Several luxury apartments in Noida and Gurugram are expected to be priced at rs 10,000-20,000 sq. ft. there are also tons of other services that also offer separate clubs, spas, Italian flooring, and concierge services as the rise in work-from-home post-pandemic spurs demand for luxury apartments.
Top real estate developers like DLF were in the news after the video got viral on social media claiming that the much-awaited luxury project in Gurugram was a hit with buyers. DLF is expected to sell around 1,137 flats within a few days. The 3,900 square feet apartments have been offered at a base price of rs 18,000 per square foot.
The market is buzzing with the news that L&T has launched a luxury, offering in sector 128. So is M3M in sector 94 and Country Group in sector 115 and Max Estates. It is expected to change the lifestyle of the city and it has all along been an affordable market, according to real estate experts.
The price of property comes with fully loaded apartments with various amenities like a clubhouse, spas, Italian flooring, concierge service, and most importantly after-sale maintenance.
Senior Director and the Head of Research Prashant Thakur said that Noida is the most peripheral city with the most affordable market. The land price is increasing and upfront amount of the developers has to pay less to acquire land. The city is also witnessing and is also expected to see tons of new launches in the ultra-luxury segment. After Covid, the dynamics have changed, especially when it comes to working from a home model. This work culture has led to a demand for bigger residential units.
Pradeep, a broker, has added that many listed players are coming to the Noida market and it is emerging from Gurgaon’s shadow. Now, buyers are waiting for “Gurgaon-like” quality housing products and these will soon be launched in the market. Tons of luxury launches done by branded developers have increased as there are tons of limited supply of land. This is the reason the builder is expected to pay the price upfront.
In November 2022, M3M Gurgaon bought 13-acre land in Noida for rs 827.41 crore through auction and the total acquisition cost would be reaching rs 1,200 crore, including lease rent and registration charges.
In December 2022, County Group had already purchased 28 acres of land in Noida for about Rs 450 crore. The group is going to develop a luxury housing project as a part of its expansion plan and it is around the land parcel that would earlier belong to the Ambience group.
As a matter of fact, there’s a capital gains tax deadline of March 31 just to limit the exemptions of the receipts from very high-value transactions. The finance minister has also proposed that the exemption available under sections 54 and 54 F will be limited to rs 10 crore.
According to Mudassir Zaidi of Knight Frank, Executive Director – North, Knight Frank India, Most of the luxury units are going to be launched upwards of rs 3 crore and there are tons of reasons why they get traction. The luxury segment has caught homebuyers’ attention after COVID-19. This also comes with the demand for plots that were in a range in Gurugram and after prices of plots have been increased by almost 100 percent in some cases.
A Noida-based broker, Pradeep said that the Noida market has increased in terms of perception and quality of construction. The location has tons of new luxury markets which have come to the Noida-Greater Noida Expressway.
According to ICRA, there has been an increased shift in the overall segment with the rise in the share and mid-segments to the overall sales across the top seven cities, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai, Delhi NCR, and Pune. This share of the luxury segment has increased to 14 percent and 36 percent, respectively in Financial year 2022-23.