Increasingly, individuals are turning away from the towering structures of highrise apartments and embracing the charm of expansive villas and independent houses.
In the ever-evolving landscape of India’s real estate market, a noteworthy shift has emerged in the preferences of luxury homebuyers.
Luxury realtor and social media content creator with over 260k followers on Instagram, Snehil Yadav says, “This paradigm shift reflects a deeper desire for a superior lifestyle, marked by a connection to nature and the ownership of a plot of land.”
In this blog, we delve into the reasons behind this trend, exploring the rise of villas as a prime choice for discerning homebuyers.
Elevated Living in Villas
Villas, nestled within gated housing societies, have witnessed a surge in popularity, driven by a fusion of elevated aspirations and the need for more living space. While apartments continue to be a prevalent choice, villas stand out by offering exclusivity, privacy, and a range of world-class amenities focused on wellness, leisure, and comfort.
These modern architectural marvels, often double-storeyed, boast the latest in luxury lifestyle amenities, making them a coveted choice for those seeking opulence in their living spaces.
According to real estate consultancy Anarock, the data for the first nine months of 2023 reveals a notable increase in the launch of villa units. Out of 328,400 units launched across the top seven cities, approximately 8,610 were villas, signifying a gradual rise from the 8,420 villa units launched in 2022 out of 357,640 units.
Developers are strategically responding to this shift by offering villa options across various cities, with Tier-II and Tier-III cities outpacing the demand observed in the top seven cities.
Regional Dynamics of Villa Demand
Southern cities within the top seven, such as Bengaluru and Hyderabad, exhibit a significant demand for villas, largely fueled by the preference for land ownership. In the nine months of 2023, nearly 73 per cent of the total villas launched were concentrated in these cities, amounting to approximately 6,240 units. Surprisingly, Kolkata emerged as the third-highest contributor, with around 960 villa units launched. In contrast, Mumbai Metropolitan Region (MMR) saw the least supply, with only 16 units launched during the same period.
Hiranandani Group, a prominent player in the villa market-based in Mumbai, attributes the surge in demand to factors like enhanced privacy, evolving lifestyle choices, increased income levels, an affinity towards gated communities, and a desire for spacious luxury.
Financial Prudence in Villa Investment
Investing in a villa at a prime location is not merely a lifestyle choice but also a financially prudent decision. The adaptation to hybrid living, spurred by the global pandemic, has led affluent homebuyers and investors to consider villa homes. Independent villas, characterized by spacious layouts, private outdoor spaces, green living, multi-utility spaces, and exclusive amenities, are witnessing a gradual increase in sales, ranging from 3-5 percent.
Professionals, business owners, and retirees seeking spacious and luxurious living environments, often view villas as second homes or investment properties.
Concorde Group, a real estate developer in Bengaluru, highlights the growing preference for villa plots, allowing buyers to customize and build their own homes. With villas contributing to 50 per cent of its overall sales, the group has experienced a remarkable 30 per cent increase in villa sales compared to pre-pandemic levels.
Developer Innovations and Compact Villas
Recognizing the growing demand for villas, developers are innovating to offer diverse options, making them more compact and affordable. Real estate services provider CBRE notes the trend of people seeking apartment upgrades and developers responding with quality supply across various configurations, including independent floors, villas, and condominiums.
Urban Infrastructure Challenges and Opportunities
While the surge in villa demand is evident, urban infrastructure experts emphasize the importance of building environmentally friendly structures. The Urban Works Institute, an independent think tank, advocates for city development that incorporates attractive green public spaces, enhancing ventilation and promoting a healthier lifestyle. The institute contends that achieving these goals is more about framing development regulations than about the structure type chosen.
So basically, the rise of villas as a preferred choice for homebuyers in India reflects a holistic shift towards a lifestyle marked by space, privacy, and luxury.
As developers continue to cater to this demand, the real estate market is witnessing a transformation, with the lowrise taking the high ground in the pursuit of a sophisticated and fulfilling living experience.