The shift in home buyers’ demand from affordable to ultra-luxury has encouraged several players to enter the premium segment. Key factors that are driving the demand include infrastructure development, completion of stalled projects and favourable policy changes.
Gurugram has has emerged as hotspots for premium real estate over the past few years. The transformation is driven by several factors, chief among them being infrastructure development, completion of stalled projects and favourable policy changes.
The shift in buyers’ demand from affordable to luxury and now ultra-luxury has encouraged several players to enter the premium segment. Tapping into the trend, TREVOC Group has announces the launch of its latest venture TREVOC Royal Residences.
The developer said that it aims to generate Rs 1,000 crore revenue from the ultra-luxury residential project which is located in Gurugram’s Sector 56.
“The positive market and industry feedback has been overwhelming. The rising 27 stories project combines functionality, innovation and sustainability. It will offer more than just luxury amenities. It will deliver an unparalleled experience for those who appreciate the finer things in life. Situated in one of Gurugram’s most coveted addresses, it provides both convenience and exclusivity,” Gurpal Singh Chawla, MD, said.
According to a recent report by real estate consultant CBRE, the sale of luxury housing sustained strong sales momentum in the first six months of 2024 in top 7 cities. The sales surged by 27 per cent YoY in the period as Delhi-NCR topped the list with 3,300 units, representing an increase of 13.8 per cent YoY.
When it comes to the sales of ultra-luxury homes, costing over Rs 40 crore each, Anarock data showed that the cumulative value of such properties stood at Rs 2,443 crore till August this year in Gurugram, Mumbai, Hyderabad and Bengaluru. Gurugram in NCR witnessed the sale of an ultra-luxury home for Rs 95 crore.
“With four months remaining in 2024 and the festive quarter from October to December ongoing, we are likely to see more such large ticket-size residential deals happening before the year is through,” Anarock Chairman Anuj Puri said.
Source : Et Now News
