Luxury real estate is gaining pace and is anticipated to expand quickly in 2023, as seen by the increased interest in high-end properties and growing sales data in recent months.
NRIs are showing increasing interest in high-end Indian flats, villas, bungalows, and other real estates as the market develops and the gap with overseas markets narrows.
India's luxury real estate market continues to be a sector development engine. The resumption of normalcy has increased demand for bigger homes and restored buyer trust in the housing market. Rising sales numbers recently and increased interest in high-end homes (Rs 2.5 crore and above) are evidence that the luxury real estate market is gaining pace and is likely to expand quickly in 2023.
Due to the following criteria, premium realtors are attracting new clients and keeping their present ones by offering superior improvements following market dynamics and trends.
Increasing Culture of Second Homes and Retirement
The epidemic has had a favourable effect since the demand for gated/compound houses, villas, retirement and second homes (RSH), row houses, and other properties have significantly increased.
People also desire large gated communities with top-notch features like valet parking, rooftop dining options, top-notch gaming areas, golf courses, water features, wooded and natural walking paths, corporate meeting spaces, and much more. There is a rising trend toward WFHs and hybrid working models. Therefore, people are searching for houses that offer an improved lifestyle, guarantee general well-being, and smoothly incorporate new ways of work. People like to have most of their facilities on campus so they can enjoy and have fun with their friends and families rather than commute long distances.
After the pandemic, buyers are looking for larger areas, notably with the rise of Work from Home (WFH) and homebound education. Prior residents of 2/3 BHK apartments now want to move to more prominent residences. Luxury real estate attracts more purchasers since it is considered a lucrative investment option. The category is expanding as a result of historically low home loan rates.
NRIs are changing their market strategy.
NRIs have recently turned their attention to the nation's luxury home market. NRIs are showing increasing interest in high-end Indian flats, villas, bungalows, and other real estates as the market develops and the gap with overseas markets narrows. With increased demand, luxury real estate is also a wise investment. It may produce both dependable rental income and smart capital returns. Demand in the luxury sector is rising by 35% every quarter, and the upswing is anticipated to continue.
One can say with certainty that the luxury real estate market has witnessed remarkable growth with no signs of a downturn in buyer demand based on the upbeat attitudes supported by reliable data. The segment's sales numbers could surpass all prior highs by 2023.