After COVID-19, the demand for luxury housing segment has increased in the country. Between April and June this year, sales of houses worth more than Rs 1.5 crore have increased by 270 percent compared to last year. Further, dependence on loans to purchase a luxury house in this segment too is very less. With normalcy being restored across the world, we can expect strong growth in the luxury segment, especially from High Net Worth Individuals (HNIs) and Non-Resident Indians (NRIs). India Sotheby’s International Realty estimates that 75 percent of HNIs plan to buy property in metro cities and holiday destinations in the next two years. Realising the importance of a luxury homes post-Corona, more and more HNIs and NRIs are opting for a luxury home. The demand for luxury homes with features like private gardens, swimming pools, luxurious interiors, spacious open spaces and green areas is increasing. HNIs and NRIs are considering certain factors while investing in the luxury housing sector. They are…
Wellness facilities
As the luxury housing segment attracts the elite class of buyers, the emphasis on quality brands has increased. As a result, many developers are working according to the preferences of buyers. HNIs and NRIs are keen on features like natural light, ventilation, green space, and open landscape along with superior wellness facilities in projects. HNIs and NRIs do not want to compromise on such matters.
Strong infrastructure
HNIs and NRIs who are investing in luxury housing units, are preferring strong, sustainable, and manageable infrastructure. Luxury housing units are expected to have all the comforts inside along with ample pantry space, emphasis on fireplace space, and durable, easy-to-maintain infrastructure. Further, these facilities separate the luxury housing units from affordable housing projects. Though several employees are returning to work at offices post-Covid era, many organisations are shifting to the hybrid mode. Thus, it became imperative for the builders to accomodate the home office as part of the design. Even if the property is being purchased by the investors for rental income, the tenants too are keen to have a seperate arrangement for the home office as integral part of the luxury unit. It is imperative that holiday homes and luxury housing projects get good response from buyers.
Serviced apartments
The concept of serviced apartments is popular among luxury housing buyers, especially in the holiday homes segment. It is a good option for luxury home buyers looking for a second home with facilities like housekeeping and other premium services. Many luxury home buyers prefer serviced apartments due to better quality of life and increased convenience.
Facilities for elderly
Many projects have been designed considering the needs of senior citizens. From designs to amenities, these projects provide a better quality of life to senior citizens. As a result buyers from this segment are gravitating towards this luxury home option while searching for their new homes.
A powerful community
HNI and NRI buyers like to maintain a high lifestyle reflecting their status in society and hence, prefer to live along with like-minded people. Under these circumstances, developers are creating the right elements to allow for a vibrant community that offers a vibrant lifestyle. Features like grand clubs, fine dining restaurants, top-of-the-line sports facilities and wellness facilities are being set up. Overall, both buyers and developers have realised that the Covid pandemic has changed the preferences and expectations of buyers. This is expected to continue even after complete normalcy is restored in the world. As a result the realty industry is offering projects according to the current priorities of customers as per the changing times.
