Real estate is on the road to recovery post slowdown triggered by onslaught of Covid. Largely driven by NRI segment in the post lockdown era, with long term security and emotional bonding playing a vital role, real estate saw Q3 ’20-‘21 sales jump by nearly 85% compared to Q2 ’20-‘21, claimed an industry report. Noteworthy amongst this stat has been the uptick in the luxury real estate market. Pandemic has highlighted the importance of ‘quality of life’, a trait more often than not equated with luxury living. It has triggered a grand pivot towards a self-sufficient oasis that checks each box of luxury quotient now that the ‘work from anywhere’ trend is slowly gaining strength. A de facto gym, green open terrace for kids to play and family to relax and entertain, segregated workspaces and study area, cool splash pool, extra space for staff and extended family, etc are just some of the top-line ‘requirements’ of an enriching lifestyle.
Points to Ponder
Rented accommodation Vs Own home
‘Work from home’ and ‘work from anywhere’, initially deemed a feather in the cap of flexible HR policies, is now a mainstay of organisations as a result of the global disruption ushered in by the COVID. Enabled by this change, mobile working professionals no longer are compelled to choose ‘flexibility provided by the rented accommodation over their own home and thereby compromising on the ‘quality of life’. Staying closer to the workspace, economic activity hubs and school has been a hands-down preference for many in their attempt at maintaining a favourable work-life balance. Today, this choice doesn’t hold merit. ‘Own homes’ that are intelligently designed to create a bespoke experience without compromising on the latest smart home technology and holistic healthy living with the freedom of location have gained immense grounds among buyers.
A location irrespective of its distance to the workplace, but strategically located at important connecting points of the city that testifies a well-connected ecosystem is being highly preferred. If we take Delhi-NCR as a case in point, then prominent locations like Noida, Greater Noida, or even Ghaziabad NH24 that lies on the Delhi-Meerut expressway and is in the vicinity of Akshardham Temple, Delhi’s hallmark site has risen high in demand.
Personalised Bespoke Luxury Vs Regular One Size Fits All
Luxury has different facets to it. A high quotient of style, space, utility, technology, sustainability, and holistic living makes a unit truly luxurious. Bespoke experience that caters to new-age demands over and beyond the routine ‘bhk’ is the hallmark of luxury.
With new work patterns setting in and spending more time at home becoming the new norm, the requirement has evolved for a ‘self-sufficient luxurious’ unit. Well-demarcated and dedicated areas that enable balancing work and personal lives are the new flux. Fully-furnished units boasting bigger spaces, high-quality sanitary-wares, Italian marble floorings, Digital locks, video door phone, modular kitchen, designer false ceilings, high roof heights up to 11 ft., sky villas, sky gardens, home automation, electrical charging points for battery operated cars, walk-in closet, airy spacious and ventilated rooms are just some of the ‘luxury’ elements that sync trendy designs with hi-tech home technology. Besides, an opportunity to champion eco-friendly amenities like energy efficiency, water conservation, waste management, optimal sunlight, and heating systems is rightfully earning brownie points for the luxury properties.
Thrust from the government
Real estate in India has started getting its due share in government plans and policies as visible with the RERA. The industry has been regularized to a large extent with the pyramid of authorization and grievance redressal being set. This rejig has ushered in exponential transparency in real estate transactions. Definitely, a trust-building initiative that has encouraged the buyers to fructify the dream of their own home and even go for the high-end luxurious segment with more conviction. A jump in the number of HNIs and UHNIs in the last few years has of course helped too! As per a study published in 2019, India boasts of 2,697 ultra-net worth individuals (each individual with $30 million’s worth). The growth percentage is expected to grow by another 37% between 2019 and 2024 – a winning indicator of luxury housing in India. Not to forget the historic low rate of interest of housing loans and stamp duty has only served as the final propeller for the industry.
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