COVID-19 Pandemic has already changed the destiny of many businesses. Some have completely got shut down and others are surviving to meet ends. But there’s good news is that the real estate market for luxury housing projects Gurgaon have gained momentum and registered selective price appreciation post lockdown.
As per Anarock Property Consultant, luxury housing project in NCR comprises over 4% share of total housing sales which increases marginally over 2019. Realty major Ambiance group has said that the current realty prices are showing rising trends owning to 8% rise in demand for premium and luxury housing.
As stated by Akash Khurana, CEO of Krisumi Corporation,
“In NCR, the buyer usually can’t afford what he likes and doesn’t like what he can afford. The pandemic has given rise to a new generation of buyers who want luxury if given at a right price,”
As per the report published by the Anarock, Noida has witnessed total housing sales of 3,240 units in 2020 out of which 9% share is of luxury segment while Gurgson sold about 7240 units from which 5% share comprise luxury homes.
As said by Anuj Puri, chairman at Anarock consultants, Affordable and mid-segment housing continued to drive homebuyer demand in 2020, but luxury sales also saw some momentum in NCR despite the pandemic,”.
According to the Experts the impact of COVID pandemic on this buyer-class was not as significant as other budget categories. Also, many developers have doled out great discounts that made such properties lucrative for the real buyers who were willing to spend accordingly.
From the supplier’s perspective, Delhi NCR saw new launches of approximately 18,540 units in 2020, from which 9% was within the luxury segment that were priced over Rs 1.5 crore. In 2019, the luxury segment consists 12% of the 35,280 were new launches.
The Director Pankaj Bansal has said “With evolving dynamics in the Indian real estate, developers are also focusing on offering lux amenities to the homebuyers,”. NCR cities like Noida, Gurgaon and Ghaziabad saw new luxury supply in 2020.
As said by Nayan Raheja of Raheja developers “The pandemic has in fact increased the interest in luxury property as people are looking to upgrade to a better lifestyle,”. Ambience group consequently have raised their pricing after an increase in demand.
As stated by Ankush Kaul, President (Sales & Marketing) at Ambience group “The price revision announcement marks the beginning of a new year and a new era. The luxury-premium housing at current rates are still a good bet in the long term.”