Luxury Homes Concept Gaining Ground In New Normal
With developers like Modi Builders offering state-of-the-art projects, metros like Hyderabad are seeing a boom in residential real estate sector
A home to most people is a representation of all things safe and secure – a safe space where one’s true self is revealed. It is a basic human want to be surrounded by familiar scents and visuals. This need has helped pull out the Indian real estate industry from a major dip.
Metro cities all saw housing prices surge as the market fell into a downward trend. While the residential real estate prices hit rock-bottom in 2020, it has shown signs of revival. The first quarter (January-March) of 2021 showed huge improvements compared to the same period in 2020.
Reports from various analysts revealed that Hyderabad witnessed a 123% growth in its residential real estate sales. This may be contributed to the efforts of developers like Modi Builders, Brigade Group, etc. A report from JLL said, “In the city, the Western Suburbs (Gachibowli, Manikonda, Kukatpally) submarket accounted for more than 65 per cent of the sales during the quarter.”
What may also come as a surprise is the preference of new home buyers to drift towards the luxury home segment. Being cut off from various amenities that were a part of daily routines has forced people to come up with better solutions. A favourite alternative is to go for luxury homes that provide people with options for facilities like gyms, home theatres and office workspaces.
Another important statistic is that most of the new buyers are millennials. They are attracted by the low prices of luxurious housing units like the ones provided by Modi Builders, a real estate company in Hyderabad. What was seen as unattainable before, is now slowing transition into a norm.
Work-from-home (WFH) lifestyle is also an important factor. Consciousness about workspace has led to the growing trend of buying luxury homes which allow for a well-defined work-home boundary.
Metros like Hyderabad are seeing a boom in the residential estate sector. The IT industry attracts lots of working professionals who prefer luxury and comfort to the boring and mundane. Real estate developers like Prestige Group, Modi Builders, etc. are grabbing at the opportunity by providing luxurious homes at flattering prices.
While the real estate sector will slowly get back up on its feet, it is undeniable that in the Indian residential sector, luxury is indeed the new normal.