NCR Luxury Real Estate Developers State a Marginal Rise in Sales

Good news is heard coming from NCR based luxury Real Estate Developers which reports hike in sales after lockdown. As per the Anarock property consultant, luxury housing segment in NCR consist of over 4% share in total housing sales, growing marginally over 2019.

Ambience Group which is responsible for construction of luxury residential projects in Gurgaon said that on a year-on-year basis, the current prices got hike by approximately 8% following rising demand for luxury and luxury housing.

As said Akash Khurana, CEO, Krisumi Corporation, “In NCR, the buyer usually can’t afford what he likes and doesn’t like what he can afford. The pandemic has given rise to a new generation of buyers who want luxury if given at a right price,”

As per the Anarock report, Noida experienced total housing sales of 3,240 units in 2020, of which luxury comprised a 9% share, while Gurgaon sold a total of 7,240 units, of which luxury homes comprised a 5% share.

As stated by Anuj Puri, Chairman at Anarock Property Consultants, “Affordable and mid-segment housing continued to drive home buyer demand in 2020, but luxury sales also saw some momentum in NCR despite the pandemic. Experts state that this was owing to the fact that the influence of the pandemic on this buyer class was not as crucial as other budget categories.

The heavy discounts floated by developers further ensured that such properties are more beneficial for the end users or real buyers who were ready to spend more according to the construction quality.

Speaking from the supply perspective, NCR saw new launches of approximately 18,540 units in 2020, of which just 9% was within the luxury segment priced at over Rs 1.5 crore. In 2019, the luxury segment comprised 12% of the 35,280 new launches.

“With evolving dynamics in the Indian real estate, developers are also focusing on offering lux amenities to the homebuyers,” said Pankaj Bansal, director, M3M.

It is seen that Noida, Gurgaon, and Ghaziabad were the cities in NCR that saw new luxury supply in 2020.

“The pandemic has in fact increased the interest in luxury property as people are looking to upgrade to a better lifestyle,” said Nayan Raheja of Raheja developers. Delhi based real estate developer, Ambience Group has also stated rise in demand because of which they have revised their pricing.

Ankush kaul, President (Sales & marketing) at Ambience Group stated that “The price revision announcement marks the beginning of a new year and a new era. The luxury premium housing at current rates are still a good bet in the long term.