India’s unique urban lifestyle is attracting top-notched developers to scout for land parcels in areas where demand for high-end residences has surged. The luxury niche is becoming one of the strongest sectors in India’s real estate market.
The section below explores how the advent of luxury housing in India is brewing up!
Real Estate Market Scenario in 2016
The real estate market in India has its own cyclical highs and lows which can be gauged easily. Buyers can simply enter the market when it is at its lowest, knowing that the prices will not go down further. However, with uncertain global market conditions in the 2014 second-half onwards, the real estate industry is going through a stretched period of hard time; this has lasted for more than a year now. To stabilize this sector, end users are being offered with attractive discounts and buyers-friendly home loans.
The aforementioned efforts by the developers’ makes a lot of sense as market watchdogs are expecting real estate sector to witness a phenomenal surge irrespective of the share market. Thereby, making the time when the market is at its lowest the best for making investments. Additionally, it is also anticipated that a positive turn in the country’s business future will trigger the demand for luxury residences in India.
Rise of luxury residences in India
More launches are expected in 2016 in the luxury housing segment as major metros are expanding to accommodate an influx of more and more high net worth individuals. This buzz has caught the attention of many developers, and this in turn has resulted in the launch of multiple luxury housing projects majorly at the outskirts of smart cities.
The fundamental reason behind the choice of smart cities as destinations for such high end properties is the combination of solid infrastructure and connectivity benefits. A few residential localities where many developers are concentrating their efforts include Sushant Lok, MG Road, Golf course Road, Extension of Golf Course Road in Gurgaon; Rajajinagar, Malleshwaram, Richmond Town, Yeshwanthpur, Benson Town in Bangalore; Boat Club Road , Model Colony, Erandwane Road in Pune; Worli, Navi Mumbai, Mulund West, Goregaon East in Mumbai, among others.
Therefore, these places have no dearth of properties and one can easily strike lucrative deals with the reputed developers operating in these areas. These well-planned investments will surely bring profitable returns in the medium to long run.
Seeing these positive notions many renowned developers are coming up with an array of luxury housing projects including Lodha the Park by Lodha Group – Worli, Mumbai South; Prestige Parkview by Prestige Group- Whitefield, Bangalore East; Aparna Elina by Aparna Constructions and Estates- Yeshwanthpur, Bangalore North; DLF Park Place by DLF- Sector-54 Gurgaon; Marvel Imperial by Marvel Realtors- Boat Club Road, Pune; among others.
Moreover, the new trend of vacation homes in India is also expected to provide boost to the high-end residential properties as they create a perfect rental income opportunity for the end users. As a result, quite a few luxury housing projects are lined up in some of the most sought after vacation destinations of the country including Goa, Rajasthan, Kerala, Bangalore, Himachal Pradesh, among others. This trend has mainly caught up with NRI’s as it provides them with a twin benefit – having a high-end vacation home in one of the top tourists’ destinations, and having a property generating healthy rental income.
All in all, luxury housing in India is slated to be the next big thing; so it is advisable to make a prudent investment into this arena and reap the benefits.
Aakanksha Pasricha writes for 99acres.com. She has been writing for the real estate developments happening in different parts of India. When she isn’t writing she browses around the high streets as she definitely has an eye for details. You can visit her @G+aakanksha