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The strong rebound and rise of luxurious homes

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The market for luxury real estate has seen a dramatic rebound since the outbreak in the outbreak. There is a growing need for homes with larger spaces that promote a healthy lifestyle and connect people to the natural world. In addition, because of the COVID-19 epidemic, this category of houses for residential use has changed from a negative connotation of snobbery into a place of wellness and health for the family. The customers are now attracted by the luxurious comfort, convenience, and amenities these luxurious projects provide and are prepared to spend more money to be part of these.

The impact of COVID-19’s legislation on buyer preferences was shown in the CII-ANAROCK’s recent survey of the Consumer Sentiment Survey. According to the study, “Cheap housing is the most important thing in the survey for the first time, with over 34% of homeowners focusing on properties that cost between INR 90 lakh to INR 2.5 cr.” The majority of NRI respondents preferred luxurious properties that cost between INR 1.5-2.5 million. Location, social infrastructure, in-development amenities, and the size of one’s house are significant factors in the price ranges that are growing in popularity.

Prior to the outbreak, the 60 lakh to 1 crore ticket size increased at the Bengaluru price point. In the aftermath of the pandemic, this industry is seeing significant demand from grade A players for plots that fall within this price bracket and luxurious homes across different categories. The 3-4 cr ticket has seen a huge increase in sales in the last two years. This trend is not limited to Bengaluru but is seen throughout India.

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In the last 22 months, people have been spending more time at home because of remote work and education via remote. Therefore, families are looking for bigger configurations that allow more time in the home for all in the family, including full-time residents, support staff, and SOHO (small office/home office) alternatives. Top-quality projects by Grade A players, with features like convenience stores, business centers, jogging tracks, green areas as well as basic medical facilities, and as much of the external globe as could be linked to the developments, are highly sought-after.

Buyers have recognized the value of well-designed and well-ventilated houses that have access to wide spaces and well-thought-out amenities. Furthermore, confidence among investors regarding real estate investment has risen as well, with developers who are branded taking a bigger than ever before share of the pie and consumers recognizing them as safe investment options. The general expectation of the future growth in the real estate market is making investors return to the market, as they anticipate an increase in the value of their investments in micro-markets strategically located such as North Bengaluru.

It is true that the Indian real estate industry has borne the burden of the COVID-19 virus, and many predicted the possibility of a prolonged period of difficulty, particularly in the segment of luxury. However, as people began to flock to luxurious homes because of their healthy lifestyle, the market began to shift, and now luxury has become a new way to live.

In the past three years, designers tried to design smaller homes to reduce their costs. The same designers are developing larger homes due to an obvious shift in consumer preferences following the pandemic. The stock market has been in turbulent waters for the last couple of months and is likely to remain this way for a while to come because of the global pressures and growing talk and signs of the coming boom in real property, for Grade A players, it’s the moment to be able to match the increasing demand across all areas. A bull run is on the way in Indian real property! Get in on the deal as soon as you are able.

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