Luxurious floors: The new status symbol in Gurugram

Luxurious floors The new status symbol in Gurugram

Gurugram has become one of the finest and most sought-after destinations for homebuyers showcasing an inclination to invest in low-rise independent floors which costs from 70 lakhs to 5 crores. As per the JLL Report published two years ago, the share of independent floors had reached a staggering 74% of the total housing units launched in Gurgaon in the year 2021. The report attributed that a large section of homebuyers buying independent floors because of the enhanced self-awareness and vis-a-vis a matured tilt to choose bigger and more spacious homes which has primarily engulfed the general consciousness of the majority of homebuyers post-pandemic.

The favourable trend has continued and gotten stronger with time as people, even after the slackening effects of the pandemic, are choosing to invest in independent floors. As per the findings of Anarock’s survey report headlined, ‘ANAROCK Consumer Sentiment Survey (H1 2023)’, at least 59% of the respondents voiced that they would prefer to invest in mid-range and premium homes (priced between Rs 45 lakh and Rs 1.5 crore), despite rife trends such as interest rate hikes and increasing property costs. Of them, 24% stated that they would like to settle in homes priced between Rs 90 lakh to Rs 1.5 crore.

The demand for bigger homes stays unparalleled and has witnessed unwavering growth from the consumers’ side with 47% of respondents showing a penchant for 3BHKs over 2BHKs in Delhi-NCR. With Gurugram becoming a nerve center for the IT industry and corporate powerhouses dispensing thousands of white-collared jobs and well-paying opportunities, the overall monetary capacity to purchase bigger and more spacious homes has seen a visible increase. The Work-from-Home culture has also kept the market spirits high, with companies transitioning to remote or hybrid culture and people creating workstations at their homes.

The growing sensitivity towards individual space and privacy has also made independent floors a hot cake in property markets. Millennials and Gen-Z homebuyers are overturning market assumptions and valuing wellness offerings over skyrocketing home prices. Allocation to expansive green spaces, healthy living culture, and fount of recreational habitations/facilities are prioritized in independent floor projects and therefore, leading to a bulk of investments in the region.

Vikas Garg, joint managing director, Ganga Realty, commented, “Gurugram has become the most preferred choice for luxury home buyers. A wide range of housing options, scalable amenities, the absorption of the latest technological and smart housing features, the assimilation of sustainable architecture, and the adoption of green housing principles to create a naturally pleasant ecosystem are some of the most important measures that have drawn users to invest in Gurugram. After the pandemic, we have seen a visible shift in the buying preferences of real estate consumers. They are willing to spend more on premium properties to enjoy the wide array of wellness offerings.”

The giant real estate markets, for example, NCR in India, are often microcosms of significant futuristic developments. The quick uptake of independent floors in these regions is a sign of its gradual spillover in several property markets in the country. Realtors are also finding it much more profitably incisive to invest in low-density societies, especially in Gurugram. The healthy consumer demand has also emboldened developers to sink their money into them. Lower construction costs and faster sales rates have also attuned them to invest in independent floor format housing.

Saransh Trehan, MD, Trehan Group, affirmed, “Gurugram typifies some of the best offerings in mid-housing and premium residential projects, moreover, in realty belts such as Golf Course Extension Road. Independent Floors have seen a swift increase in demand in these corridors. They have become the most cherished investment vehicle for millennials and high-net-worth individuals, providing an exquisite sense of privacy, security, and personal space, along with a massive upgrade in kaleidoscopic amenities. The growing concentration of urban upper-middle-class and well-paid intelligentsia is quite a visible phenomenon in metro cities because of the availability of stable earnings, cerebral job opportunities, and high living standards. This has contributed to the growth of mid-housing and premium housing segments as they have multiple takers from these social groups.”

Source : Construction Week Online

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