In the realm of luxury, the real estate sector in India is experiencing a significant transformation as high-end homes establish a new standard for sales in 2023. The biggest growing segment of the real estate sector, a blend of architectural splendour, innovative design, and extravagance has entranced discerning buyers, redefining the concept of luxurious living. Following the pandemic, there has been a remarkable surge in the luxury home market in India, driven by a growing desire for spacious residences that come equipped with modern amenities, including dedicated work-from-home spaces.
In the light of multiplying sales in 2023, fueled by an increase in HNIs demanding modern housing with luxury amenities, we spoke to Sarthak Gaur, the Director of Gaurs Group. As one of the leading real estate developers in India, the name is a marquee for prestigious projects in residential, commercial and retail properties located in the areas of Delhi and the National Capital Region (NCR). Additionally, we also interacted with Varun Arora, the Director of Limelite Realtors to get some insights about the luxury market and its foreseeing future.
Surge in new luxury projects
“Throughout this year, a consistent pattern has emerged. Notably, there has been a surge in the introduction of new projects, particularly premium offerings from renowned developers like Emaar, DLF, and Elevate Hines. These projects are swiftly snapped up, with some witnessing record-breaking sales in just a matter of days over the past few months. The remarkable pace of sales reflects the high demand for luxury homes in Gurgaon, with investors demonstrating significant confidence in these ventures,” shares Varun Arora, director, Limelite Realtors.
Meanwhile, the director of Gaurs Group, Sarthak Gaur, reveals that the unprecedented surge that the real estate’s luxury sector has experienced in 2023 has not been limited to NCR but extended to all major metropolitan cities.
Reason behind jump in sales
Giving us a sneak peek into the reasons behind such exorbitant sales, Sarthak Gaur shared, “Several factors have driven robust sales in the luxury real estate sector. The post-pandemic shift towards larger homes, the discomfort with high rentals, and the desire for homeownership due to growing families have all played a major role. Additionally, the recognition of real estate as a reliable and stable investment became more apparent during the pandemic. This realisation, coupled with a surge in demand for improved lifestyles, led to a significant boom in real estate investments from April 2023 onwards across various cities.”
Varun Arora, who is a Gurugram-based real estate entrepreneur, expressed, “Over the years, Gurugram has seen rapid growth in its commercial and industrial sectors, gaining recognition for modern infrastructure, IT parks, shopping malls, and a thriving hospitality industry. Its appeal as a real estate destination is further enhanced by its proximity to Delhi, the presence of multinational companies, excellent connectivity, and upscale living amenities.”
Upward trend in 2024?
Experts are betting on this trend to persist in 2024. Speaking specifically about Noida, the city has garnered increased attention, primarily driven by the imminent launch of the international airport. Notably, renowned brands such as Godrej, Tata, Adani, and Prestige have entered Noida, leading to substantial sales in the commercial real estate sector.”- Sarthak Gaur
Talking about Gurugram’s situation, Varun shared, “Gurugram shows great promise with its strategic location, ongoing infrastructure development, rising commercial significance, and increasing demand for contemporary housing and office spaces. The city’s potential for sustained real estate growth is further supported by the expansion of the metro network, upcoming infrastructure projects, and the established presence of multinational companies.”