Having survived the turbulence created by major economic reforms in the past year, the premium residential projects’ market has experienced renewed interest from Non-Residential Indians and elite investors this year.
Following the temporary interruption after demonetization and the implementation of RERA, the luxury housing segment has in fact showcased a more organized, transparent, and streamlined growth. And as per what market experts have to reveal, the demand for these exclusive residential properties is to grow further, especially across metropolises.
And while developers have managed to meet the rising demands with their quality offerings, our attention is drawn to the key factors behind this trend.
Effective Reformatory Policies
The implementation of Real Estate (Regulation and Development) Act or RERA has had an increasingly positive effect on the real estate sector across the nation. Having brought about improved transparency and timely project delivery, RERA has enabled homebuyers to invest in projects across all budgets confidently.
Upgrading the Lifestyle
People showing an interest in ultra-luxury residential properties are not just high-net worth individuals, but also upper middle class folks looking forward to upgrading their lifestyles. Given the increase in salary hikes in India and the boom in the stock market, investors in the mid-income group find themselves with disposable income, which they can utilize to invest in luxury homes.
Demand from Non-Residential Indians
Demands from Non-Residential Indians have been one of the major factors giving boost to the luxury residential segment in India. Changing market scenarios in the nation, in addition to emotional attachment to their homelands, are essentially the factors that have drawn NRIs to invest in this sector.
This trend associated with traction from elite Indians and NRIs, mostly in the age group of 35-45 years, is expected to last long, as innovations and significant collaboration between developers and architects take place in the luxury segment.