Emerging trends in luxury real estate market
The Indian luxury residential real estate market presents a compelling picture in 2024. A report by Forbes India highlights a significant rise in the luxury segment’s share of quarterly sales. Apartments priced above Rs 3 crore saw a jump from 5% in Q1 2022 to 11% in Q1 2024. This translates to a 120% increase, reflecting a growing investor appetite for high-end properties. Anarock further strengthens this optimism by predicting a potential 5–10% rise in new luxury home supply in the coming quarters. These statistics paint a clear picture: the demand for luxury housing is on a substantial upswing, coupled with bullish investor sentiment.
Decoding buyer preferences
While prime locations remain desirable, a shift in buyer priorities is evident. Discerning clientele are increasingly seeking properties that offer curated experiences beyond just the address. Wellness features like spas, yoga studios, and meditation spaces are gaining significant traction, as evidenced by rising inquiries and positive feedback from potential buyers. Smart home technology, offering automation and enhanced security, is another in-demand element. This trend aligns with the growing national focus on health and well-being, with a significant portion of affluent buyers seeking properties that promote a holistic lifestyle.
Furthermore, the rise of work-from-home culture necessitates dedicated workspaces within residential developments. Integrating co- working spaces caters to this growing need, offering residents a convenient and professional environment for remote work. Security remains paramount, with advanced surveillance systems and controlled access becoming essential features. By analysing homebuyer behaviour and conducting surveys, we can gain further insight into buyer preferences and tailor our offerings accordingly.
Defining Luxury in a segmented market
Niche offerings like sky villas, penthouses, and independent floors within well-equipped townships are experiencing increased demand. These properties cater to specific buyer preferences for privacy, spacious living, and a sense of belonging to a select community. By analysing online property searches and conducting market research, we can identify the specific demographics driving demand for these niche offerings and tailor our development strategies accordingly.
Tier-II and Tier-III cities: Untapped potential
Luxury real estate is no longer confined to major metros. Tier- II and Tier-III cities are witnessing a significant rise in demand for high- end properties. According to real estate consultancies’ data, there has been a consistent rise in property inquiries from these emerging markets. By strategically expanding into Tier-II and Tier-III cities, developers can tap into this growing market segment and diversify their portfolio.
Revolutionising the buyer journey with data-driven insights
Technology is rapidly transforming the buying and selling of luxury real estate. VR (virtual reality) allows for immersive property tours, enabling potential buyers to experience spaces remotely. This can be particularly beneficial for geographically dispersed clientele or those seeking to shortlist properties before an on-site visit. AR (augmented reality) can enhance property brochures and listings, offering interactive information about amenities and layouts. This can significantly improve user engagement and streamline the decision-making process.
Sustainability: A strategic advantage
Crucially, sustainability can no longer be an afterthought. Environmental consciousness is a growing concern, particularly among affluent buyers. Incorporating eco-friendly building practices, energy-efficient appliances, and sustainable materials into your developments is not just a responsible choice; it’s a strategic advantage. By achieving certifications like LEED (Leadership in Energy and Environmental Design) or IGBC (Indian Green Building Council), you can attract environmentally conscious buyers and position your company as a responsible leader in the industry. This commitment to sustainability not only benefits the environment, but it also contributes to long-term cost savings for residents through lower energy bills.
Remember, the future of luxury living is about creating a harmonious balance between comfort, exclusivity, and environmental responsibility. By embracing a data-driven approach, fostering collaboration, and prioritising sustainability, we can ensure our developments not only meet the evolving needs of today’s luxury buyer but also create a lasting positive impact on the environment.
Read the full article has appeared in EPC World dated July 31, 2024 link : https://www.epcworld.in/p/post/emerging-trends-in-luxury- real-estate-market#
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