In an exclusive interview, Vivek Singhal of Smartworld Developers discusses the increasing demand for luxury real estate in 2024 and shares his insights on the development of Gurugram’s real estate market over the years.
Gurugram has seen an increase in the luxury real estate segment, catering to a growing affluent population seeking premium living solutions. Continuous innovation in construction technologies and sustainability practices adopted by developers in Gurugram has further enhanced its appeal, solidifying its position as a leading real estate market in India, says Vivek Singhal, CEO, Smartworld Developers.
In an exclusive interview with Sanjeev Sinha, Mr. Singhal discusses the increasing demand for luxury real estate in 2024 and shares his insights on the development of Gurugram’s real estate market over the years. Excerpts:
How would you characterise the real estate sector’s performance in the first halfof 2024 and how is the demand for luxury housing evolving?
In the first half of 2024, the real estate sector demonstrated significant resilience and growth, with luxury housing emerging as a particularly strong segment. This growth is largely driven by millennials, who are now more economically empowered and seeking homes that align with their evolving lifestyle aspirations. The stability of the broader economy and sustained interest from both domestic and international investors in premium properties have notably benefited this market segment. Industry reports like those from Anarock also show that the sales share of luxury homes has tripled over the past five years, reflecting a consumer shift towards more upscale living environments.
Millennials are particularly inclined towards properties that offer not just living spaces but also lifestyle solutions, including advanced amenities, technological integration, and sustainable construction practices. The availability of attractive financing options and the desire for better investment returns have made luxury homes a preferred choice. This trend is indicative of a broader shift in home ownership preferences, increasingly leaning towards luxury, comfort, and exclusivity. Gurugram has been at the forefront of this trend, leading the market in luxury home developments with its exceptional infrastructure and high-end residential projects from top developers.
Gurugram’s real estate market has grown substantially over the years. Whatfactors do you attribute to this surge?
Gurugram’s real estate market has experienced exceptional growth, driven by several key factors. Its strategic location and significant connectivity enhancements, such as the development of the Dwarka Expressway, Delhi Mumbai Expressway, and metro expansions, have substantially improved its accessibility, making it an attractive location for both residential and commercial investments. The city’s robust economic development, marked by the influx of numerous multinational corporations, has fuelled the demand for residential units. Supportive policies from the state government that facilitate real estate development, such as streamlined processes for land acquisition and building approvals, have also played a crucial role in this growth.
Moreover, Gurugram has seen an increase in the luxury real estate segment, catering to a growing affluent population seeking premium living solutions. Continuous innovation in construction technologies and sustainability practices adopted by developers in Gurugram has further enhanced its appeal, solidifying its position as a leading real estate market in India. Luxury homes in Gurgaon have witnessed significant price and rental appreciation, particularly in micro markets like Golf Course Road (Extn.) and Dwarka Expressway, making them ideal investment opportunities.
In an era when smart home technology is becoming increasingly popular amonghomebuyers, how are developers leveraging technological advancements toenhance their projects and benefit residents?
We recognize the rising demand for smart home technology among today’s modern homebuyers and have strategically integrated these advancements into our projects to enhance the living experience for our residents. As a forward-thinking real estate brand with projects currently under construction, we anticipate that smart homes will soon become a necessity rather than a luxury. To align with this vision, we have partnered with Schneider Electric, a leading innovative and eco-friendly home solutions provider, to drive comprehensive home automation in all our upcoming projects, including Smartworld One DXP and Smartworld The Edition. This collaboration aims to create homes with reduced waste and healthier interiors through Schneider Electric’s advanced product line. Our approach not only aims to elevate our customers’ lifestyles but also supports India’s goal of cutting emissions intensity by 45 per cent from the 2005 baseline by 2030.
What are the key factors driving the surge in demand for luxury real estate in 2024?
The demand for luxury real estate in 2024 is being driven by several key factors, including the rise of high-net-worth individuals (HNWIs), an increase in disposable incomes, and the growing trend of global citizenship among wealthy individuals. Additionally, the Indian real estate market is seeing significant interest from Non-Resident Indians (NRIs) who view luxury properties as both a status symbol and a sound investment. Another contributing factor is the evolving preferences of affluent buyers, who are increasingly seeking homes that offer exclusivity, privacy, and a strong return on investment. As Gurugram becomes the epicentre of employment in North India, it has attracted a significant influx of affluent migrants who are driving demand in 2024.
Recent launches are strategically located in high-demand areas like the Golf Course Extension Road and the Dwarka Expressway, where the potential for property appreciation is high. Developers are also emphasizing unique architectural designs, top-tier amenities, and superior build quality to attract HNWIs and NRIs who are looking for both luxurious living and a solid investment.
What is the current status and progress of the ongoing projects undertaken by Smartworld Developers?
Currently, our flagship projects, ‘Smartworld Orchard’ in Sector 61 and ‘Smartworld Gems’ in Sector 89, are progressing ahead of schedule, generating high anticipation for early handover to our esteemed customers. ‘Smartworld One DXP,’ our premium high-rise project in Sector 113, Gurugram, on Dwarka Expressway, witnessed a remarkable success, with the initial phase sold out in just 6 months of its launch. This achievement highlights both strong market demand and the success of our marketing and sales strategies. Following the recent launch of Phase 2, we are witnessing a surge of interest and excitement among prospective homebuyers. Furthermore, ‘Smartworld The Edition,’ our high-end luxury project in Sector 66, Gurugram, is set to redefine sophistication. Located in the prestigious Golf Course Road Extension and covering over 10 acres, this development is designed to become a landmark in Gurugram’s skyline. In addition, we are advancing the development of ‘Smartworld Orchard Street’ and ‘Smartworld One DXP Street,’ our high-street retail projects that are expected to be completed soon.
Source : FE
