Starting the New Year following a tumultuous and catastrophic 2020
With a great deal of care, the planet continues to combat the coronavirus pandemic. Covid-19 has given rise to a fusion of “luxury real estate” and “quality of life,” all of which are now seen as synonymous. People are currently exploring for houses with more amenities.
Savvy millennials, who formerly chose to rent properties to owning properties, have now changed their view, emphasising purchasing them. Over 40% rise in sales over this fiscal cycle as the market for ultra-luxury houses, priced above five crores, has increased over the last six months, fuelled by the dynamic needs of the pandemic, the current study states.
A recap of the patterns found that are structuring the development of luxury accommodation in 2021-
How location factor plays an important role
Including a considerable rise in the number of customers searching properties in the elite communities of Delhi, luxury properties in tier-1/metropolitan cities such as Delhi NCR, Mumbai and Kolkata, and scenic hill and beach destinations across India have garnered increasing interest from both domestic and NRI buyers. The luxury properties, farmlands, villas have got an astonishingly great response in the past few months. Uber luxury properties in Delhi such as Raheja Revanta, Riyasat Hills, have seen the trend & a fantastic response.
The growing interest in farmland projects & luxury properties, second homes-
Buyers are clamouring for space outside cities and of late HNI and UHNI buyers are increasingly on the lookout for scenic and self-sufficient properties, farmlands in Gurugram. Second-home destinations like Goa, Dehradun, and Alibaug have become all-year destinations and sometimes even primary homes, with the new norm of WFA or work from anywhere. These locations are hot favourites for the luxury client with their unique offerings of outside-inside architecture style villas, easy connectivity, favourable weather conditions, and better AQI (air quality index). These destinations witness a sharp uptick in the resale of standalone bungalows in the ?5-?15 crores range. A surge in demand for farmland in large cities’ outskirts and this trend is likely to continue with UHNIs realising the importance of large homes surrounded by nature.
All in all, a pick-up in luxury real estate has been the silver lining from the pandemic crisis and with almost everyone banking on a sharp V-shaped recovery with the arrival of the Covid-19 vaccination, 2021 is poised to be a strong one, for high-value home transactions.
(Source- Forbes India)
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