The consistent ups and downs after the pandemic and the accelerated digitisation have led to enough rise in the number of unicorn startups. HNIs have also played a vital role in turning the tide for the luxury property market in India. After the slumber, the luxury property segment in India is poised for a comeback with real estate experts and top consultants pointing toGurugram, and Goa-known as the vital destination of luxury and uber-luxury properties in India.
The pandemic has shown a 'psychological shift' in mortal buying behaviour. Realtors believe that the consumer has understood the importance of excellent and healthy living, eventually upgrading them to the next level of 'living comfort'.According to ISIR, the significant rise in interest for high-end properties is the increase in India's HNIs (high net-worth individuals). Not only HINs are moving ahead in investing in the luxury properties, but also the UHNI (ultra-high-net-worth individuals) category is also driving the luxury property segment. The pandemic has also accelerated digitisation, which has pushed the startup ecosystem to come up with unicorn startups.
As per ISIR data based on sales in the Mumbai micro-market, 306 luxury housing units worth Rs 4,877 crore have been sold during the January-March quarter of the 2022 calendar year. Luxury property in India has a wide price range, varying from city to city and area; price varies per square foot. Any property investment is considered luxury if it costs more than ten crores.
ISIR defines any single property transaction above Rs 10 crore as a luxury property in the top seven locations in India. A luxury property offers multiple offers and inclusive spaces with qualitative points of a home, office, study, rooms, gym, entertainment, green open spaces, and many more. It is expected that the crypto investors coverts their gains to property as the Indian real estate market I not yet mature to deal with the crypto ecosystem. To convert digital assets into real estate properties, one needs to have more explicit rules and guidelines.
A luxury outlook survey found that 67 per cent of HNIs want to buy a luxury property in 2022, and 46 per cent want to buy a property more than their existing luxury property. The reason behind the upgrade is the lifestyle gradation. Also, people are gaining sharp revenues in the capital market that enables the conversion from gains to real estate.
Indian luxury property market is still tiny compared to the US, China, and Australia but competitive with key luxury markets like New York, London, and Dubai. The changing interest in real luxury estate also indicates a change in the urban lifestyle and how the home space is likely to be defined as significant. We have seen people living in 3BHK and 4 BHK- the lifestyles have also shifted with work from home and hybrid lifestyles, and many wish to move into bigger houses to integrate home office.
People also prefer twin properties to accomodate large families where parents and children want to live next to each other or other family members buying flats next to each other or large families to upgrade their lifestyle and buy two properties for proximity.
After the pandemic hit, the segment has been under pressure for over three years. It is a good time for luxury property in India and witnessing growth because of how life and workstyles have changed over the last two years. There is security in this segment currently and for the arriving two quarters. The piece is also unlikely to be untouched by the shift in loan rates, among other factors.
Making the mark on this segment, we Raheja developers have understood the actual requirements of the buyer and get them down in Raheja Revanta.
Raheja Revanta is one of the tallest towers in Gurugram, located in Sector 78, built over 18.39 acres of land. Revanta comes to you with options of High-Rise Surya Tower or Low-Rise Tapas Townhouses in sizes of 2, 3, 4, 5, 6 BHK condominiums and penthouses. It is defined to be the ultimate luxury with the Construction By Arabtec, The makers of the World's Tallest Tower, Burj Khalifa, Dubai. Enjoy the 180° Panoramic views of the Aravallis with Raheja Revanta.
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