Gurugram (Haryana) [India], Sep 23 (ANI/NewsVoir): One of the most significant developments in the post-pandemic world is the increased interest in luxury housing. From the need for a bigger home to a favorable rupee dollar ratio built up most of the life, NRIs and startup founders looking to save on capital gains tax have driven investment growth, for a number of reasons. Developers of luxury housing projects have also launched new properties, a few in Delhi and Gurugram but mostly in peripheral areas of NCR such as Noida, Sohna Road and Dwarka Expressway.
Central Park CMD Amarjit Bakshi said, “There has been a definite shift in preferences. Almost every strategically located ultra-luxury residential project has sold out. Customers have become very discerning, especially in the post-pandemic era. They are not only looking for luxury interior content but also within the project complex. Expect plenty of high-end luxury and amenities as well. Today’s buyers are more inclined towards luxury properties, especially when developed by a brand with an impeccable reputation and delivery track record.”
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“A key reason for the rise of the luxury segment is that post-pandemic many families wanted to upgrade their lifestyle and move to bigger and better homes. They also realized the importance of a large space, and that’s the upside of buying a luxury home. Also in the last 8-10 years, The supply of houses has come down to a large extent, and that’s why prices haven’t moved. But things are changing now. Prices are rising, spending on real estate is picking up, and end-users are investing heavily in this segment. The low interest rate regime due to Covid has also helped the sector. .As India is now on a strong growth trajectory and looking at double-digit growth, it is set to add more momentum to the luxury segment,” said Nayan Raheja, Raheja Developers.
According to a recent estimate, premium and luxury housing sales, especially in the pandemic segment, have outpaced affordable housing by at least one percent. This momentum is expected to continue till the end of the last quarter of this financial year, especially in India’s leading realty hubs like Mumbai, Delhi, Gurugram and Noida.
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“Furthermore, as the construction of many new projects has been suspended due to the pandemic, this has not only kept property prices in check but also given buyers a choice. Developers of luxury projects have seen this surge in interest and announced various new projects. Parts of NCR such as Greater Noida, Noida, Gurugram, Sohna Road and Dwarka Expressway in NCR. It is estimated that new launches in the luxury segment – in the price range of over Rs 1.5 crore have grown by 230 per cent this year,” opined Amit Modi, President CREDAI-Western UP.
All these developments augured well for the luxury segment. According to a recent report, apartments with an area of 2,500 sq. ft.+ have emerged as one of the most preferred options. NRI investment has become another key factor. Favorable dollar-rupee ratio for NRIs makes investing in realty in India a viable proposition. In 2021, NRIs are responsible for investing $13.1 billion in the real estate market. It is projected to grow by at least 12% in 2022.
“But the surge in luxury property purchases by HNIs was not limited to NRIs. Startup founders turned to luxury properties even as they closed their partnerships. It was not only a way for them to save on capital gains tax but also to buy luxury properties at a recent historic low. Made for investment proposition. The emergence of new luxury hubs in Noida, Gurugram, Sohna Road and Dwarka Expressway and size options of apartments, villas and farmhouses have also provided them with a wide range of choices,” said Dev Bidhan, Director, ElitePRO.
“The momentum witnessed in the luxury housing segment recently indicates that buyers today expect not only high-quality homes but also a project that offers them premium amenities. This provides new opportunities for real estate companies to come up with residential projects that meet expectations. High-end homebuyers. A tentative list will include a well-connected location, impeccable construction quality, high-class amenities, best-in-class amenities, luxurious concierge service and state-of-the-art security, a pro-active maintenance team, and luxurious A developer of the project’s pedigree,” said Gulshan Group director Arjun Nagpal.
Amit Jain, Director, Mahagun Group, said, “The luxury housing segment has not fared so well. Sales in the luxury segment are also expected to continue with the current upward momentum. However, this surge in interest is not limited to luxury housing but also commercial space, including high-end retail chains. Demand has witnessed an increase.”
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