The demand for luxury houses is going to continue even in 2023 going by the current trend. In the post-Covid-19 scenario, the realty sector is getting back on rails. Importantly, the demand for luxury homes is on the significant growth. If the sale of luxury houses was any indication, the buyer interest is more on high-end properties costing Rs 2.5 lakh each. This interest has been sustaining the growth of the realty sector, according to experts.
According to current market dynamics and trends, premium realtors are not only successful in attracting new customers but also are successful in retaining the customers by providing better upgrades to their projects. Consequently, the demand for gated communities, houses with compound walls, villas, retirement and second homes, row houses has been increasing significantly. As a result, the real estate market is in full swing. Many prefer communities offering valet parking facility, roof-top F and B service, world class gaming zones, golf courses, water bodies, wood and nature walk facility, business meeting rooms and world class amenities and sprawling gated communities.
The concepts from working-from-home, hybrid working, people have been looking for houses suitable for adapting new working style and offering them luxury living. Mostly, people would not prefer travelling long distances and want every amenity close to their homes. After the pandemic situation, the people prefer bigger homes. This is mostly attributed to work-from-home and online schooling concepts.
People those who had earlier lived in 2 BHK or 3 BHK houses, now prefer to move to big houses. In this backdrop, the luxury housing has emerged as a profitable investment opportunity. Of late, the NRIs have set their sights on luxury property market in India. This is due to growth in the Indian real estate market and narrowing down the differences in domestic and international realty markets. Therefore, they prefer to invest in luxury real estate like modern apartments, villas, bungalows and other such properties. The investment provides smart capital returns and recurring rental income. On quarterly basis, the luxury market growth is put at 35 percent. In this backdrop, it is predicted that the growth will sustain even in 2023 too.
