Gurgaon Realty: Luxury Redefined When it comes to luxury, today’s well-traveled buyer is not ready to compromise at all! They want exclusivity with best-in-class designer fitouts for their dream home, says R K Arora, CMD of Supertech Ltd. With several ongoing and upcoming luxury projects in Gurgaon, he shared his valuable insights on Gurgaon’s luxury market in an exclusive interview with Commonfloor.com. Here are the excerpts.
How do you think the luxury market in Gurgaon will shape up over the next two quarters? Gurgaon is currently registering more end-user demand in terms of luxury housing market, in contrast to the previous trend of the investment-driven purchases. The year ahead will be no different amid continuous innovation and technological advancement, which will certainly play a vital role in changing the scenario. The under construction projects in new sectors are at much advanced stages. With the rise in real estate values and fast paced development of both physical and social infrastructure, Gurgaon will be seen as a lucrative investment destination.
What are the aspirations of a buyer while looking for a luxury home? Buyers are showing an interest in exclusivity and opting for high-end specifications coupled with designer fit-outs and high-tech gadgets of global standards in their dream home. They are demanding wide range of lifestyle amenities including gyms, spa, golf green and clubs. Homebuyers have also been seeki ng technologically enabled apartments with best in-class interiors with automation and security system, private elevators etc. Which areas here are seeing a surge in luxury projects? Dwarka-Gurgaon Expressway, New Sectors (sector 76 to 95 along NH8) and Golf Course Extension Road are becoming the most desired destinations for luxury home seekers in Gurgaon. Spurred by new product offerings, greater end-user demand, these regions are becoming the growth engines for real estate development of the city. Apart from these regions, sectors 37, 37D, 80, 81, 82, 90, 92, and 93 are seeing tremendous response in Gurgaon.
What interesting/innovative features are developers offering in luxury projects? Seeing the rising demand for luxurious homes, several renowned build ers have launched projects in Gurgaon with world class luxuries. From a typical golf-based project to culture-based, they are experimenting with various themes. Further, interiors designed by world class designers such as Armani, yoo, etc., private swimmin g pool and landscaped terrace roof tops for penthouses are also seeing a lot of buyer interest.
To create a beyond luxury concept in India, Supertech tied up with Yoo worldwide, LLP the global design, which is a luxury brand that provides exclusive interior design solutions for high-end properties. Yoo will create Supertech’s two luxurious residential projects in Gurgaon’s premium Sector 68 & 79.
Are theme homes gaining prominence among the buyers? With the growing popularity of urban living and exposure of globalisation, the needs and desires of customers has shifted drastically. More and more people are looking out to buy something unique from others. Thereby, buyers are going for projects based on architectural design of various cultures -Egyptian, Arabic, European, Roman or Spanish. Also, Sports theme, especially golf is gaining popularity among India’s affluent homebuyers. What is the range in which one can buy a high end project? Luxury and ultra-luxury housing projects are available in the price range of Rs 1.5 to 10 crores in the residential market. The capital value of such luxury apartments varies from Rs 8,000 -15,000 per sq. ft. depending upon the services offered and their location. Supertech’s final take on Luxury Housing. Driven by the fast pace of urbanisation, higher disposable incomes, new offerings and greater influx of NRIs, the luxury and ultra-luxury housing segments of Indian real estate market is on fast track. Combining the aspects of luxury, style and comfort, classy residential high rises, indicates the growing income levels and aspirational levels of the people. The trend is to focus on exclusivity and developers are offering a whole gamut of five -star lifestyle services.
A luxury home with exclusive amenities like private swimming pools, waterfalls, Jacuzzi, airy interiors, verdure gardens, avant-garde fixtures have been in demand among the buyers. Due to its immense investment value, it is not only attracting domestic investors, but also NRIs as well as foreign investors. With the rising number of affluent individuals, it is assumed that this segment is on its way to grow faster and further.
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