Demand for holiday homes and independent floors and villas that are part of a gated community is on the rise as prospective buyers look for managed common amenities offering healthy lifestyle and safe environment.
Developers and property consultants said buyers are prioritising safety and convenience in the event of a lockdown. They are also looking for common amenities such as a gym, pool, which is possible only in the case of an integrated township.
“Even in the holiday home segment, we are seeing more demand for projects that follow the concept of a gated community. It is no longer a second home as people stay for longer periods and want all the facilities,” said Manav Singh, founder of Auramah Valley, a township in Naldehra, Shimla, and chairman of Imperial Holding Pvt Ltd, which is developing holiday homes in Himachal Pradesh.
According to a recent report of consulting firm Redseer, premium and luxury segments in gated communities have seen higher growth compared to budget and affordable segments.
DLF, which has developed ‘The Camellias’ super luxury residential project in Gurgaon, has reported higher sales post-Covid as it managed and provided all the facilities during the lockdown.
The real estate major has also witnessed an increase in interest in independent floors that are part of a society.
“In a post-pandemic scenario, despite the proliferation of ready-to-move-in properties, especially in condominiums and integrated townships that offer a secured environment with greater amenities and facilities within the gated communities, independent floors will continue to remain an attractive investment option due to lower investment costs,” said Aakash Ohri, group executive director and chief business officer at DLF Home Developers Ltd.
Premium and luxury segments account for 14–15% of overall gated communities, and it is expected that their contribution will go up to 20% in the next five years.
This is driven by the increasing preference of high-income households to opt for gated communities as well as developers creating offerings suitable for this segment.
“Buyers are now preferring homes to accommodate office space and study rooms for their kids to have a perfect work-life balance,” said Vivek Singhal, CEO of Smartworld Developers. “This has propelled a preference for independent floors located in gated townships with best-in-class amenities.”
Developers like M3M, Smartworld, and Trehan are also providing common amenities even in low-rise societies and developing them as a township.
Developers who only sell plots are also doing it by making them part of a township.
“We are witnessing high demand from all across India for our villas and plots in Shimla and Solan in Himachal,” said Sudershan Singla, founder and director of Chester Hills Pvt Ltd, a gated township in Solan.
As per the Redseer report, the number of gated communities in the country is expected to grow to 225,000 from 130,000 over the next 10 years.
“You can expect an increase in the number of buyers of gated community residences in years to come,” said a spokesperson for Karle Infra Pvt Ltd. “The concept of gated communities promotes a holistic vision that is ideal for the entire family and thus will be the ultimate choice for many homebuyers.”
Key drivers for growth in gated communities are the need for safety and security and access to amenities as most gated communities are able to provide access to basic facilities like 24-hour power and water availability as well as more premium facilities like a swimming pool and clubhouse.
“In the past few years, demand for gated communities with managed security, large open spaces, and lifestyle amenities has gone up manifold,” said Manish Jaiswal, group COO of real estate developer Eldeco Group. “The need for larger spaces both inside and outside one’s house is the new normal.”
Gated communities and residential properties are increasingly being perceived as a stable asset class due to assured and steady returns among HNIs, NRIs, and millennials mulling investing in real estate.
The Redseer report said by 2026, India’s gated community consumption will be second only to the US, and households in gated communities will number 32 million by 2031.
Source : ET
