at an affordable price range.
However, our projects are not only limited to Tier 2 cities. We are developing luxury independent floors in Gurugram, which is NCR’s top-selling luxury housing market. These projects are well located in the townships of Adani Samara, Anantraj Ashok Estate Floors, and Esencia located at Golf Course Extension Road, in Sector 63, 63A, and 67, respectively.
How do you see the future of commercial and residential real estate in micro markets of Tier 1 and Tier 2 cities?
The future of the real estate sector is bright in Tier 1 and 2 cities. Property buyers have realized the sustainable value of residential and commercial investments. Real estate has been categorized as a safe, stable, and reliable investment vehicle that also promises solid passive income sources such as rental housing and high return on investments in crisis periods, unlike other volatile investment channels. The end-users and investors are heavily investing in real estate assets of Tier 1 and 2 cities, because of lower property prices and retail lease deals and highly favorable and growth-oriented economic and social milieu. Encouraged by excellent consumer demand, realtors are launching various types of projects in Tier 1 and 2 cities. Tier 1 and 2 cities will witness large-scale investments in the coming years.
Are mixed land use projects gaining traction? How has the response been, so far, of your projects in the mixed land use category?
Mixed land use projects are undoubtedly gaining momentum in Tier 1 and Tier 2 cities. As of now, we are not in the mixed-land projects category, but we are seriously considering it as a part of our future expansion plans. such as residential, commercial, industrial, and recreational.
Trehan’s Group’s expansion in Gurugram’s realty space is well-known. Can you describe briefly your new project? Why did you choose Gurugram over other territories in the NCR?
Gurugram is one of the top-notch and highly recommended luxury housing markets in India. It has seen an excellent end-user demand for luxury properties in the National Capital Region. We were planning to foray into the luxury realty space and Gurugram was indubitably our first territory choice for expansion. Currently, we are developing low-rise luxury floors at Golf Course Extension Road, a prime residential corridor in Gurugram. We are working on three low-density luxury projects such as Anantraj Ashok Estate at Sector 63A, Adani Samara Sector 63, and Esencia Sector 67.
Have the tailwinds such as increasing home buyers’ density and choice of home investments favoring the growth of luxury realty? How do you see this trend developing in the future?
The tailwinds of increasing home buyers’ density and choice of home investments have indeed been favoring the growth of luxury real estate to some extent. As more and more people are looking to invest in real estate, luxury properties have become an attractive option for those who can afford them. Luxury home options have become a suitable investment choice for a large section of homebuyers who have a penchant for premium and high-end recreational habitats, wellness amenities, green home features, technologically advanced security systems, and top-tier interiors. The growth in the homebuying population preferring to invest in luxury homes has increased luxury realty demand of various categories.