A home for billionaires – BusinessToday

If 2020 was the year of the second home – that suburban family getaway, a refuge from a city in lockdown – then 2021 is the year of the luxurious primary home. Homebuyers are consolidating their move to an urban haven with all possible amenities and conveniences, or flocking to the great outdoors – near the beach or in the hills – for a spacious and comfortable indulgence to live the WFH dream.

Whatever destination they choose, what unites homebuyers is the growing need for all the comforts and a new love for spacious, leafy spaces. “Anyone who could handle an upgrade in their life wanted slightly better spaces, equipment, services, safety, security and infrastructure; anything that promised more holistic well-being for mind and body, for yourself or for the family, ”said Karan Kumar, Marketing Director of DLF Group based in New Delhi. “This is why we have seen an interest and an increase in our super luxury portfolio. “

In India, the demand for luxury properties – typically anything priced above Rs 1.5 crore – increased from 11% in the first wave of the pandemic to 13% in the second wave, according to a survey carried out in 2021 by ANAROCK Property Consultants and the industry. CII body. The survey was conducted in 21 cities and covered 4,965 respondents, aged 21 to 27, who were looking to buy new properties. According to the survey, nearly 63% of that demand comes from the Mumbai Metropolitan Area (MMR), which is evenly split between buyers wanting homes ready to move in, those going for new projects, and those willing to wait a year. But there is no compromise on their need for space, greenery and amenities.

“Homebuyers are looking for larger spaces to reorganize their lives after Covid-19,” says Akash Puri, international director, India Sotheby’s International Realty (India SIR), which offers advisory services for luxury properties. “They want to access a WFH way of life. Some want private gyms, cinemas, better views, and larger living spaces with an adjoining garden.

Puri says some buyers are taking advantage of low mortgage rates while others are reinvesting their capital gains from the stock market’s bull run. Then there are the wealthy (HNI) laden with money as overseas travel has been curtailed. “People don’t spend overseas, so there is a huge fund available to improve their lifestyles,” Puri explains.

Despite the pandemic, India SIR has sold more than 50 million homes, with a total value of around $ 300 million, in India and Sri Lanka in the past year. Their main markets in India are Golf Links, where a plot of 8,000 m². ft home is listed for almost Rs 150 crore – Sunder Nagar and Jor Bagh in Delhi, as well as Goa, Mumbai and Alibaug where a 6,329 square feet. ft ‘glass’ house is listed for Rs 13.9 crore.

But as much as you have the means, there is also a change in behavior, says Nibhrant Shah, founder and CEO of luxury home developer Isprava, whose revenues nearly tripled during the pandemic. “The whole state of mind has changed; perceptions changed after the pandemic. There’s this whole new kind of buyer who doesn’t even think of it as a luxury home anymore. You have the very wealthy buyer who never wanted a vacation home. Now, if Covid-19 does happen again, they can’t leave the country, so they need a place to go. Then you have the WFH-ers – the technicians who work from home, who will never return to the office. Why waste time in traffic or pollution in Mumbai or Delhi? And finally, you have young people who never go back to town. They prefer to buy in Goa and rent in Mumbai. He gives the example of two buyers who paid Rs 25 crore for houses in Goa.

And they are hardly the exception.

While their homes in Alibaug are sleeker and more contemporary, Isprava’s highlight are the Portuguese-style haciendas, or villas with a heritage design. These fully equipped villas have butlers, cooks, gardeners, managers, concierge services, as well as tennis courts, walking paths, swimming pools and, of course, gardens. “People want to be surrounded by greenery,” Shah explains. “After the blockages there is a desperation to break free for the whole family, with more land or a fruit garden.”

Villas in Isprava start at around Rs 4 crore and go up to Rs 50 crore for estates on large tracts of land. “People are now ready to spend more,” Shah says. “Previously you had this invisible buyer at Rs 15 crore and now there is a move at Rs 20 crore to Rs 30 crore.” Their properties are mainly found in and around North Goa, in Assagao, Vagator, Siolim, Anjuna and Ashwem.

“The Goa real estate market rebounded in the second half of 2020,” said Puri of India SIR. “People find life in Goa pleasant, with its natural surroundings, and convenient, with access to infrastructure and roads. If you have Wi-Fi connectivity, you can live anywhere in Goa. In addition, medical facilities have improved.

He says while people look for freestanding villas in the secondary market, others prefer gated communities with 10 to 15 villas for security. “These come with concierge services and a villa manager,” Puri adds. “People want good neighbors and to be around like-minded people in an inclusive environment. In case there is another pandemic, why get stuck in a city? “
While Isprava is in the north of Goa, Sun Estates Developers focus on the lush eastern part of Goa, in villages like Aldona, Calvim, Paliem and Moira, where it searches for plots near a river or the ocean. “Five percent of buyers want a lot larger than one acre (about 43,560 square feet) or more, while 60 percent of my buyers want a land of 4,500 square feet. plot of feet, from Rs 5 crore, with a swimming pool and a compound wall, ”explains Suraj Morajkar, Founder and Managing Director of Sun Estates Developers. The 26-year-old company owns 40 homes, priced at Rs 5 crore to Rs 7 crore, in the market and has sold about half of its inventory. Their clients during the pandemic included actors Sunil Grover and Ronit Roy.

Alibaug, a coastal town just south of Mumbai, also suddenly became an “Eastern Hamptons”, so to speak. Its coastal appeal, improved infrastructure and proximity to Mumbai have made it a favorite. A self-contained and fully equipped Isprava property here costs between Rs 5 crore and Rs 30 crore.

The hills are also becoming a favorite spot. “Our properties in the hills, in places like Kasauli, have worked really well,” says Kumar of DLF. DLF Samavana, spread over 58 acres and surrounded by a pine forest, is one of the largest gated communities in Himachal Pradesh, with a mix of villas, self-catering floors, and plots. The average price of a plot here is Rs 5 crore to Rs 5.5 crore. Isprava also operates in Coonoor, Tamil Nadu, and will have properties in Kasauli by the end of the year.

But for many, the city still has its appeal.

M umbai remains a hot market, with all the action centered in high-end areas like Bandra, Nepean Sea Road, and Andheri. “We recorded 1,500 crore in sales during the pandemic,” said Shraddha Kedia-Agarwal, director of Transcon Developers Pvt. Ltd. “Everyone who was on the fence jumped,” she said, adding that the peak for the Mumbai-based company was in June.

Their latest launch is the third tower (T3) of Transcon Triumph in Andheri (West). Triumph’s ultra-luxurious Tower 1 (T1), where actor Akshay Kumar owns a home, features a walking track, a 16-person theater, collaborative workspaces, cafeterias and a spa, in addition to the usual amenities. Its 1,700 square feet to 2,870 square feet. The three and four bedroom apartments cost Rs 7 crore to Rs 10 crore. In comparison, the T3 of 376 m². sq. ft to 1,000 square feet Apartments of sq. ft are between Rs 1.2 crore for a one bedroom apartment and Rs 3 crore for a three bedroom apartment. But they’re no less lavish, with interiors designed by famed architect Hafeez Contractor. “We have nice amenities like a cafe, a squash court, a jogging track, a climbing wall, everything we gave to T1,” says Kedia-Agarwal. She points out that many people combine two or even three apartments for a larger space.

With easy access to movie studios, schools, hospitals and the airport, “the location is Triumph’s biggest draw,” adds Kedia-Agarwal. No wonder 100 T3 units were launched shortly after launch, although the project won’t be ready until 2026. Transcon’s other attraction is the ultra-luxurious 20-story WestBay in Bandra (west), with stunning views of the Sea Link. Its 1,500 m² one-foot apartments sell for Rs 8 crore, going up to Rs 12 crore for an area of ​​2,000 m². foot apartment.

Another booming Mumbai-based developer is Runwal Group. “Purchases have been moderate during the pandemic, but given the boost [Maharashtra] government, in terms of [lower] stamp duty, demand was strong in the second and third quarters [of FY21]. This slowed down slightly in the last quarter of FY21, but we expect demand to grow steadily over the next two years, ”said Saurabh Runwal, Managing Partner, The Runwal Group. “In the luxury segment, we have seen a desire for additional space in the house.

One of its most lavish properties is The Residence, with stunning sea views. Each of its 30 floors is a space of 5,000 m². Apartment ft north of Rs 60 crore. “Some people have taken two or three floors. It’s for buyers who don’t want to change where they live but who are improving their lifestyle, ”says Runwal.

The same goes for the Samarpan of the Wadhwa group in Bandra, just 100 meters from the Arabian Sea and surrounded by 10 acres of greenery. The 11-story Fibonacci-inspired building offers apartments starting at 2,800 square feet, but can be customized to 7,000 square feet. sq. ft. to 8,000 sq. ft. of duplex and triplex residences. The cost? An enticing Rs 1 lakh per square foot. “If you have the money, you won’t settle for smaller spaces,” says Bhaskar Jain, sales, marketing and CRM manager at the Mumbai-based developer. Jain says they recently sold a duplex and a triplex.

The sale of luxury units by the Wadhwa group – anything over Rs 60,000 per square foot, for around 2,000 square feet. ft apartment – doubled from 1,500 in January to 3,000 in June. “Previously, 60% of people bought luxury apartments when the project was about to be completed, and now people are focusing on interior spaces, on amenities, on spaces they could use for their families. Jain explains.

And, reflecting the direction of the luxury market, rentals of luxury properties have also skyrocketed. For example, in Gurugram, the rent for a plot of 7,400 m². ft apartment at DLF Camellias is around Rs 7 lakh per month, while The Crest orders monthly rentals close to Rs 2.5 lakh for a 3,500 m² apartment. foot apartment.

Overall, popular vanity addresses may still belong to cities, but non-subways fill the gap. Regardless of the location, however, one thing is clear: the number of personalized addresses is only increasing.

@PriyaKumariRana


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