The Luxury Home Market Is Driven By HNIs
Luxury Home Market Is Driven By HNIs- The largest factor driving the increase in demand for luxury residences is the shift in lifestyle brought on by COVID-19, such as work-from-home opportunities and online learning.
After COVID-19, the mid-luxury and high-end luxury real estate markets are still thriving. In the next two years, 89% of respondents who wish to invest in real estate will, according to a survey. Only High-Net-Worth Individuals (HNIs) will invest in residential real estate in this percentage; all other HNIs will invest in commercial real estate.
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Luxury is affordable?
The government has been working to promote affordable housing, yet there has been an odd increase in demand in the luxury market. For residential real estate, Covid-19 turned out to be a blessing in disguise, as demand for luxury properties in particular peaked across demographics. Low interest rates are one of the main factors influencing demand in the luxury market; buyers can extend their budgets by taking out additional loans with a very manageable EMI. Since the release of COVID-19, more buyers have begun to favour projects with top-notch amenities. Which are a little more expensive than a solo project. Luxury real estate buyers frequently have very exacting standards. The government’s numerous measures have increased transparency in the real estate industry.
A convenience Issue
Luxury can occasionally be the subtle but significant difference between “regular” and “premium” projects. The new generation of homebuyers prefers township developments because they provide a holistic living experience with best-in-class social fabric, community living, solid municipal infrastructure, proximity to everyday necessities. And the opportunity to walk to work with access to office space. In order to increase sales velocity, reputable developers have immediately incorporated the resurgent demand of homebuyers into their project planning.
We typically define aspirational as being between Rs 1 and Rs 3 crore; there are higher categories, but overall this market segment is experiencing a surge. The primary causes of these eruptions are: higher revenues (owing to restored salaries) and higher savings rates due to the pandemic’s confinement of us to our homes. Many had also made excellent returns on their stock market investments, which they then used to buy a property. The buyer in the luxury market is informed and aware of what he wants. For this customer, location is a crucial consideration that cannot be compromise. Customers in this market sector are looking for facility management services that are hassle-free, long-term, and take care of the underlying problems.
Demand is driven by innovation
Although the luxury housing market has been doing well, many people, including Patel, believe that developers shouldn’t become complacent as a result. Instead, they should invest in research & methodology of what exactly works. Being creative and having a thorough awareness of the buyer’s tastes and preferences are essential in luxury real estate. Developers have always been cautious and given their potential customers the right environment. A hybrid lifestyle that combines fitness, recreation, experience, and entertainment all in one location, eliminating affluent purchasers’ reliance on external club memberships, fitness facilities, etc., is advantageous since they save time and receive the best-in-class experience. But since the Indian luxury market is still developing, future developments in services and innovation are to be expected.
A homebuyer talks
Vidyut B (38) is an HNI who works in the wine industry and resides in Andheri in Mumbai. He has aspirations to purchase a luxurious property, but not in the place where he was born and raised. “I have a budget of Rs 3 to Rs 5 crore. Finally, I am at a point in my life where I can afford to purchase a nice property. Since my profession is so specialize, not many people practice what I do. I intend to purchase a property in Bengaluru, where I anticipate an increase in employment. The spectrum of luxury rates in Mumbai is between Rs 10 & Rs 15 crore, which is a little out of my budget range. In the south, where my industry is expanding quickly, I will get my money’s value.
What do wealthy Indians prefer?
- A luxury city flat or villa between Rs 10 & Rs 25 crore is the house of choice for 69% of affluent Indians;
- In 2022, 10% of HNIs plan to invest in residences in ultra-luxury developments costing more than Rs 25 crore.
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