The surging demand for luxury housing is reshaping the real estate landscape, driven by specific features and amenities that cater to discerning buyers’ preferences, says Sachin Gawri.
In an exclusive interview with Sanjeev Sinha, Mr Gawri talks about the emerging trends in the real estate market and shares his views on the growth potential of South Gurugram. Excerpts:
How have developments in the last few years influenced the trajectory of the real estate sector in India, and what factors have contributed to the ongoing upward trend?
The recent surge in remote work arrangements has profoundly impacted India’s real estate sector. As the boundaries of workspaces blurred, the demand for residential properties evolved, with a growing emphasis on larger spaces conducive to both work and leisure. This transformation in preferences, coupled with favourable factors, has propelled the sector’s upward trajectory. It led to a surge in the residential segment which saw a demand for spacious homes which could accommodate home offices and recreational spaces. Buyers also began looking beyond urban centres, favouring locations offering more open surroundings and a holistic living experience. Besides, the availability of ready-to-move-in properties and historically low home loan rates presented them with attractive options. This amalgamation of factors enabled the Indian real estate market to defy global trends and chart an upward trajectory.
Can you elaborate on the emerging trends in the commercial real estate sector in Gurugram, particularly the rise of smaller projects like High Streets and Mixed Use Projects? How does this compare to the trends in the residential sector?
Gurugram’s commercial real estate sector has experienced a paradigm shift, marked by the emergence of smaller projects like High Streets and Mixed Use Projects. These trends reflect evolving consumer preferences and align with the changing dynamics of the retail and business landscape. In contrast, the residential sector has seen a divergence in trends, with a heightened focus on spacious and functional homes.
High Streets and Mixed Use Projects are gaining traction due to their flexibility and adaptability. These smaller-scale developments offer a blend of commercial and residential spaces, catering to the growing demand for convenience and accessibility. Businesses benefit from a captive audience within the project, while at the same time, residents enjoy a comprehensive living experience with retail, dining, and entertainment options at their doorstep.
Conversely, the residential sector is witnessing a preference for larger homes that accommodate remote work and leisure. Buyers seek properties with generous terraces, open spaces, and modern amenities. This shift is driven by the realization that homes are no longer places to reside; they are multifunctional spaces integral to the new way of living and working.
With the significant NRI investment in the Indian real estate sector, what factors drive their interest in luxury properties, and how has their investment contribution evolved over the past few years?
The Indian real estate sector has witnessed substantial investment from Non-Resident Indians (NRIs), particularly in the luxury segment. Several factors have fueled their interest in this market, contributing to a notable evolution in investment trends over the past years.
Firstly, luxury properties offer NRIs a tangible and secure avenue for diversifying their investment portfolios. With a deep emotional connection to their homeland, investing in real estate allows them to maintain a foothold in India while benefiting from potential appreciation.
Secondly, the allure of luxury living and the aspiration for a high-quality lifestyle play a pivotal role. Many NRIs consider purchasing luxury homes a statement of achievement and social status. These properties often come equipped with state-of-the-art amenities and panoramic views, catering to the desire for exclusivity.
Over the years, NRI investment has steadily increased, reflecting growing confidence in India’s real estate market. This confidence is underscored by regulatory reforms, improved transparency, and a consistent demand for premium properties. The combination of emotional attachment, lifestyle aspirations, and favourable market conditions has actively driven NRIs to participate in the luxury real estate landscape.
In the context of the growing demand for luxury housing, what specific features and amenities within high-end projects are most appealing to buyers? How do these preferences differ across different formats, like apartments, villas, and farmhouses?
The surging demand for luxury housing is reshaping the real estate landscape, driven by specific features and amenities that cater to discerning buyers’ preferences. These preferences vary across different formats, such as apartments, villas, and farmhouses, reflecting diverse lifestyle choices.
Buyers gravitate towards expansive living spaces, high-quality finishes, and advanced home automation systems in apartments. Smart technologies that offer convenience and security are highly appealing. Luxurious facilities like rooftop lounges, fitness centres, and spa facilities are coveted, providing a complete living experience.
Villas offer exclusivity and privacy, with sprawling layouts and private outdoor spaces being top priorities. Home offices, private pools, and landscaped gardens resonate with buyers seeking a retreat-like ambience within their property.
Farmhouses, synonymous with tranquillity, attract those desiring to escape urban life. Sprawling acres, organic gardens, and recreational amenities like tennis courts or private lakes align with the desire for a self-sustained, serene lifestyle.
In essence, while the pursuit of opulence unifies the demand for luxury housing, buyers’ preferences differ based on their envisioned way of life, whether in apartments, villas, or farmhouses.
As the real estate market expands and diversifies, could you shed light on the factors that make South Gurugram a preferred destination for luxury housing, both in terms of end-users and investors? How does it stand out compared to other popular locations in the NCR region?
South Gurugram has emerged as a sought-after destination for luxury housing, capturing the interest of both end-users and investors due to a confluence of compelling factors that set it apart within the NCR region.
End-users are drawn to South Gurugram’s well-planned infrastructure and abundant green spaces, providing a refreshing escape from urban congestion. The region’s proximity to key business hubs, educational institutions, and healthcare facilities ensures a seamless lifestyle, balancing work and leisure. High-end residential projects offering spacious layouts and world-class amenities amplify the allure for those seeking a refined living experience.
Investors, on the other hand, are attracted to South Gurugram’s growth potential. The area’s strategic location and ongoing infrastructural developments, such as expressways and metro connectivity, make the area ripe for long-term appreciation. This growth trajectory is bolstered by increasing demand for upscale properties in a well-connected, upscale locale.
South Gurugram stands out with its planned urban landscape, premium properties, and substantial investment prospects compared to other NCR locations. Its blend of lifestyle, connectivity, and growth potential creates a unique synergy that attracts end-users seeking a high-quality life and investors eyeing promising returns.
Source : FE