high-end properties

Surge in Demand for High-End Properties – Indian Real Estate Industry Emerges as Beacon of Resilience

The Indian real estate industry has defied global headwinds and emerged as a beacon of resilience. Despite the pandemic and economic uncertainties, the industry has witnessed a surge in demand for high-end properties exceeding Rs 1 crore. The market sentiment towards residential properties is positive, as people aspire to elevate their lifestyles with luxurious amenities and upgraded living spaces. The quest for perfection extends beyond metropolitan cities and is reflected in the demand for premium properties in tier-2 cities like Lucknow, Jaipur, and Indore.

This trend is not limited to those seeking a primary residence. Second homes are increasingly becoming popular as individuals seek to embrace their wanderlust and pursue their passions in a leisurely environment. Furthermore, the trend of upgrading one’s existing abode to larger residential units is on the rise, as people desire spacious, well-equipped homes that cater to their growing needs and aspirations.

Luxury realtor and social media content creator, Snehil Yadav says, “In the face of global uncertainty, the Indian real estate market has not only shown remarkable resilience but has also emerged as a symbol of aspiration and growth. As we look towards the future, we are confident that the industry will continue to evolve, innovate and create opportunities for all those seeking to elevate their lifestyles.”

Post Pandemic shift in high-end properties

Amidst the turbulence of the pandemic, the Indian real estate market has held strong, and the latest survey by Housing.com brings a ray of hope for the industry. According to the survey, the demand for luxury residential properties between Rs 1 to 2 crore has seen a surge of over 24% in online searches, indicating the growing interest of homebuyers in premium housing. This trend offers a unique opportunity for developers to meet the demands of discerning buyers and provide them with high-end residential apartments that are both affordable and situated in prime locations.

As the market continues to show an upward trajectory, it is essential for developers to keep a finger on the pulse of homebuyers’ needs and preferences. The survey reveals that buyers are looking for properties that offer both luxury and practicality, with many seeking second homes or upgrading their current residences to accommodate their growing needs and aspirations. The trend is not limited to major cities but is also visible in smaller towns and emerging tier-2 cities such as Lucknow, Jaipur, and Indore.

Quality delivery

As the real estate industry gears up for the future, developers must seize this opportunity to cater to the growing demand for high-end residential apartments. By delivering quality projects that provide a unique blend of luxury, convenience, and affordability, developers can ensure that they remain at the forefront of this exciting growth trajectory.

The year 2022 witnessed a significant surge in online search traffic for residential properties across India, with some locations standing out as the most sought-after destinations for homebuyers. Thane West in Mumbai, Whitefield in Bengaluru, and Greater Noida West in Delhi NCR emerged as the top three locations with the highest online search traffic.

Other cities that caught the eye of potential homebuyers were New Town in Kolkata, Mira Road East in Mumbai, Chandkheda in Ahmedabad, Wakad and Kharghar in Pune, and Gota and Vastral in Ahmedabad. The growing interest in these top ten locations indicates that they are poised to experience a significant surge in demand in the coming months, thus making them ideal investment destinations for homebuyers and real estate developers alike.

The Indian real estate industry is on the cusp of a revolution, with homebuyers in tier-2 cities demonstrating an increasing preference for apartments over independent houses. This shift in buyer behavior presents a golden opportunity for real estate developers to cater to the demand for high-quality, affordable residential units.

According to recent online search trends, Lucknow emerged as the top tier-2 city in terms of residential property demand, followed closely by Jaipur and Indore. As these cities continue to grow and evolve, their demand for affordable, modern living spaces is set to surge even further, offering an exciting prospect for developers and homebuyers alike.

As the world is evolving, so are the homebuyers’ preferences in the Indian real estate market. The new-age homebuyers are not just looking for a roof over their heads but also for a better quality of life, a secure environment, and shared amenities. This shift in mindset is leading to a remarkable surge in online searches for apartments with premium facilities. In 2022, online searches for new apartments witnessed a remarkable growth of 52%, while the search for resale properties decreased by 2%. The demand for 3BHK and above configuration properties also saw an increase of 1.4 times, suggesting the emerging contours of future demand in the residential realty space.

The industry must now gear up to cater to this evolving demand by building luxurious, yet affordable, residential projects with modern amenities to satiate the aspirations of the new-age homebuyers.The latest survey by Housing.com has revealed that the residential property market in India is experiencing a new wave of growth, driven by changing preferences of homebuyers. The survey indicates that buyers are increasingly looking for residential properties that provide the best value for money, with the right configurations and at competitive prices.

As per the survey, the search for high-end residential properties is on the rise across the country, indicating a positive sentiment among homebuyers. This is a clear signal for developers to take action and focus on delivering what the market demands. The right configuration and competitive pricing are two important factors that buyers are looking for, and developers who can cater to these requirements will have a significant advantage in the market.

The trends highlighted in the survey also suggest that the Indian residential market is undergoing a major transformation. The pace of growth is not restricted to large cities, as tier-2 towns are also witnessing a surge in demand for high-quality residential units. Developers who can identify these emerging markets and deliver the right product at the right price will be at a significant advantage.

In the end, it is safe to say that the Housing.com survey reflects the changing preferences of homebuyers, which is driving growth in the residential market in India. Developers who can cater to these changing trends will be well-positioned to benefit from the new wave of growth and help shape the future of the housing sector in India.

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