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Luxury Housing Sales Double In H1 2022

Rishabh Chamoli | 2022-08-31

Indian luxury housing segment has performed remarkably well post pandemic, with overall sales rising steeply across the top 7 cities.
According to latest ANAROCK Research data, approximately 1.84 lakh units sold in these cities in H1 2022, about 14% approximately 25,700 units were in luxury homes.
Contrastingly, of 2.61 lakh units sold in the whole of 2019, just 7% approx. 17,740 units were in the luxury category.
MMR and NCR have led luxury homes sales with H1 2022 seeing approximately 17,830 units sold in these two cities alone. In 2019, they accounted for a mere 11,890 luxury homes sold in the entire year.
In terms of overall sales share, MMR’s luxury housing sales share increased from 13% in 2019 to 25% in H1 2022. In NCR, the sales share rose to 12% in H1 2022, from 4% in 2019.

Anuj Puri, chairman of ANAROCK Group, says, These sales figures are even more remarkable if we consider that it is mainly end users who are driving luxury housing sales across these cities today.
There is a clear takeaway on overall economic performance. Even though the typical buyers in this budget segment were not as impacted by the pandemic as the rest, HNIs are conscious of cost.
Discounts by developers made luxury properties very attractive for these buyers and NRIs have also been snapping up luxury homes in India because of the favourable exchange rate.

In the past few years, Noida has emerged as the next destination for luxury homebuyers. Noida has some advantages over other parts of NCR.
Talking about the luxury segment in Noida, Bani G Anand, vice chairperson of a luxury brand, says, One major attraction of Noida is that it is better accessible from Central Delhi.
Accessibility With saturation in Gurgaon, people are moving to Noida. It is better connected. There has been lot of development in Noida. People want to buy a home closer to office.
Affordable nature of Noida market is yet another takeaway. People are keen to buy larger home at the same price. Here one can buy larger homes in more affordable price.
Best areas in Noida is better priced with the same prices what they will get in Gurgaon. Infrastructure in Noida is far better than Gurugram. Lot of MNCs have their offices here in Noida.

Anand, further says,One of the most reliable investments in the world today is luxury real estate as it is the best performing asset which is continuously gaining value and also offers significant returns in the future.
The luxury real estate is always on the rise and keeps on gaining value even in the age of the pandemic.

The growing preference of the younger generation for luxury homes has been an ongoing phenomenon since last few years.
Their preferences have always shaped trends in the real estate business, for them its a perfect blend of both functionality and convenience.
The younger generation is a major technology consumer for them everything is best when available at the click of a button.
It is because of these choices that we have witnessed a spike in the demand for luxury homes, especially from first time buyers.
While location plays an integral role, connectivity to workplace, schools, hospitals, restaurants, malls and markets, amenities like recreational areas, a world-class gym, sports facilities, project the second most important set of factors, Anand adds.
When we talk about young buyers, futureready homes are something one needs to be careful of ones that are suitable for their modern requirements.
It is to cater to such demands that developers have planned and created infrastructure that suit their aspirational lifestyle, fulfils the status factor and their need for modern designs, tech-enabled solutions, and a thriving community living.
In short, a luxury home is one step ahead of any other home, Anand avers.

Talking about why Noida is fast emerging as a popular destination for affordable luxury homes, Ajay Chaudhary, CMD of another local realty group, avers, A dream location for both the end users and the investors, Noida has been the first choice of the home buyers looking for affordable properties and its equally popular among the seekers of affordable luxury homes due to the availability of a wide-range of options.
With several multinational companies and IT giants setting up their bases in Noida over the last few years, there has been a significant rise in demand coming from the employees of these companies for the projects under affordable luxury category.
All these projects offer better lifestyle with modern facilities and amenities like spas, Jacuzzis and infinity pools hence the apartments in these have been picked up by the upwardly mobile service sector employees looking for a better lifestyle.
Considering that the salaries of these employees working either in IT sector or the multinational companies in the city are comparable to the best in the world, the real estate developers have come up with such projects.
In other words, high disposable income of the service sector in Noida has led to tremendous spurt in demand for affordable luxury apartments as well as villas in the city.