The luxury continues to redefine itself with changing times; the definition depends on the prevalent social ecosystem. Similar is the case now when a global pandemic continues to loom and dominate our lifestyle choices, buyers of luxury spaces the UHNI and HNI are seeking homes that provide sustainable luxury and a promise of wellness and security.
Be-spoke experiences, multi-functional spaces, integrated home technology systems have come to be classified as mandatory requisites from luxury buyers. These buyers are now more conscious about entering into an agreement with reputed brands to have complete assurance of their investments made.
One of the country's major real estate markets - Delhi-NCR, has witnessed distinguished luxury realtors constantly looking to upsize their offerings due to the pent up demand and low home loan interest rates.
This has led to never seen before variety in the kinds of homes available for buyers-from modern villas, penthouses to townhouses and bespoke apartments. As per recent research by Anarock, the NCR market in 2020 saw luxury housing sales better than 2019; 23,220 units were sold in which the luxury segment had a percentage of 4%, while in 2019, this was close to 3% of 46,910 units sold. This conveys a ray of positivity for the luxury developers.
The same report also highlighted that Gurugram in NCR had seen maximum housing sales and launches in 2020. This trend can be attributed to the fact that the city has one of the largest numbers of white-collar workers, with a homogeneous mix of industries. Adding on to it, development of new areas and improved infrastructure like Sohna Road, Dwarka Expressway, Manesar, and New Gurugram have also played a vital role in attracting the big names of the real estate market to come and construct their unique edifices here.
These newly developed areas on the peripheries have also proven to be a lucrative choice for the buyers and investors due to the availability of untapped resources, far from the clutter of the dense city.
The lifestyle and quality of homes promised here in the luxury segment are becoming the selling points. In order to continue this positive trend of sales, circle rates in Delhi NCR should be rationalized as market prices are 30-40% lower than the circle rates. NCR Developers and the real estate associations have also written to the Government for reducing stamp duty like states of Maharashtra and Karnataka have done.
If a measure like stamp duty reduction is introduced for the Delhi NCR market, regions like Gurugram will bring significant growth in the overall economy, where demand for luxury housing is at an all time high and ample availability of luxury inventory already exists.
Amit Thakran the author of the article is Director at Value Homz