By Accommodation Times News Services
The Indian real estate is on the verge of sprawl with the reviving economy the market the sentiments of investors is improving and NRI and HNI home buyers are attracting towards Indian real estate market. Though the demand for affordable housing is more in the market, there has been a significant surge in demand for luxury homes in the metropolitan cities. Many more developers are now venturing into the premium segment, which has resulted in a massive spurt of luxury projects.
Shri Amul Chandnani, Director, Kripa Group -“ As far as the market demand is concerned to premium housing segment, it is geared towards products that are efficiently planned with great amenities. There is also a niche segment which is looking for ultra-luxury and large spaces such as penthouses. There is great demand for premium housing from Non Residential Inidans (NRIs) and High Networth Investors (HNIs), as they are more attracted towards world class living and they are interested in investing in homes which can get them more returns. The prime locations for development of Premium Housing are Bandra (W), Khar (W), Bandra (E) and parts of Santacruz (W) are coming in a big way because of their proximity to BKC and the centre of the business and the city has shifted to BKC, with great office spaces, consulates and hotels coming up there.”
Shri Ashok Mohnani, Chairman and Managing Director, Ekta World- “Ultra Luxurious projects have a niche set of audience and to a large extend tend to have immunity to price points, but have a plethora of choice in the segment. The demand for these projects surely do exist and the aspirational quotient for these set of buyers is very high. Premium homes were earlier restricted in certain pockets of Bandra, Khar, Santacruz, JVPD and Chembur. Now, the scope of constructing luxury homes has increased. There is a huge market for premium homes in between Goregaon to Borivali. With businesses now relocating mostly to the suburbs, and social infrastructure also being developed with malls and IB schools in place, luxury homes are a preferred choice. We have two big projects; Ekta Bhoomi Gardens and Ekta Tripolis being constructed in this two locations. We have similar premium homes being constructed with Ekta Invictus in Dadar, Ekta Oculus in Chembur and Ekta Greenville in Nashik.”
Shri Prashant Mirkar, VP-Marketing & Sales, House of Hiranandani – “There is a strong market demand for luxury housing in the country today. The demand for luxury has surpassed the demand of 2008 and is strong in the metros such as Bangalore, Chennai and Mumbai. The growth in IT sector along with changing lifestyles are the main reason for surge in demand. Even NRIs are looking to return back home prefer to invest in such apartments that cater to their lifestyle. The demand depends on factors such as strategic nature of the location, growth potential of the property, the credibility of the developer, world-class architecture, floor-ceiling heights, space, amenities and eco-friendliness of the project etc. Bangalore tops the list, when it comes to luxury projects in the country. It offers the best in terms of factors such as design, architecture, amenities and ventilation. We are getting significant enquiries from places such as the Gulf, US and Europe for investing in apartments and villas. Sloping roofs, sprawling verandas and exciting outdoor spaces are the highlights of the villas that are bound to appeal to the taste of modern generation.”