Why is the market for luxury homes growing in India?

The luxury residential market in India has changed dramatically throughout the years. The desire for luxury homes is fueled by rising disposable income, changing home buyer aspirations, increased demand for larger homes. And the integration of amenities such as a clubhouse, gym, swimming pool, playground, healthcare center, and supermarkets for a healthy lifestyle. It has gotten increasingly prominent during the tail end of the epidemic, with work-from-home (WFH) being the normal and limited travel.

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A Bright Future

However, in 2016, the game-changing RERA bill was introduced. The real estate industry’s image was altered as a result of this. It aided in the regularisation and consolidation of the entire industry. It took a year for people to fully comprehend and comply with the regulator’s rules, but this only served to position residential real estate for a bright future. People were eager to invest larger sums of money in their homes with the assurance that RERA provided. Luxury housing profited greatly.

Most developers’ optimism in the luxury property market, on the other hand, was incorrect. In 2018, most of India’s biggest cities possessed inventories that would take four years to sell. The main reason behind this was that many developers overlooked the importance of location and demographics research when designing a luxury house. For most homebuyers, especially those in the luxury market, the purchase of a home is the single greatest payment they will ever make. This implies they’ll scrutinize every detail and expect the house to suit all of their needs.

Both location and luxury were important to the evolved customer. Having said that, there is no such thing as a one-size-fits-all solution. Every area, sub-area, and neighborhood in metros and major cities have a distinct demographic and culture. As a result, before investing in a project, significant background investigation, survey, and study are required, which most developers fail to do.

 

Evolution of Proptech

Developers have quickly adapted digital technologies to launch new projects and sell their homes in recent years, with varying degrees of success. As a plus, the epidemic has hastened the adoption of digital technology in real estate, which will change the way homes are marketed in the country in the future. Aside from linking customers with the best sales prices, new-age real estate platforms will soon offer virtual 3D tours, virtual site visits, apartment management, digital payment integration, movers and packers, and other services. Maximizing the use of cutting-edge technologies in the real estate business has proven to be a game-changer, giving NRI buyers an additional incentive to invest.

luxury homes

 

Stabilizing the housing sector

Not only people’s ambitions but also the government’s efforts to stabilize the housing market are important factors in boosting real estate purchases, including holiday homes. The Monetary Board (MPC) of the RBI, for example, decided to keep the repo rate at 4% while keeping the reverse repo rate at 3.35 percent. This accommodating attitude will aid luxury real estate growth in the coming years. This year is likely to provide a much-needed boost to the sector, and all regions may assist speed up recovery. And the time by offering new homebuyer benefits or implementing stamp duty exemptions.

 

 Dreams of young people

As the expression goes among today’s youth, “dream big to be big in life.” Whether that’s for their ideal holiday wedding, dream automobile, our beautiful house, today’s kid’s value preparation at every stage of their lives. Today’s youth are drawn to luxury housing since they want to live in homes with all the bells and whistles. Because of excellent planning skills, they finish on time, Covid or no Covid. This sector has been essential to driving the market for high luxury homes. And it is projected to do this in the future.

 

Relating to a new way of life 

There will be a rise in joint family living in the next years. As a result of Covid’s work, many families’ perceptions about nuclear families had shifted. Some people already have begun to live at home, with grandparents, cousins. And uncles in order to be closer in the event of some other major calamity. This gang was only concerned with ensuring the safety of their family members.

luxury homes

Improved security and simplicity

 Luxury homes come with better facilities and amenities. This style of building not only provides better security from crime but may also protect people. And the from diseases and viruses due to its high level of sanitization and hygiene management. People who lived in a gated neighborhood of elevated houses were better protected even during the Covid epidemic. It will be a big factor responsible in the coming.

 

Increases in prices are profitable

The return on the investment that luxury and premium provide is another important aspect of luxury and premium. Real estate prices are inevitably rising. One of the most significant causes of price increases is demand-supply imbalances. While demand has been steadily rising, supply has indeed been seriously restricted.

 

Finally, every Indian aspires to own their own home. That desire has grown even stronger since the advent of the virus. In the coming years, people who have been debating to choose whether or not to buy will continue to fuel total housing demand.


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Disclaimer: The views of this expressed above are for informational purposes only based on the industry reports & related news stories. Navimumbaihouses.com does not guarantee the accuracy of this article, completeness, or reliability of the information & shall not be held responsible for any action taken based on the published information.
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