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<ul><li><keyword id="6367512" type="General" weightage="20" keywordseo="amenities" source="Orion">Amenities</keyword> like fitness facilities, clubhouses, swimming pools and tennis courts have become an important factor for people looking to buy properties. </li><li><keyword id="15641598" type="General" weightage="20" keywordseo="demand-for-housing-properties" source="Orion">Demand for housing properties</keyword> has been increasing post pandemic, with real estate becoming an important investment for people, says <keyword id="486785" type="General" weightage="50" keywordseo="dhaval-ajmera" source="Orion">Dhaval Ajmera</keyword>, director of <keyword id="341487" type="General" weightage="100" keywordseo="ajmera" source="Orion">Ajmera</keyword> Realty and Infra India. </li><li>According to Edelweiss, the realty developer is planning to reduce gross debt by ₹350-400 crore by FY24. </li></ul>The Covid-19 pandemic has made people more conscious about their health. And, that’s reflecting in their housing choices. Health and wellness amenities like gyms, Yoga rooms, workout centres, spas and the like – become a top priority for homebuyers, says Dhaval Ajmera, director of Ajmera Realty and Infra India. Amenities and community living are what people are most concerned about while choosing a home and are ready to pay a premium for these, said Ajmera. Ajmera Realty is known for its mid-luxury to luxury housing projects across Mumbai, Pune and <keyword id="6354321" type="General" weightage="50" keywordseo="bengaluru" source="Orion">Bengaluru</keyword>. “Even if it is a single building or even a complex, people would really want to live in projects that have got plenty of amenities where they or their families can enjoy. And, these amenities come at a 15-20% premium,” Ajmera told Business Insider India in an interview. The love for facilities, clubhouses, swimming pools and tennis courts within a housing complex have become all the more important after the pandemic, when people were stuck in their homes. Demand to keep growing In general, the demand for <keyword id="4436446" type="General" weightage="20" keywordseo="housing-properties" source="Orion">housing properties</keyword> has been increasing post pandemic, with real estate becoming an important investment for people, beating even gold and stocks. Ajmera expects this trend to continue. “Post pandemic, we are seeing demand for homes and that is where we have seen good numbers clocked in by many listed and unlisted developers,” Ajmera added. Within his group, luxury and mid-luxury properties sales were good. Affordable property – defined as properties worth ₹1 crore in Mumbai – also clocked good sales this year, Ajmera added. The realty developer recorded an 82% year-on-year jump in sales at ₹166 crore for the quarter ended September this year. It sold nearly 80,000 sq ft carpet area during the period. ‘Buyers are responding to ongoing prices’ Recently, Ajmera Realty clocked its best festive season in the last two years — as it also coincided with new launches. The developer has a few new launches coming up in the next two years, primarily in Pune, Mumbai and Bangalore The company currently has over 1.3 million square feet (msf) of projects under development, including flagship projects such as Manhattan, Greenfinity and Sikova. According to an Edelweiss wealth research report, around 25% of the inventory worth ₹354 crore in the Manhattan flagship project has already been sold in less than six months of the launch. The last time the company saw sales as good as this was during the pandemic year of 2020 when it had an inventory of ready-to-move-in homes that was in deep demand in the middle of the pandemic. The demand that the sector is seeing is also expected to continue, bolstered by new launches across markets. Even rising interest rates will not play spoilsport, hopes Ajmera. “We have seen a rise in the interest rates but the demand hasn’t gone down because people realise that this is a temporary inflation. I feel that till the time it (interest rate) doesn’t cross 9%, this demand will stay,” Ajmera further explained. In spite of the demand, Ajmera doesn’t see property rates rising significantly next year. The exception however being a few micro pockets like in Wadala, where the real estate company has both land holdings as well as projects. “It is not wise for developers to increase the property rates right now because the market has been pretty decent, people are responding to the ongoing prices. However, in the ready-to-move-in segment, a little bit of surge can happen because the demand for ready houses is better than for under-construction properties,” Ajmera said. In the September quarter, the property rates saw a 6% y-o-y increase across eight cities — Delhi-NCR, MMR, Kolkata, Pune, Hyderabad, Chennai, Bengaluru, and Ahmedabad, according to a report by CREDAI – Colliers - Liases Foras. And Delhi NCR saw the highest increase in residential prices at 14% in the period. Reduce debt in two years The realty developer has a land bank of 11.8 msf for future development and projects and 1.3 msf land which is under development. According to the Edelweiss report, the company is planning to reduce its gross debt by ₹350-400 crore by FY24 by generating high operating cash flows and monetising assets. “We are seeing good sales traction happening, which is also helping in our repayment plan. We want to gather maximum sales, which will run the project and (have) less requirement of debt compared to a project that is having no sales and more debt. Projects are also being constructed at a faster pace, which is helping us also realise money faster and pay the debt faster and hence, this will help us reduce our debt,” Ajmera told Business Insider India. However, project-related debts are still going to continue, he added. “Project requires a certain kind of working capital finance, which is related to the project itself,” he added. As of September 30 2022, the company had a gross debt of ₹800 crore on their books, out of which ₹250 crore was for projects and the balance for general corporate purposes.

Home buyers ready to pay 15-20% premium for health and wellness amenities: Dhaval Ajmera

<ul><li>Mumbai’s <keyword id="13353446" type="General" weightage="20" keywordseo="home-registrations" source="Orion">home registrations</keyword> topped 10,000 for the third consecutive month in August.</li><li>New <keyword id="826584" type="General" weightage="20" keywordseo="metro-lines" source="Orion">metro lines</keyword> have become operational driving demand in new micro markets.</li><li>Western suburbs are seeing a lot of new launches, while Kanjurmarg, Dombivli and Navi Mumbai are seeing traction too. </li></ul>India’s most valuable real estate market has been on an upswing — for the third consecutive month in August, its monthly housing units registered were over 10,000. The number of home registrations in August were up 27% when compared to the same period a year before, while their overall value was up 26% — indicating that the market is growing in both value and volume. “The Mumbai market has been stable despite interest rate hikes and the levy of metro cess. Increase in wages and employment opportunities and return-to-work scenario are expected to keep home buying activity healthy,” said a report by Nuvama which believes that the sales would improve going ahead and large developers will benefit most from the trend. Metro lines &amp; new markets Real estate experts say that many trends are driving this change, including stabilisation in interest rates, the post pandemic-era need for large living spaces and the entry of young home buyers into the market. Within Mumbai, however, accelerated new launches as well as improvement in infrastructure — is propelling growth across micro markets. “The upward trajectory is also fueled by the government's progressive policies and infrastructure investments across MMR. With new Metro lines, flyovers and roads, the connectivity factor has played a major role in offering options at newer locations, which often come at more efficient prices,” said Lucy Roychoudhury, head of sales and marketing at Runwal Group. Homebuyers are also now confident of real estate as an asset class, comments Dhaval Ajmera, director, Ajmera Realty &amp; Infra adding that the growth in sales is due to the-dual effect of the need to upgrade to a bigger and better living spaces and focused impetus on infrastructural developments across the city. Rise in re-development projects, rising rentals are also driving people towards home buying. Pockets of growth Apart from the existing Versova to Ghatkopar metro line, the Dahisar to DN Nagar line has become operational along with Dahisar to Andheri. Moreso, seven more lines cutting across Mira Road, Vikhroli, Wadala and more are under construction along with Navi Mumbai lines cutting Kharghar, Belapur and more. “The operationalisation of the second phase of two metro lines seems to have benefited the real estate activity in this region,” said Anuj Puri, chairman of Anarock Group. The highest number of new launches in April to June 2023 shows that the highest number was recorded in the Western suburbs at 55%, says data by Anarock. “Housing demand in relatively newer micro-markets like Kandivali, Ghatkopar, and Kharghar has seen a sharp rise,” says Arun Sharma, AVP of sales &amp; marketing at Viceroy Properties. Locations such as Kanjurmarg, Vikhroli, Dombivli and a few others in Navi Mumbai, have emerged as new points of interest in MMR, says Roychoudhury. Even as patterns are changing, the love for ‘large homes’ are intact as properties priced above ₹2.5 crore accounted for a fifth of the launches — and the market is still skewed towards high-end and ultra-luxury segments. The ultra-luxury segment includes HNIs and UHNIs looking to close favourable deals by utilising the gains made through other investment avenues, primarily the booming stock markets,” says Puri.

Mumbai’s rising metro connectivity fuels home sales in new micro markets

<ul><li>Positive economic data, lowering inflation and timely project completion is expected to drive home sales in 2024 too.</li><li>The possibility of interest rate cuts in 2024 can be another driver for residential home sales.</li><li>Hybrid work policies, love for amenities and community living will determine choice of homes.</li><li>Changing lifestyle preferences of tier-2 and tier-3 consumers expected to drive more branded home developments from Chandigarh to Coimbatore. </li></ul> Indian home sales are all set to hit a 15-year peak in 2023, with over 3 lakh residential units purchased. Come 2024, they will go higher as lower inflation will push more fence-sitters ahead in addition to all around positivity around the Indian economy. There is also another key factor that will drive more people to buy homes. Grade A developers who are completing their projects on a war-footing, providing a supply of new-homes. “Timely project completion is giving a major boost to overall consumer sentiments, and they are coming forward to take the plunge,” Anuj Puri, chairman of <keyword id="6354553" type="General" weightage="100" keywordseo="real-estate" source="Orion">real estate</keyword> consultancy Anarock group, tells Business Insider India. Pricier yet affordable Residential home sales for the ongoing festive quarter have been 30% higher than that of 2022. Thanks to heavy demand and new launches, the prices of homes have also been going up. A few micro-markets, in and around the tech hubs of Hyderabad, Bangalore and Pune, prices have shot up by anywhere between 25-33%. “Capital value growth is expected to witness divergent trends across micro-markets and property categories and will largely be governed by unsold inventory levels and inventory overhangs,” says Anshuman Magazine, chairman &amp; CEO - India, South-East Asia, Middle East &amp; Africa, CBRE. Whitefield in Bangalore, Gachibowli in Hyderabad and Wagholi in Pune are some of the micro-markets that have seen good price appreciation. Overall, across the top 7 cities, the average growth in property prices has been anywhere between 8-10%. As per Anarock, it’s expected to see at least 12% increase in 2024. Emerging infrastructure is also expected to push for price growth. Mumbai Metro Connectivity in the western suburbs has pushed up the housing demand in the Andheri-Borivali belt significantly. “With the backdrop of tremendous infrastructural development going on in full swing across the cities and states, we foresee the emergence of newer micro-markets as well as the strengthening of the existing ones. Similarly, the demand for housing in other cities and peripheries is expected to grow, owing to the phenomenal connectivity boost, leading to price growth across the targeted micro-markets,” Dhaval Ajmera, director, Ajmera Realty tells Business Insider India. While home prices might turn pricier, there is a chance that the net costs of home buying may go down if interest rates ease. The central bank has kept base interest rates unchanged for the fifth consecutive time in December. A few experts hope that a lower interest rate cycle might kick off in the coming year. "In 2024, we are likely to see a renaissance with affordability levels expected to be on an improving trajectory as macroeconomic fundamentals support a repo rate reversal and thereby interest rate reduction that could provide another fillip to the residential sales market," said a JLL report Home Purchase Affordability Index' (HPAI). The depreciation of the rupee against major global currencies, together with stable economic conditions in India is also a factor. "A notable trend has been the heightened interest in Indian real estate from NRIs. The advancement of technology has streamlined the process of property management from far away which has boosted NRIs confidence in Indian real estate as an avenue for investment, said Saurabh Garg, Co-founder &amp; Chief Business Officer, NoBroker. Space not price is the criteria Indians’ love for spacier and larger homes might not go away and are ready to shell out more. The lockdown-era love for people needing more space will not reverse as fast as companies went back from work-from-home policies. Lingering hybrid work policies are expected to keep people yearning for workstations inside homes that support remote work and flexi-living. It indicates a long-term shift in behaviour. “Buyer demand for large homes is still high, even in light of impending changes to laws about remote work. This tendency is anticipated to continue, reshaping the real estate market in 2024 as people look for homes that strike a balance between comfort, usefulness, and adaptability to changing work environments,” said Manju Yagnik, VC of Nahar Group. Indians will no longer base their home buying decisions on affordability alone. More factors have come into play like health &amp; safety, community living, sustainability, and integration of smart home technologies. “Home buyers are expected to continue to display strong preferences for projects which offer enhanced accessibility to essential infrastructure, ancillary amenities and thoughtfully designed indoor and outdoor spaces – which will propel the demand for this segment going forward,” says Magazine. Emerging tier-2, tier-3 opportunity Growing affluence in smaller cities and towns is also building demand for branded homes. Many developers will be going beyond top 8 cities where demand for amenities-driven homes is going up. Most of this demand is seen in tier 2 &amp; 3 cities such as Lucknow, Jaipur, Ahmedabad, Coimbatore and Chandigarh. “What aids the real estate market in these smaller towns and cities is their affordable prices as against big cities and the superior infrastructure that many of these Tier 2 and Tier 3 cities provide,” said Chitnis. There is a lot of home-buying interest by NRIs in such cities too, especially Kochi and Ahmedabad. That’s where a chunk of the new demand for the coming year will come from. These regions provide profitable prospects for developers and homeowners, say developers. “Our prognosis for continued development is positive beyond the top 7 and 8 cities. We anticipate a spike in major branded properties due to growing demand and promising development opportunities in emerging economies. This growth is driven by greater connectivity, changing lifestyle preferences, and infrastructure developments,” says Yagnik. ALSO READ: <a href="https://www.businessinsider.in/stock-market/markets/news/midcaps-will-move-but-not-as-fast-in-2024/articleshow/106143826.cms" data-type="tilCustomLink" target="_blank">Bulls &amp; Bubbles: Midcaps will move but not as fast in 2024</a> <a href="https://www.businessinsider.in/india/webstories/mukesh-ambani-to-savitri-jindal-indias-richest-in-2023-and-their-wealth-change/slidelist/106175315.cms" data-type="tilCustomLink" target="_blank">Mukesh Ambani to Savitri Jindal: India's richest in 2023 and their wealth change </a>

Real estate market on the boil but homes will still be ‘affordable’ in 2024

<ul><li>The enhanced allocation for PM Awas Yojana is a boost for affordable housing, which was flagging, says <keyword id="6420759" type="General" weightage="50" keywordseo="anuj-puri" source="Orion">Anuj Puri</keyword>, chairman of Anarock Group. </li><li>The new tax regime forgoes deductions on housing loans, and cannot be positive for home buying sentiment, says <keyword id="16333859" type="General" weightage="50" keywordseo="akash-pharande" source="Orion">Akash Pharande</keyword>, managing director of Pharande Spaces. </li><li>The Budget gave a boost to rail and air infrastructure, which most experts hope will be a catalyst for real estate demand. </li></ul>This Budget, the government has given a much expected boost to affordable housing – the only segment in the real estate market that did not gain from the pandemic boom. The finance minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> increased allocation to PM Awas Yojana (PMAY), the scheme earmarked for it, by a massive 66% to over ₹79,000 crore. “This (affordable housing) supply will definitely gain momentum along with the Urban Infrastructure Fund and boost development in the surrounding areas of MMR (Mumbai Metropolitan Region) as well as Tier 2 and Tier 3 cities. Ultimately, this will bring in a good supply of affordable housing and drive up the demand in terms of PMAY, thus overall benefitting the housing sector,” Dhaval Ajmera, director at Ajmera Realty &amp; Infra India told Business Insider India. According to an Anarock Consumer Sentiment Survey, in 2022, the demand for affordable housing sunk precariously. “The enhanced allocation for PM Awas Yojana is certainly a boost for affordable housing, which was flagging due to increased input costs and also because the buyers in this segment, mostly from the unorganised sector, were still reeling under the impact of the pandemic,” said Anuj Puri, chairman of Anarock Group. Only 26% of property seekers were looking for ‘budget’ properties that cost below ₹40 lakh, falling from 39% in 2018. All other properties, including premium and others, saw robust demand as well as supply during the year. “This move will give impetus to affordable housing in the country by providing a better housing subsidy to economically weaker sections and lower-income groups,” said <keyword id="16333860" type="General" weightage="50" keywordseo="devanshu-bansal" source="Orion">Devanshu Bansal</keyword>, director, UK Realty. Deducing the effect of the new tax regime The finance minister has made the new tax regime very attractive in Budget 2023-24, by doing away with income tax for those earning below ₹7 lakh and reducing the number of tax slabs. However, the new regime which will now also be the default regime, does not provide any deductions for interest paid on housing loans. “One of the major changes is the introduction of a new tax regime, which offers lower tax rates for individuals who forgo exemptions and deductions. However, this regime also foregoes the previous deductions on housing loans - one of the most popular incentives for middle-class homebuyers. This cannot be seen as positive for homebuying sentiment,” said Akash Pharande, managing director of Pharande Spaces. On the other hand, <keyword id="16333858" type="General" weightage="50" keywordseo="suneel-dasari" source="Orion">Suneel Dasari</keyword>, founder of EZTax.in tells Business Insider India that savings in general are higher in the new tax regime, even without deductions. Ram Raheja, managing director at S Raheja Realty agrees and says, “The personal tax regime revisions will result in a rise in disposable funds due to lower deductions.” The extra income in the hands of the taxpayers is good news for the realty sector as real estate is generally the preferred investment vehicle. “Surplus of liquidity in the hands of the taxpayers will aid in more real estate buying because of their preference for real estate over other asset classes. This move will boost the demand and gain momentum for the real estate industry, specifically in the affordable and mid-luxury segments,” says Ajmera. Luxury homes &amp; capital gains tax The FM capped the deductions that can be availed on capital gains arising from sale of residential houses at ₹10 crore. That means if a home owner earns over this limit via a home sale, it would be taxed. This won’t have too much impact, experts say. “The intention is to deter tax exemption for extremely high-value transactions in the residential space. However, we believe that most of the transactions in the luxury segment would fall within the ambit of the ₹10-crore cap,” says Anshuman Magazine, chairman &amp; CEO-India, South-East Asia, Middle East &amp; Africa, CBRE. For this category of buyers – that’s high-networth individuals (HNIs) and ultra HNIs – there is much to be gained in terms of a 4% reduction in the overall tax rate that was announced in the Budget for the highest tax slab, leaving more liquidity in their hands, Magazine adds. Pharande too says that while this is a dampener, those buying or upgrading to luxury homes primarily for lifestyle improvement would not be too concerned. “I don't see the negative impact spreading much beyond MMR and Delhi,” he says. Puri and Pharande say that there is nothing specific in the budget that would boost consumer sentiment towards the sector in a high interest rate regime where housing prices too are on the upswing due to rising input costs. The Budget gave a boost to infrastructure with announcements like the highest ever railway outlay at ₹2.4 lakh crore; increased regional connectivity via 50 additional airports, helipads, water aero drones and advanced landing grounds – all of which will boost affordable regional connectivity. This, most experts hope, will be a catalyst for real estate demand. SEE ALSO <a href="https://www.businessinsider.in/budget/news/indias-rich-to-shell-out-more-for-luxury-cars-global-travel-but-may-have-more-to-invest/articleshow/97551072.cms">India’s rich to shell out more for luxury cars, global travel but may have more to invest</a> <a href="https://www.businessinsider.in/budget/news/budget-2023-24-nirmala-sitharaman-speech-highlights-and-updates/articleshow/97512649.cms">Budget 2023-24 highlights: Those with income below ₹7 lakh a year need not pay income tax</a>

Budget to aid flagging affordable home segment, boosts demand with infra push

<keyword id="7537495" type="General" weightage="50" keywordseo="skyroot-aerospace" source="Orion">Skyroot Aerospace</keyword>, which successfully launched the country's first private rocket Vikram-S recently, plans to launch Vikram-1, a much bigger rocket to place satellites into orbit, within a year. The Hyderabad-based space startup also aims to slash the costs of space travel in the future. "..now that we have done the first private rocket launch, Vikram-S, our next plan is to launch Vikram-1 which is a much bigger rocket putting satellites into orbit. That we want to do within a year from now," Pawan Chandana, co-founder of <keyword id="9750118" type="General" weightage="100" keywordseo="skyroot" source="Orion">Skyroot</keyword>, told PTI here Monday evening. Skyroot also wants to become one of the first few companies in the world that can place satellites into orbit. He said the firm has raised about USD 68 million, which is the largest in the aerospace startup ecosystem in India. "Of course, it took close to four years to raise this kind of capital. Now, we are good for the first few launches to orbit and then, of course, it has been very challenging because first time somebody went to the market and raised such large capital," Chandana said. Skyroot would keep on raising more capital in its journey forward and would like to generate a good amount of revenue as it starts launching next year, he said. Noting that space travel is expensive now, he said his firm aims to slash costs, make it affordable and increase reliability. "Today, the biggest problem is that space travel is very costly. Because, rockets, the only way to go to space are very unreliable. Sometimes, they don't work and are also very expensive. They fall into the sea and then you are building something, throwing it away. It's very costly," he said. The Blue Origin of <keyword id="18635" type="General" weightage="50" keywordseo="amazon" source="Orion">Amazon</keyword> founder <keyword id="191583" type="General" weightage="50" keywordseo="jeff-bezos" source="Orion">Jeff Bezos</keyword> started offering services such as space travel and it may take up to 10 years to become a reality from an Indian perspective, he added. India on November 18 successfully launched its first privately made rocket, developed by four-year-old Skyroot, marking the entry of the private sector into the country's space ecosystem, which is currently dominated by the state-run behemoth ISRO. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/people-ready-to-pay-15-20-premium-for-health-and-wellness-amenities-in-housing-properties-dhaval-ajmera/articleshow/95832362.cms">People ready to pay 15-20% premium for health and wellness amenities in housing properties: Dhaval Ajmera</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-microsoft-backed-verse-innovation-sacks-150-employees/articleshow/95849920.cms">Google, Microsoft backed VerSe Innovation sacks 150 employees, cuts pay for employees earning ₹10 lakh or more</a>

Skyroot Aerospace plans to launch another rocket Vikram-1, in one year

<ul><li>There is no one fixed definition of <keyword id="457183" type="General" weightage="20" keywordseo="luxury-housing" source="Orion">luxury housing</keyword> and it differs from city to city. </li><li>In terms of share in sales of luxury housing, MMR and NCR top the list with more than 50% in all, followed by Bangalore and Pune at 20% and 15% share. </li><li>Overall, the demand for luxury housing in India is likely to continue growing in the coming years. </li></ul>In February, there was an image which went viral that showed a large crowd gathered at the office of realty developer DLF following the launch of a new project. The rush was about buying an apartment in that project that was priced at ₹7 crore. Last week, DLF confirmed that it has sold 1,137 such projects in its Gurgaon unit. This is not a one off incident. According to data by Knight Frank, a property consultant, in February 2023, the average value of properties registered in Mumbai was recorded at ₹1.9 crore which is 65% more than the average value of properties registered in February 2022 at ₹1.18 crore. Recently, the demand for luxury housing in India has been huge. When you think of luxury housing, think heated pools and spas, community gardens where you can grow your own herbs and veggies, a 24x7 clubhouse with pool tables, games, a business center and a coffee bar, a fitness center with high end cardio and strength training equipment, there is nothing money cannot buy. A mad rush: “If we define ₹2 crore and above as a general reference point for luxury housing, there has been an offtake of nearly 6,000 units in the top seven cities in last quarter with gross sales value of nearly ₹22,000 crore. During this period there has been a new supply of about 12,800 units in the top seven cities in the luxury bracket, which is highest in many preceding years,” says Subhankar Mitra, managing director - advisory services, Colliers India, a professional services and investment management company. In terms of share in sales, Mumbai Metropolitan Region (MMR) and National Capital Region (NCR) top the list with more than 50% in all. This is followed by Bangalore and Pune at 20% and 15% share. Hyderabad and Ahmedabad had less than 10% share in the luxury segment. “The demand for luxury housing in India has picked up in recent times. One of the primary reasons for this is the growth of the Indian economy, which has created a new class of wealthy individuals with a high purchasing power. They are willing to invest in premium living spaces that offer exclusive amenities, top-notch services, and state-of-the-art facilities,” says Anuj Puri, chairman, Anarock Group, a real estate services company. Another reason for the increased demand for luxury housing in India is the changing lifestyles and aspirations of the urban population. “Many individuals now seek a luxurious and comfortable living experience, which has led to a rise in demand for high-end residential properties that offer a host of amenities, such as swimming pools, fitness centers, and landscaped gardens,” adds Puri. The Covid-19 pandemic has also contributed to the increased demand for luxury housing in India. The pandemic has led to a shift in the way people live and work, with many individuals now looking for larger homes with more space to accommodate work-from-home arrangements and other lifestyle changes. One major factor for high sales of big-ticket price homes in Mumbai and other top cities could be the government’s recent move in the Union Budget 2023-24 which will come into effect from April 2023. Under this new move, if one sells a house/other assets including equities and his/her gains are more than ₹10 crore, then maximum benefit that he/she can avail is only up to ₹10 crore when invested into another property. Capital gains of over ₹10 crore will henceforth be taxed from April 2023. “Thus, to save tax on capital gains, the high networth individuals (HNIs) across top cities including Mumbai are rushing in close luxury housing deals before the financial year ends in March,” says Puri. Definition of luxury housing: “In the context of India, luxury properties typically refer to high-end residential properties that offer several amenities and features. These properties are in prime locations, upscale neighborhoods, or central business districts, and are designed with a focus on providing a luxurious and comfortable living experience to their residents,” says Amit Goyal, CEO, India, Sotheby’s International Realty, a luxury real estate brand. There is no one fixed definition of luxury housing and it differs from city to city, depending on the local real estate market, demographics, and lifestyle preferences. “For example, in Mumbai, luxury housing may refer to high-rise apartments with ocean views, while in Delhi, it may refer to large villas with private gardens and swimming pools. Similarly, in Bangalore, luxury housing may include gated communities with world-class sports facilities and spas,” says Puri. For Sotheby's International Realty, luxury property transactions typically exceed ₹15 crore. “However, considering the purchasing power parity in India, we can consider real estate priced at half a million dollars or around ₹4 crore as luxury and above ₹10 crore and uber luxury in the top 7 cities of the country,” says Goyal. According to the recent Luxury Outlook Survey 2023 conducted by India Sotheby's International Realty (ISIR), properties in the price range of ₹4-10 crore are most preferred by HNIs with almost 65% looking for investment in that range, while 33% of HNIs and UHNIs are willing to spend upwards of ₹10 crore to acquire the right high-end luxury property. In the new normal, modern-day luxury living is driven by various factors of lifestyle and infrastructural amenities. “Homes closer to key business hubs have increased the availability of luxury residences from a few restricted pin codes, allowing them to be location-independent,” says Dhaval Ajmera, director, Ajmera Realty and Infra India, a developer known for its mid-luxury to luxury housing projects across Mumbai, Pune and Bengaluru. In Mumbai, Wadala has emerged as one of the most promising home-buying locations with seamless connectivity to the business hotspots of Bandra Kurla Complex, Lower Parel and other prominent parts of the city. “The overall concept of luxury living is no longer solely connected to the posh localities and has undergone a major transformation. For example, modern-day luxury living is defined as residential properties that provide last-mile comfort and safety along with a plethora of modern experiential amenities that strikes a fine balance between lavishness and ease that overall accentuates the lifestyle of the residents,” says Cyrus Mody, founder &amp; managing partner, Viceroy Properties, a premium real estate developer. In the lap of luxury: Customers today demand extraordinary experiences. They desire a grand lifestyle and the very idea of luxury has evolved. “Customers are expecting larger spaces and well-defined homes with over 11 feet floor to ceiling height. There is a rise in buyers of properties as large or larger than 5,000 square feet. The demand is being driven by a clear shift in the thought process of home buyers who desire to go from independent residences to high end luxury apartments,” says Ram Raheja, managing director, S Raheja Realty. Modern luxury homes have home automation technology that provide the owners total control over maintaining a sustainable work-life balance. “Also in-built spaces like vestibules, expansive decks, and project amenities like heated infinity swimming pools, podium parkings and terrace gardens, are being offered by premium developers,” Raheja adds. Overall, the demand for luxury housing in India is likely to continue growing in the coming years, driven by factors such as rising affluence, changing lifestyles, and evolving work arrangements.

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