Luxury Homes Staging A Comeback

By Vinod Behl
The battered residential realty over the last few years had seen luxury housing hit hard by the weak demand. But post-pandemic, new dynamics of luxury housing have emerged. The pick-up in demand for luxury housing is evident from the sale and unsold inventory. According to Anarock Property Consultants, at the end of 2020, of 6,38000 unsold units in top 7 cities, the luxury segment (priced over Rs 1.5 crore) comprised just 14%. The sale of luxury and premium homes by leading luxury developer Lodha Group in FY 21 and FY 20, accounted for 85% of their overall residential sales.
Post-pandemic, home buyers are preferring larger, luxurious apartments. DLF has sold 24 flats of Rs 25-50 crore each, in its super-luxury project Camellias in Gurgaon.
According to a CII- Anarock Covid-19 Sentiment Survey, most NRIs today are preferring luxury homes – mostly in the price range of up to Rs 2.5 crore. As per the report, the sale of luxury property (Rs 1.5 crore to Rs 2.5 crore rose from 6% in the pre-Covid period to 7% in the post-Covid period, while sale of luxury homes costing more than Rs 2.5 crore, rose from 3% to 4%.