Post-COVID, the real estate sector has seen a short period of ups and downs. With the increase in work from home, the demand for both renting and owning houses has come down sharply. However, the real estate sector is bouncing back. Moreover, the demand for luxury houses is increasing more than affordable houses. As the offices are functioning as usual, all the work force has returned from their homes to the cities. This has increased the demand for offices and houses. However, after COVID, more people are preferring spacious and luxurious houses. Anarock’s study reveals that in 2022, 18 percent of all houses sold in seven major cities in the country were in the luxury category. In 2019, it was only 7 percent. A study was also done on what the buyers of luxury homes want.
What buyers of luxury homes seek
Clean air, good accessibility, best-in-class amenities, a beautiful view, and stunning landscaping are what most people want. Consumer preferences and technology have played a key role in the luxury segment globally. The situation in our country is no different. Luxury residential sales rose 151 percent in the first quarter of 2023. In Delhi, however, it is 216 percent. It is remarkable that Hyderabad stands at the top with 800 percent growth. Those turning towards luxury homes are also paying close attention to environmental aspects. They want amenities like green roofs, efficient energy-saving systems, and smart home automation. Security and privacy are also at the top of the list of priorities for buyers of ultra-luxury homes. High-net-worth individuals place a high priority on their security and also desire digital security in their homes and neighborhoods. This has increased the demand for gated communities, state-of-the-art security systems, and reliable digital infrastructure. Developers are also investing heavily in security systems.
In terms of technology, the integration of artificial intelligence with security systems and digital infrastructure is further increasing the demand for luxury housing. High-end homes generally have AI-based personal assistants, advanced security systems, and efficient solutions tailored to residents’ personal tastes and preferences. Also, many want facilities like a swimming pool, club house, gym, private spa, and home theatre, among others.
