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<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.

Posh neighborhoods, fabulous views, and heated infinity swimming pools: luxury real estate in India is booming

<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.

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Posh neighborhoods, fabulous views, and heated infinity swimming pools: luxury real estate in India is booming

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

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

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