The NCR will continue to see increased investments in the super-luxury housing space due to strong demand in the region. The NCR regions today sport a growth story that mirrors India’s growth over the last decade. Today, Gurgaon registering rapid urbanization has the third highest per capita income in India.
The elite class aspires to a luxurious lifestyle in the company of like-minded people. Developers have been quick to notice this demand with realty majors like Sobha Ltd (International City), Saha Group, ATS, BPTP, Puri Constructions, Homestead (Michael Schumacher World Tower and Maria Sharapova signature project), Raheja Group (Revanta), DLF (Garden City), Supertech Ltd (Jade Jagger or Steve Leung’s distinctive styles luxurious projects), etc, coming up with projects providing the perfect living environment for the well-heeled citizens.
A report says that the luxury housing market of the NCR regions, especially Gurgaon and Noida, is currently seeing a greater influx of end-user demand, in contrast to the previous trend of the investment-driven purchases.
The sale of luxury projects has gone up by nearly 30% in the last few years with the luxury homes in Gurgaon registering demand and value appreciation from end users, NRIs, etc, thus creating a separate market.
Spurred by new product offerings, greater influx of end-user demand, and an increasing upwardly-mobile segment, luxury and ultra luxury housing projects, with prices ranging between Rs 1.5 crore and Rs 15 crore are evoking higher demand in the residential market of Gurgaon like Dwarka-Gurgaon Expressway, NH-8, Golf Course Extension Road, and Sectors 50 and 32 in Noida, and Noida Expressway.
Sobha Developers, which has 88 real estate projects and 234 contractual projects in more than 20 cities under its belt, has come up with International City, a super-luxurious realty project in Sectors 106 and 109 along Dwarka-Gurgaon Expressway.
Well-planned infrastructure, high quality of construction, and ample green and open spaces make International City an aspirational residential destination in the NCR. The project offers a modern clubhouse and with just six villas per acre, International City is a good example of low-density living.
On the supply side, some new super luxury project launches continued to focus on cost-effective options in alternative markets, particularly in Noida and New Gurgaon.
Developers largely focused upon luxury housing in Gurgaon during the first half of 2013, while the second half saw new launches, primarily in the high-end and mid-end segments along the Dwarka Gurgaon Expressway and New Gurgaon area.
Even though units in residential projects launched by established developers attracted maximum buyer interest and purchases, developers across segments continued to adopt various strategies, including discounts and free merchandise, to boost sales.
A Harikesh, senior vice-president (Marketing & Sales) of Tata Housing, says: “With an increasing number of Indian corporates and MNCs operating out of Gurgaon, combined with limited availability of quality residential space in Delhi, Dwarka Expressway is emerging as a destination where real estate projects have swelled at an exceptional rate. Its proximity to the IGI airport, Delhi Aerocity, and the forthcoming Diplomatic Enclave gives Dwarka Expressway an edge over other new real estate destinations. The area is being developed in a planned way and the infrastructure is very promising, which is an attractive proposition for buyers as well as investors.“
Dwarka Expressway (Dwarka-Gurgaon Expressway) is gradually developing as a hub for not only commercial and residential properties but also entertainment activities and will act as a new business channel between Delhi and Gurgaon.
Tata Housing has recently launched a new ultra luxurious residential project, Gurgaon Gateway, in Sectors 112-113, on Dwarka Expressway in Gurgaon. Located right off the expressway, and in close proximity to the airport, this project boasts of connectivity and strategic location.
Aniel Kuumar Saha, CMD of Saha Group, says: “We are developing an ultra luxury, group-housing, residential project, Amadeus, in Sector 143, on Noida Expressway . The project offers 300 units of 3and 4BHKs.“
Wave Group has a super luxury project in Sector 32, Noida. “The superluxury segment is more or less recession proof. Buyers are typically celebrities or businessmen and their appetite for luxury homes is not governed by economic considerations. Club 51 at Belleville Park, our signature, limited-edition project, is a luxury and lifestyle project,“ Amar Sinha, executive director of Wave Infratech, said.
Ambience Group has launched Ambience Tiverton, a residential apartment complex on 3.5 acre in Sector 50, Noida.