By Soniya Gaonkar on Jan 18, 2022 5:45:13 PM
COVID-19 has forced people to make sensible decisions about their health, safety, and the protection of their wealth and income. The pandemic has brought "luxury real estate" and "quality of life" closer together. The spaces we inhabit, and, more significantly, what we want of them, are likely to change indefinitely in 2022. People all across the world recognised the importance of a "home" - a "safe" haven, a de facto school, a makeshift office, or a gym.
Furthermore, savvy millennials who previously favoured renting to buying have changed their minds and are now focused on home buying. Demand for luxury residences priced above Rs 1 crore has improved in the last six months, propelled by shifting needs during the pandemic, and revenue is likely to increase by 40% this fiscal year.
With six-figure wages and lofty ambitions, the younger generation of techies has the financial means to invest, and unlike their parents and elders, they are not afraid to take advantage of online innovations. People who had only considered buying a 3/4 BHK apartment in an upmarket neighbourhood were now drawn to the privacy of villas and bungalows, and amenities once considered "luxurious" had become "must-haves" - pools, offices, and homeschooling spaces, according to Sotheby's International 2021 Luxury Outlook.
So, What Does This Mean for Global Real Estate Players?
This indicates that the majority of buyers in the market for homes priced at 1 cr and higher will be from the United States, China, Germany and India.
Those with the financial means will continue to seek out homes with large open spaces, more rooms with designated locations for work from home possibilities, children's online education, and recreational activities. They will choose a property in a beach or hill destination, as well as a huge home in a prime location with vital utilities close by.
In India, wealthy home buyers have chosen to acquire homes in beach and hill resort destinations such as Goa, Alibaug, Rishikesh, Pune, and Shimla.
Technology Is Driving This Growth Majorly
People may now undertake online real estate transactions with considerably more confidence because of technological improvements such as data protection and digital signatures on agreements to sell.
Most individuals would have shuddered at the prospect of viewing real estate online and then making a purchase decision just a few years ago. However, the coronavirus and subsequent lockdowns caused everyone to stay indoors. Most nations have yet to remove travel restrictions and embargoes, making it impractical to fly out to inspect a property in person.
People also believe it is risky to go outside. Instead, prospective home buyers started looking for the property they wanted to buy on the internet. With more than 37 million visits to Sotheby's International Realty's website, sir.com, in the first quarter of the calendar year 2021, traffic increased by 63% over the same period in 2020.
Reduction in Interest Rates and Stamp Duty Fueled the Demand
Housing loan interest rates are at an all-time low, with prime lending institutions giving attractive house loan options ranging from 6.75 percent to 7.5 percent. At current interest rates, home loans provide for significant savings while also developing an asset for end-use or investment.
In fact, a reduced interest rate allows borrowers to increase the loan amount, allowing them to purchase a more opulent property with finer amenities and lifestyle amenities in high-end neighbourhoods.
A stamp duty reduction in Maharashtra to 3% till March 31, 2021, has also aided the surge in luxury real estate in Mumbai. Hardeep Singh Puri, the Minister for Housing and Urban Affairs, recently asked other states to follow suit in a speech. Low-interest rates combined with cheaper stamp duty are expected to keep sales brisk throughout 2021 and into 2022.
A Change in Perceptions Also Omnipresent
There has been a significant shift in how buyers view real estate as an investment. The availability of luxury residential projects/housing has been decluttered from a few restricted pin codes, making it location agnostic. An upgraded lifestyle closer to central business districts has decluttered the availability of luxury residential projects/housing from a few restricted pin codes, making it location agnostic.
In light of the massive number of migrants and steady rise in income levels. Working folks require a comfortable place to live. As a result, the line between a decade of luxury housing and a necessity has blurred.
Luxury is no longer limited to the opulent living. It's linked to today's purpose-driven millennials and high-achieving consumers, who perceive it as a representation of their accomplishments, ambitions, and preferences. Consumers are well aware of international design and development standards because of their extensive worldwide exposure. Customers looking at high-end developments want to get the most bang for their buck.
The pandemic problem has resulted in a rebound in luxury real estate, and with practically everyone betting on a fast V-shaped recovery with the advent of the COVID-19 vaccine, 2022 is shaping up to be a solid year for high-value property purchases.
Do you want to join us on this luxurious vessel? Then go to Kohinoor's Presidentia in Pune.
One of the best luxury residential projects in Pune, Presidentia was developed as a concept that encompasses all aspects of royal existence. Every amenity and community area has been meticulously planned to achieve this goal. Life in Presidentia will be indulgent, whether it's at the beautiful clubhouse, groomed gardens, or the expansive alfresco party terrace.
Amenities Available at Presidentia
- Swimming Pool with Deck
- Kids' Pool
- Outdoor Table Tennis
- Multipurpose Court
- Skating Rink
- Indoor and Outdoor Gym
- Designer Lobbies
- Yoga Deck
- Hammock Garden
- Party Lawn
- Party Terrace with Serving Counter
- Children's Play Area
- Senior Citizens’ Seating Area
Presidentia by Kohinoor is located on B.T. Kawade Road, the Crown of Pune East. B.T. Kawade Road has excellent access to international offices, manufacturing hubs, shopping malls, entertainment, and healthcare facilities. Because of the inherent superiority of social infrastructure combined with unparalleled connectedness, this is possibly the ideal place to live for generations.
End your search for new projects in BT Kawade Road. Visit, Presidentia by Kohinoor.
Presidentia offers 2 BHK & 3 BHK Residences from Rs. 82 lac to 1.08 cr.