Luxury housing market in full swing

Renowned realtor DLF Properties sells properties worth $ 1 billion in 72 houses, while his rival Godrej Properties sells apartments worth only $ 3 million by offering them to the select list of the customers. These indicate how the luxury property market is moving through the fast lane. According to property developers, the current trend is selling luxury units having amenities like multi-level parking facility, spa, sprawling spaces with greenery. These amenities are totally absent in old apartments and individual houses located in narrow lanes and by lines of the towns and cities of the country.

People are inclined to own big houses as most of them confined to their houses during the pandemic situation. That is why; the demand for DLF properties has shot up. In the DLF’s Arbour project in Gurgaon received more than 3000 applications for 1137 flats. People queued up before the offices of the realtor to purchase the flats each costing more than Rs 7 crore. However, the Godrej Properties invited only 160 customers to sell 46 luxury flats located in eight storeys. It sold 17 flats to the customers offering hot swimming pool and on call services.

According to research head of famous real estate consultant Anarock Prashant Thakur that such huge surge for luxury properties was not witnessed during the past 10 years. One of the buyers of a flat in DLF properties states that he gave up his rented house and booked a flat in the DLF properties impressed by the ground reception area at the DLF properties, high-speed elevators, jogging space.

In all projects launched in 2022, the sale of units each costing more than Rs 1.5 crore constituted only 17 per cent. Previously, the sale of units costing less than Rs 40 lakh constituted only 20% of the total sale of properties. On the whole, last year a total of 65,700 luxury units were sold, which is three times more than the sale of the luxury units in 2021. Mumbai, Delhi and Hyderabad cities occupied top ranks in the sale of luxury homes. Quoting a survey, reputed auctioneer Sotheby’s said that 61% of the high net worth individuals indicated that they are looking forward to buy luxury property this year.