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Luxury homes: Realty developers witness a surge in demand for luxury and super luxury homes

Luxury homes: Realty developers witness a surge in demand for luxury and super luxury homes 2

New Delhi: Demand for luxury and super luxury homes has risen as many high networth individuals (HNIs) and ultra HNIs are either upgrading or buying bigger houses taking advantage of the lower prices due to the pandemic, realty developers and brokerage firms said.

Developers like DLF, Supertech, Central Park and M3M, which offer luxury properties, said they have closed multiple transactions ranging between Rs 2 crore and Rs 30 crore post the lockdown.

India Sotheby’s International Realty, which lists super luxury property on its platform, said it has closed multiple high-value transactions ranging from Rs 65 crore to Rs 100 crore plus during the last 3-4 months.

“These transactions have taken place in both second/holiday home destinations as well as metropolitan cities like Mumbai, Delhi NCR and Kolkata,” said Ashwin Chadha, president, India Sotheby’s International Realty. “We expect a 40% surge in our revenues this fiscal, driven by the overall buoyancy returning to the luxury segment of the market.”

DLF Ltd said pent-up demand due to the pandemic has led to increased enquiries and sales right after the lockdown.

“The high-end luxury housing segment has seen a surge in demand as Indian real estate developers today are delivering projects of international standards and are attracting buyers not just from within India but worldwide,” said Karan Kumar, chief marketing officer at DLF Ltd.

Besides HNIs, who have been more resilient to the financial impact of the pandemic, NRIs have also spotted the remunerative path to invest in the Indian real estate market.

The increase in the purchasing power of the NRIs coupled with a spike in the exchange rate of the US dollar will continue to encourage the sale of luxury realty, developers said.

India Sotheby’s International Realty said the most significant trend seen among UHNIs and HNIs is a spike in demand for larger homes in the city’s most coveted addresses like Lutyens Delhi, Judges Court Road in Kolkata, Malabar Hills, Juhu and Bandra in Mumbai.

“The long hours at home during the lockdown have helped develop people`s outlook towards their lifestyle and homes, inducing the interest of buyers towards the luxury quotient,” said Pankaj Bansal, director at M3M. “The luxury housing market is witnessing a revival as the end-users at the top of the pyramid have only been affected marginally, and their lifestyle benchmarks will continue to evolve in the year 2021.”

Most industry reports also point to a continuing demand for luxury realty in 2021.

Realty developer Supertech, which is executing NCR’s tallest residential tower Supernova, said it has closed multiple transactions post lockdown.

“The price ranges between Rs 7 crore and Rs 30 crore with size of 5,000 sq ft to 25,000 sq ft. A lot of celebrities and businessmen have shown interest in buying property,” said RK Arora, chairman of Supertech group.

Buyers of luxury and super luxury homes are now also looking at properties that offer a wide range of facilities.

“The discerning customers are evaluating properties with unmatched hospitality, 5 star club with exclusive lifestyle amenities such as all-weather swimming pool, full service concierge, multi-layer security, superior air quality and an elite neighbourhood,” said Amarjit Bakshi, CMD at Central Park.

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