Devender Aggarwal, co-founder & joint MD, Signature Global (India), on the change that is transforming the market.
In recent years, the highly sought after real estate in Gurgaon has seen increasing demand for premium housing area. Areas like Southern Perimeter Road (SPR), Dwarka Expressway, Sohna Road and New Gurugram are witnessing high-end residential projects, where the houses are priced more than Rs 1.5 crores becoming the new standard. This change is transforming the market and is affected by the changing consumers’ trends, new development strategies and massive post pandemic market dynamics.
Evolving lifestyle preferences
The aftermath of the pandemic precipitated the need for bigger and more expensive houses, as the numbers of the home workers increased and comfort and facilities became more important than anything else. The desire for a better lifestyle, combined with the increase in disposable income among India’s expanding middle and upper middle classes, has stimulated the demand for premium accommodations to a great extent. According to report published by Anarock, about 65% of the prospective homebuyers in Indian metropolitans are planning to invest in houses that are providing not only the living space but the lifestyle utilities like advanced smart home technology, eco-friendly features and the comprehensive amenities.
Developers are the fastest to adapt to the changing landscape by curating properties that harmonize with the current expectations of the modern consumer. They are investing hugely to bring not only homes but also lifestyle solutions that include hi-tech gyms, infinity pools, extensive green parks, and even retail and entertainment zones in these complexes. Developers along with other stakeholders also leverage technology to court the purchasers. The use of virtual reality tours, AI-based consultation and digital transaction processes is the usual practice of marketing and sale of these luxury properties.
Changing market dynamics
The economic recovery post-pandemic has also played a crucial role in the rise of premium homes. The rebound of the stock market and the restoration of businesses are attracting high-net-worth individuals and NRIs to see real estate as a lucrative investment opportunity, more so in the secure and advanced urban centres such as Gurgaon. Besides, the government has created an environment suitable for investment and the RBI has prevented high inflation by setting interest rates at the optimal level. This has motivated consumers to take a look at higher value properties. This period has seen stimulated investment transformation from necessity-driven to lifestyle-driven investment.
Redefining luxury living
This migration of premium-focused residential projects is totally revamping the housing market in Gurgaon. It makes the skyline more advanced and elegant as far as design is concerned and as well challenges the limit of environmental sustainability and smart home technologies. As another inflow of premium projects sets higher standards in neighbourhood living, pricing and architectural excellence, we cannot but see how it affects the regional market trends. The sudden increase is not only boosting the economy of the city but also it is creating more jobs in sectors such as construction, architecture, interior design and facility management.
Looking ahead
With Gurgaon’s growth, premium housing is anticipated to rise; this will be guided by global lifestyles, stable national economy and technological advancements in the real estate sector. The city is competent not only to respond to the growing demand for comfort homes but to establish a new benchmark of residential projects across the country. The phenomenon of premium residential properties’ emergence in Gurgaon real estate market and the drivers shaping it and the responses of the developers are multi-dimensional. Along with this scope, the segment will impact greatly the economic and cultural makeup of the community, thereby ushering in a new era for urban living.
Source : Construction Week Online
