Sales of luxury homes to be in demand in 2024

Sales of luxury homes rose 51 per cent in value terms to Rs 4,319 crore during the last calendar year on strong demand. According to a real estate consultant, data showed that at least 45 homes, priced Rs 50 crore and above, were sold in 2023 for Rs 4,319 crore. During the 2022 calendar year, at least 29 homes valuing Rs 2,859 crore were sold in this price category. This trend is expected to continue even in 2024.

According to Neeraj K Mishra, Executive Director, Ganga Realty, luxury real estate markets are at their prime of end-user demand and sales in the National Capital Region (NCR), especially Gurugram. 

"The India Sotheby’s International Realty’s annual Luxury Outlook Survey comprehensively captured the buoyant sentiments of ultra-wealthy home buyers towards luxury home purchases. The study encapsulated that 71 per cent of survey participants expressed their future plans to invest in luxury real estate in the next 12-24 months. This is a clear indicator of property users’ growing interest and confidence in the diverse options of the Indian luxury housing markets. On the whole, the trends present an overview of the burgeoning demand for luxurious apartments, condominiums, and penthouses. In the upcoming quarters, we expect a further acceleration in demand from the end-users side which will typically consist of High-Net-Worth-Individuals(HNIs) and Ultra-High Net Worth Individuals (UHNIs)," Mishra said.

He also emphasized that Gurugram hosts some of the best premium luxury housing properties of different scales, magnitudes, and grandeur catering to an ever-growing customer base of disparate temperaments and choices. 

"There is also a noticeable shift in the intent and aspirations of Indian homebuyers. A large section of luxury property buyers does not think twice about spending greater amounts for fancy and splendid homes that are the exact replica or manifestation of their dream homes. Gurugram is one of the top-tier luxury housing markets depicting plurality and variety in essence, presentation, and design," he added.

Even in Gurugram, Sector 84 has become one of the quintessential luxury property hubs, located in close vicinity to both Dwarka Expressway and the iconic Global City project. As Dwarka Expressway is nearing its completion and most of the adjoining and connecting roads undergoing massive revamp, Sector 84 has certainly attracted scores of home buyers driven by the dual confluence of long-term investment gains and prospects of increasing luxury comfort and lifestyle upscaling.

Architecture influences the buying choices of home buyers

Eco-friendly and sustainable architectural themes and building structures undergird a positive acceleration in the homebuying demand. The aftermath of the pandemic has brought fruitful changes in the selections of home buyers, turning out to be more cogent and well-informed. Home buyers are analyzing the architectural layouts, green-friendly features, and institutions of a particular project and making wise decisions. Earlier, home buyers were only giving primacy to the project location, connectivity, and socio-cultural infrastructure whereas now sustainably built architecture and superstructure also play a crucial factor in home buying judgments.

Meanwhile, Ganga Realty recently launched its uber-luxury project in Gurugram which was oversubscribed within a day of its launch. According to Mishra, the uber-luxury project - Nandaka 84 - will offer a strikingly magnificent business club with a rooftop, an open terrace gym, and a medical room. "Additionally, it will host a wide range of eclectic recreational hubs which has something in store for each family member. Moreover, we have come up with a diverse array of green-friendly designs in consonant with our ideals of providing a ‘pure luxury’ residential ecosystem. The project will offer a clean and salubrious indoor environment with the adoption of eco-conscious landscapes," he summed up.