How Covid Has Impacted The Demand For Luxury Homes In India

Demand-For-Luxury-Homes-In-India

Do you know post covid, there is a huge demand for luxury homes in India? Covid has changed the way we used to work, live and enjoy. People are realizing the value of living a healthy lifestyle, reclaiming their lives, and staying with like-minded people.

As per research and surveys, housing sales have increased by 71% in tier 1 cities. After being locked in their own places for so long, people have become more aware of luxury and premium and things have changed tremendously.

According to some estimates, the premium segment ( range Rs 80 lakh – Rs 1.5 Cr) accounted for 25% of total real estate sales. The luxury market is being dominated by well-heeled buyers looking to upgrade their lifestyles and escape the monotony of life. Developers have also increased the quality and quantity of new apartments to take advantage of the market’s momentum.

Millennials believe that planning is a step forward in life

Growth in the real estate market is driven by the affordable middle segment and the continued demand for high-quality luxury apartments in top cities across India.

Post-Covid, the demand for ready to move in spaces has increased among millennials and this segment is looking for great communities that provide enough security, and comfort for stress-free living.

Health and wellness matters

Post-pandemic, a rise in demand was witnessed for sustainable projects compared to standalone buildings. People nowadays prefer projects and communities designed to focus on natural environments and wellness.

People want spacious homes with all amenities like a gym, swimming, garden, clubhouse, etc. Due to covid, people are looking for a heaven in the security of their own homes.

Work from home culture

Covid has changed the operations in organizations. Companies are implementing work from home and flexible working culture. So people are looking for bigger houses with extra space that can be transformed into a small office spaces.

People are willing to spend extra for accommodating work-from-home realities and ensuring a bigger stress-relieving and breathable home for everyone in the family.

High demand among NRIs for self-use residential units

As per industry estimates, 67% of high-net-worth individuals want to buy luxury homes in 2022. We’re seeing high demand for self-use residential units among NRIs. Bengaluru, Pune, and Delhi NCR are some most attractive locations for NRIs.

NRIs are preferring well-planned projects with recreational areas, greener surroundings, and top-notch amenities.

 Read More: How’s Real Estate Market is Doing in India in 2022

Sense of security

With people being confined to their homes for a long, people want to upgrade their current living standards. With homes becoming the sole space for all activities, people are looking for extra rooms, study rooms, or workout spaces within their homes.

Properties having big gardens and homes with decks or balconies are preferred for much-needed fresh air. 

Conclusions

So we can say that Covid has increased the demand for luxury homes in India. Indian consumers are focusing on wellness and world-class luxury living standards. And we’re going to see more increment in the demand for the luxury real estate sector.

Read More: Comparing Key Global Real Estate Markets post and pre Covid

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