Work From Home Leads to Rise in Demand for Luxury Houses Across NCR

Work From Home Leads to Rise in Demand for Luxury Houses Across NCR

The demand for luxury and ultra-luxury properties across NCR has been rising amid the Covid-19 pandemic.

Despite the economy being hit due to the Covid-19 pandemic and subsequent lockdowns, demand for luxury and ultra-luxury properties is on the upswing.

Realtors said the trend in investment in the luxury segment across the national capital region was on the rise due to work from home (WFH) culture.

According to a report by Anarock property consultants, 10,570 units were launched across Delhi-NCR in the first six months of 2021, with 17 per cent of the residences falling in the premium category.

“Even though the pandemic slowed down many industries, real estate, particularly luxury properties, saw a boom in demand. As the pandemic fades, luxury house sales would climb even more due to pent-up demand,” said Amarjit Bakshi, CMD, Central Park, a luxury realtor from Gurugram.

During the lockdown, 1,800 luxury to ultra-luxury properties were sold in six months, which is an astronomically high number, according to realtors. Out of these, 73 per cent are in Noida, 22 per cent in Gurugram and five per cent in Greater Noida.

“Noida is the market leader across the board, especially in the luxury class. The sale of premium flats in the satellite city has reached an all-time high,” said Dhiraj Jain, director of the Mahagun Group.

“With the rise of the work-from-home (WFH) culture, people are now yearning for nicer and larger residences outside the city borders in a better location. The luxury housings have facilities for a home-office, WFH, and recreational activities such as yoga,” Bakshi said.

With the advent of WFH, corporate executives, technologists, and others with similar job profiles are choosing for such homes even outside city limits.

“Despite the pandemic and lockdowns, the luxury housing segment surprised everyone with record sales in the fourth quarter, till April 2021. The luxury segment sales across the entire NCR have increased by a stunning 54 per cent. Modern, affluent, and technologically advanced buyers demand modern home technology and a location that fits their lifestyle,” said Pankaj Bansal, director of M3M.

Source : indiatoday

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