The demand for luxury homes is increasing nationwide. Despite the rise in prices, there is no decrease in demand for luxurious homes. Post-COVID, as people’s thoughts and aspirations have expanded, there is a growing preference for homes that offer vast spaces. In this regard, demand for homes with 3 BHK configurations is higher than those with 2 BHK configurations. At the same time, with more people preferring comfortable homes, the demand for luxury homes has increased.
The stability of the country’s economy, economic growth, and particularly the desire among youth to own a comfortable home of their own are contributing factors to the rising demand for luxury homes. Analysts are examining the reasons behind the increase in demand for luxury homes due to the aspiration among people to own a comfortable home. “From 2013-14 to 2019, there was stagnant demand for housing. Prices remained stable during that time. However, during such times, people did not prefer anything less than comfort. What people wanted was to own something of their own.
Back then, more people were inclined towards owning a house rather than paying rent. It’s not just about buying a house, it’s about the desire to own one,” said Kushman And Wakefield India Head Anshul Jain. However, changes have occurred in this situation post-COVID. “Corona has revealed the importance of owning one’s property. Consequently, more people are inclined towards buying spacious and comfortable homes. Moreover, post-COVID, there has been a decrease in rental rates, which has further increased the demand for homes in the country,” they analysed.
