Luxury real estate to recover in 2023

Indian luxury real estate continues to be one of the growth drivers of the sector. The sector is gaining momentum and is expected to register solid growth in 2023.

Additionally, the pandemic has also provided a positive impetus as demand for gated/compound homes, villas, retirement & second homes (RSH), tenements, etc. has increased significantly. Considering work from home (WFH) and home schooling, buyers want more space. Previously he lived in 2/3 BHK people now want to move to a bigger house.

Likewise, people can enjoy spacious gated facilities with globally benchmarked amenities such as valet parking, rooftop F&B facilities, top-class gaming zones, golf courses, bodies of water, forest and nature trails, business meeting rooms, and more. I want society. With telecommuting and hybrid working models on the rise, people are looking for homes that enhance their lifestyles, ensure overall wellness, and better integrate new ways of working. People don’t want long commutes and want most facilities on campus so they can have fun and have fun with friends and family.

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Upward trend of RSH culture

The pandemic has led to a surge in Retirement & Second Home (RSH) and complementary products such as farmhouses and tenements. Properties like this offer a great opportunity to reconnect with nature. It also fits seamlessly into telecommuting and hybrid cultures as it allows you to enjoy your work in silence and peace. It can also provide a great escape in case of future pandemics. After mass vaccination, the chances of future outbreaks are minimized, but not completely ruled out, so owning a complex is a smart step.

In NCR, micromarkets such as Brijwasan, Chatarpur and Aravali Hills are preferred locations for such properties. In addition, the hilly areas of Uttarakhand and HP such as Mussory, Nainital, Dehradun and Shimla are also popular destinations for such properties.

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In Maharashtra, Lavasa, Lonavra, Alibagh, Karjat etc. are top destinations for RSH, farmers and related establishments. Vizag is a favorite destination for residents of Hyderabad, while Pondicherry and Ooty are popular destinations in the Chennai area. Bannerghatta and Nandi Hills are becoming a popular second home for Bangalore residents due to their abundance of greenery.

NRI is shifting its focus to the market

NRI is increasingly shifting its focus to this category. India’s expat community is already one of the dominant players in high-end real estate in the world, betting heavily on markets such as Europe, the GCC, Singapore, Thailand and the Maldives.India’s luxury real estate is also evolving. , bridging the gap market with the international ones, NRI shows growing interest in India’s luxury apartments, villas, bungalows and more. Luxury real estate is also a smart investment fueled by rising demand. You can post smart capital returns and recurring rental income.

(by Subhash Goel, MD, Goel Ganga Developments)

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