The COVID-19 pandemic has led to buyers preferring more luxury housing units. Luxury projects come with more facilities, making them worthwhile investments for those who can afford the same. As per latest reports, the premium housing category between Rs. 80 lakh and Rs. 1.5 crore had the highest number of new launches at 36% or roughly 13, 130 units for Q2 2021, followed by the mid-range category with 11, 760 units or 32% throughout major Indian cities. Experts feel that location has become really crucial after the lockdown since people wish to uplift their daily lifestyles without travelling excessively for recreation and work alike.
Co-Founder and Head NRI Sales, Square Yards (UAE), Anupam Rastogi, stated that millennial buyers are going into luxury terrain with newfound preferences for more sustainable, smarter and WFH-ready dream units. Being locked in smaller rental units throughout the pandemic for several months has made millennial buyers aware about the necessity of buying spacious homes. Those with ample purchasing power and aspirations are steadily investing in greener and bigger properties with open and private zones and spacious rooms for designated WFH options, recreational possibilities and also the education of children.
Tech-savvy younger buyers are also interested in contactless and advanced features within their homes along with amenities like sports facilities, clubhouses and car-charging points for EVs. With home loan interest rates at historical lows, cuts in stamp duties and attractive pre-payment plans, home buyers with higher aspirations are finding this the right time to invest in luxury housing. The location matters, particularly in terms of capital appreciation. It should be a short commute away from the key business, lifestyle and entertainment zones. The luxury apartment should be ideally within 1800-3500 square feet while offering unmatched safety and amenities. The property should have proper build quality along with the best raw materials, interior décor themes, fixtures, fittings and other measures. The developer’s reputation and timelines for completion should be checked as well. Feedback should also be taken from earlier buyers.
Many experts also feel that more buyers desire smarter and better homes with proximity to their lifestyle interests and workplaces. Recreation has also gained more importance after the lockdown according to them. Some feel that luxury housing sales have been steady in spite of the pandemic since this buying class was not as adversely affected financially. Luxury housing is now more driven towards end-users and developers are offering freebies, discounts and several attractive payment plans for tapping into buying sentiments. NRIs are also investing more in luxury homes in India. Reports indicate 73% of NRIs preferring units priced in the Rs. 90 lakh to Rs. 2.5 crore brackets.
Before the coronavirus outbreak in the second half of 2019, only 41% of NRIs preferred units at this price point. NRIs are also more inclined towards investing in 3 and 4 BHK homes. Luxury sales are also increasing owing to the growing preference for larger housing units. There are several luxury housing hubs in the country. Vadodara for instance has seen traction for luxury apartments in areas like Vasna-Bhayli and others. The city has benefited from factors like good healthcare infrastructure, educational institutions, recreational zones in every area, proximity to the city of Ahmedabad and the ongoing DMIC (Delhi-Mumbai Industrial Corridor). Several areas are rapidly urbanizing with new luxury housing projects being developed. In fact, the Vasna-Bhayli road between Bhayli and Manisha Circle has developed rapidly, going through areas like Sardar Chowk, Bhayli, Shobhana Nagar and Mulji Nagar. There are several commercial and residential developments along this stretch in addition to banks, petrol pumps, ATMs, schools, departmental stores and medical centres.
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