What caused the exponential growth in Luxury Real Estate?
Mr Rakesh Reddy, Director , 99 Acres
The dynamics of Real Estate went through some major changes in the last couple of years. Especially, the Luxury Real Estate in India has evolved from an indulgence to a necessity. The COVID-19 pandemic has considerably altered consumer preferences for housing. The market is leaning heavily towards spacious homes with private outdoor spaces and abundant social infrastructure.
The pandemic has brought in a shift in the mindsets of homebuyers. Today, they are prioritizing space, safety, and wellness, which makes Luxury Gated Communities one of the fastest-growing segments. As a result, the demand for Luxury Real Estate has seen a surge.
As working from home (WFH) becomes the norm and may become a permanent arrangement in some situations, consumers are opting for well-equipped Luxury Gated Communities that provide adequate space and privacy for all family members. WFH policies have increased demand for 3 BHK and larger configurations as homebuyers are looking to accommodate a dedicated home office area. There is also a growing demand for Gated Community projects with premium facilities, including clubhouses, fitness centers, swimming pools, playgrounds, sports facilities, and on-site supermarkets and pharmacies for added convenience.
A significant advantage of Luxury Gated Communities and townships is the abundance of natural surroundings and open spaces. More consumers now prefer spacious homes with expansive greenery as health and wellness have become top priorities. These projects must optimize the use of locally available natural resources…
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