The real estate sector experienced a notable upswing in 2022, marking what many termed as a pivotal moment for the industry, considering the economic challenges of the past two years. A significant surge in sales occurred as buyers recognized the enduring value of homeownership, viewing homes as a dependable asset. The infusion of infrastructure development heightened the capital appreciation of properties, attracting buyers to the market. Luxury and ultra-luxury homes emerged as the top-selling realty properties, driving both demand and supply.
The future outlook for the luxury housing segment appears promising. Sales of semi and fully furnished luxury 2, 3, and 4 BHKs have seen a prominent increase, surpassing sales figures from pre-pandemic years in successive quarters. Non-Resident Indians (NRIs) have entered the domestic real estate markets, displaying a preference for long-term real investments over stocks and fintech. Metro cities have witnessed a growing population of High-Net-Worth Individuals (HNIs) who consider luxury properties as their comfort homes and primary choice of residence. Overall, luxury housing is poised for a positive future with an expanding and reliable market base.
Farmhouses and Plotted Developments have become trademarks of the Gurugram real estate market, offering value-for-money investments. The choice between the two is a matter of buyer preference. Plotted developments show higher appreciation value compared to residential societies and apartments, as they are situated in newly developing sectors and corridors emerging as realty hotspots. Dwarka Expressway and Sohna Road have become top investment zones for plotted developments. In Gurugram, many buyers are selling their flats and independent floors to invest in plots and customize them according to their preferences. Plotted developments are concentrated in Sector 93, 94, and 95 and various parts of New Gurugram.
Farmhouses have captured the attention of retired NRIs and Ultra High-Net-Worth Individuals. Although no new hotspots have emerged, Sultanpur and Chattarpur have become classic farmhouse destinations. Modern farmhouses often feature large tracts of arable agricultural land, serving as a post-retirement or supplementary income avenue for those engaging in agricultural farming or poultry zones for alternate earnings.
Holiday Homes in Gurugram have experienced unprecedented growth, with villas being the preferred choice, especially for renting purposes. Delhi NCR’s smooth connectivity to various regions and its status as a prime pitstop for outings and vacations have contributed to the increasing popularity of holiday homes. The holiday home market in Gurugram is flourishing and has witnessed an upward trajectory post-Covid.
Despite constant repo rate hikes increasing the cost of homes, there has been no decline in housing demand. Expanding job markets and rising salary sizes have bolstered purchasing capacity. Recognizing the enduring value of homeownership, buyers are willing to invest in homes at increased costs, a trend anticipated due to the pandemic lull and inflation.
Looking ahead, luxury real estate is expected to gain maximum traction, with Plotted Development, Luxury, and Uber luxury apartments solidifying their market hold and expanding consumer markets. The revival of the commercial real estate sector is set to further consolidate, signaling a favorable future for the real estate sector, driven by increased housing demand and the completion and announcement of new projects.
