The demand for luxury homes has driven realty stalwarts to root for new land and avenues. Gurugram, too, witnessed coming up of new areas for luxury real estate such as South Gurugram and some sectors in New Gurugram. Moreover, Gurugram has always been considered as a luxury real estate market and why not! People dream of having their abode here in this Millennium City. Well, this dream is reality now.
The latest ANAROCK data reveals that NCR added approx. 3,820 units in Q2 2021, a Q-o-Q decrease of 43%; approximately 69% of the new supply was in the INR 40-80 lakh price bracket. Even though the pandemic affected nearly every business, real estate, particularly luxury houses, experienced a rise in demand. Putting the worry of a pandemic aside, many wealthy property purchasers are focusing on luxury residential properties. Due to pent-up demand, luxury house sales will surge as the pandemic fades and vaccination programmes are rigorously executed.
There has been a marked increase in the percentage of the premium, indicating the robust demand in Gurugram. The city has always lived up to the demand for luxury in the city. In 2018, Gurugram saw total new launches of approx. 11,280 units out of which 18% were in the premium segment (INR 80 lakh to INR 1.5 Cr) and 13% in the luxury & ultra-luxury segments priced >INR 1.5 Cr. In 2019, the city saw total new launches of 19,350 units of which 14% in the premium segment & 14% in luxury & ultra-luxury segments. In Q1 2021, the city saw total new launches of 3,100 units of which 8% in the premium segment & 8% in luxury & ultra-luxury segments.
Because of the pandemic, everyone was trapped at home for an extended period with no way out; the situation necessitated a large amount of space to accommodate various events. Consumer attitudes were transformed due to these pivotal factors, leading to a rise in demand for larger and better homes.
Mr Pradeep Aggarwal, Founder & Chairman – Signature Global Group & Chairman – ASSOCHAM National Council on Real Estate, Housing and Urban Development says, “People started realizing that having a simple home is not actually their wish. Everyone dreams of luxuries attached to their abode where they spend quality time with family. The sector noticed this demand and came up with projects that are a cross between affordable and luxury. The response was good and these units/projects sold like hot cakes. Also, with so much going on in the Indian Realty market, the angle of affordable luxury housing has emerged as a new perception, so we builders are meeting the modern expectations of consumers within a specific budget and making their dream homes under low rise luxury floors in our new residential projects Signature Global Park.