Luxury Homes Staging A Comeback
Ease of purchase, increasing affordability, growing importance of spacious and safe environs of one’s own home due to increased health consciousness, and the trend of homeownership over renting, have all led to the revival of demand for luxury housing.
By Vinod Behl
The battered residential realty over the last few years had seen luxury housing hit hard by the weak demand. But post-pandemic, new dynamics of luxury housing have emerged. The pick-up in demand for luxury housing is evident from the sale and unsold inventory. According to Anarock Property Consultants, at the end of 2020, of 6,38000 unsold units in top 7 cities, the luxury segment (priced over Rs 1.5 crore) comprised just 14%. The sale of luxury and premium homes by leading luxury developer Lodha Group in FY 21 and FY 20, accounted for 85% of their overall residential sales.
Post-pandemic, home buyers are preferring larger, luxurious apartments. DLF has sold 24 flats of Rs 25-50 crore each, in its super-luxury project Camellias in Gurgaon.
According to a CII- Anarock Covid-19 Sentiment Survey, most NRIs today are preferring luxury homes – mostly in the price range of up to Rs 2.5 crore. As per the report, the sale of luxury property (Rs 1.5 crore to Rs 2.5 crore rose from 6% in the pre-Covid period to 7% in the post-Covid period, while sale of luxury homes costing more than Rs 2.5 crore, rose from 3% to 4%.
By Vinod Behl
The battered residential realty over the last few years had seen luxury housing hit hard by the weak demand. But post-pandemic, new dynamics of luxury housing have emerged. The pick-up in demand for luxury housing is evident from the sale and unsold inventory. According to Anarock Property Consultants, at the end of 2020, of 6,38000 unsold units in top 7 cities, the luxury segment (priced over Rs 1.5 crore) comprised just 14%. The sale of luxury and premium homes by leading luxury developer Lodha Group in FY 21 and FY 20, accounted for 85% of their overall residential sales.
Post-pandemic, home buyers are preferring larger, luxurious apartments. DLF has sold 24 flats of Rs 25-50 crore each, in its super-luxury project Camellias in Gurgaon.
According to a CII- Anarock Covid-19 Sentiment Survey, most NRIs today are preferring luxury homes – mostly in the price range of up to Rs 2.5 crore. As per the report, the sale of luxury property (Rs 1.5 crore to Rs 2.5 crore rose from 6% in the pre-Covid period to 7% in the post-Covid period, while sale of luxury homes costing more than Rs 2.5 crore, rose from 3% to 4%.
This is a premium article available exclusively for our subscribers.
If you are already a subscriber, please Login
If not, subscribe now and get access to well researched articles & reports on infrastructure construction, equipment & machinery, innovations & technology, project reports, case studies, and more. All this by simply paying just ₹200/- for a month of complete portal access, or a discounted rate of ₹1000/- for a full year of access.