Post-Pandemic, Luxury Market Booming in NCR

Post-Pandemic, Luxury Market Booming in NCR

Post-pandemic, there is a marked increase in the demand for luxury homes; this is especially true in the Delhi NCR market, where some of the best properties promise a world-class lifestyle. Despite the high demand for luxury homes across the NCR, premium developments in Gurugram provide the greatest options for those who want to live “in the middle of nature”. As expectations have evolved due to covid, people are looking for a heaven in the security of their own homes. As per research and surveys, housing sales in the top seven cities climbed by 71% year on year in 2021, after being initially hit by the second wave.

The deadly coronavirus has everyone mystified. Stress-relieving residential projects are in hot demand. People are realizing the value of living a healthy lifestyle, reclaiming their lives, and reconnecting with their inner selves. Over the last year and a half, people have become more aware of luxury and premium, and things have changed tremendously.

According to some estimates, the premium segment (priced between Rs 80 lakh and Rs 1.5 Cr) accounted for 25% of total sales. The luxury market is dominated by well-heeled buyers looking for a new way to escape the monotony of life. As a result, NCR offers projects that provide resort-like experiences or projects that provide natural living. In the Delhi NCR market, demand for larger homes has outpaced supply, implying that a successful project has a good chance of being snatched up by the buyers. Developers have increased the number of new launches to take advantage of the market’s momentum.

Industry estimates, up to 67 percent of high-net-worth individuals want to acquire luxury homes in 2022, with a shift in lifestyle being the primary driver. In addition, as per the research, a significantly higher number of NRIs are looking for self-use residential units. NCR was ranked third in attracting NRIs in a previous poll, after Bengaluru and Pune, which bodes well for the region’s luxury potential. The vast majority of NRIs (about 90%) prefer properties created by well-known companies, which is why NCR has succeeded so well in the real estate market. The planned development, where even the sector roads are created before the start of a project, is one of the main draws for NRIs to the NCR, especially Gurugram.

The real-estate customers are likely to increase even more in the city as the city undergoes a massive revamp. One such, location is the Southern Peripheral Road, which is an emerging hotspot destination for real estate. It is a crucial road, linking Golf Course Road Extension, Faridabad-Gurugram Road, Sohna Road, and Delhi-Gurugram expressway. The connectivity to major employment hubs such as Udhyog Vihar, Cyber City, and office hubs at Sohna Road, make Southern Peripheral Road an attractive location for investors. Also, the availability of social amenities such as well-reputed schools, hospitals, recreational centers makes it an upcoming porch and magnificent residential hub. The smooth connectivity of SPR with major National Highways and other significant locations in the city like Sohna Road, Golf-course road, and the accessibility to social amenities such as GD Goenka Public School, Park Hospital, and Cyber City makes it an ideal housing location.

The fact that new residential sales in Gurugram have climbed by about 2.5 times year on year demonstrates the professionalism in sales. During covid-19, livability attributes are significantly more important than accessibility to work when determining where a homeowner wants to reside, and Gurugram has always met people’s needs. Residential pricing stability, proximity to key Gurugram office centers, well-managed amenities, and easy connectivity have made Gurugram properties, particularly popular with buyers.

Source : Construction Week Online

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