Luxury Living: Trends and Preferences in Gurgaon's Premium Realty Sector
Upmarket real estate in Gurgaon has changed significantly in last few years mirroring the macroeconomic trends seen in prime markets across the nation. As the taste of the consumers continue to evolve with increasing demand for prime housing across SPR (Southern Peripheral Road), Dwarka Expressway, Sohna Road and New Gurugram. Developers in Gurgaon are coming up with ways to combine functionality and luxury in innovative ways. As a result of the growing affluence and property price appreciation in Gurgaon, the demand for luxury homes from non-resident Indians (NRIs) has also increased exponentially. Moreover, the trend to invest in premium living in Gurgaon embodies a broader pattern unravelled by the recent ANAROCK, which evidences a notable increase in the sale of upscale real estate projects. Gurgaon is one of the fastest growing cities in the country and the market scenario for premium lifestyles is also undergoing significant transformation accordingly.
In Q1 2024, the share of homes priced above Rs 1.5 crore surged to 25% of the total home supply in India's top seven markets, that includes Mumbai, Delhi-NCR, Bengaluru, Chennai, Hyderabad, Pune, and Kolkata. This is a significant increase from 7% in Q1 2019, representing a growth of over 200%. This shift highlights the rising demand for premium luxury homes, which has been driving the launch of new projects post-pandemic. Out of the 110,860 units launched in Q1 2024, 28,020 were in the premium category, surpassing the entire year 2019's total of 25,770 premium units. This trend reflects a broader recovery in the residential real estate market it also highlight the exponential increase in demand for luxury residential real estate.
Sales data further supports this premium housing trend, with 21% of the 130,170 units sold in Q1 2024 being premium homes, totalling 27,070 units. Mid and high-segment homes, priced between Rs 50 lakh to 1.5 crore, dominated sales with a 59% share. This data underscores the market's shift driven by a preference for larger, more luxurious homes in prime locations, a trend emphasized by the ongoing increase in the luxury housing segment since the pandemic.
Confluence of Modern and Traditional
The houses in Gurgaon that symbolize luxury are designed to showcase the best amenities of modern standards and also distinct architectural styles. Homebuyers from the high-income bracket are being drawn to houses that provide exclusivity and a holistic living experience. Luxury living with bespoke amenities like automated systems, indoor pools, and large private gyms. The offering of an exclusive lifestyle includes security, privacy and bespoke services. Luxury in India means spaciousness and personalized services that satisfy the resident's every need, from concierge services to private elevators and in-house spas. This has slowly created a shift as better living conditions are now supported by solar panels, green roofs and waste management systems. The architectural styles of these premium segments incorporate modern aesthetics together with traditional elements. Wide panoramas from expansive glass facades view to the Aravalli range is blended with elaborate Indian carvings in wood and stone. This melding also improves the visual appeal of these houses and also promotes Indian cultural heritage.
Preferred Locations and Lifestyle Choices
In the list of locations for luxury homes in Gurgaon, the Southern Peripheral Road and Dwarka Expressway are the ones which are mostly preferred. Such locations are chosen because of their close proximity to primary business centres, international airports and first-class social amenities like international schools, luxury malls and fine dining outlets. Moreover, these areas are well connected and provide an opportunity for those who want to have a combination of a rewarding professional life and a calm residential one. It is about an abode that allows residents the tranquillity to recharge after the hectic city life, while also providing them with modern amenities.
Future Horizons
The real estate luxury market in Gurgaon and India is growing every day. This goes to show that homebuyers' choices are not fixed but are rather motivated by global trends and local needs. The transition to more green and technology driven houses signifies that in the future we will see the integration of luxury and responsibility, to create the new high standards of living. The trend in the premium realty sector of Gurgaon evolves to reflect a sophisticated conception of luxury that is a marriage of comfort, convenience and sustainability. The development goes on, and more luxury homes will arrive with even stronger demands. This change will be driving the future of housing to higher and higher levels of innovation and exclusivity.
Authored By:
Mr. Ravi Aggarwal, Co-founder & Managing Director, Signature Global (India) Ltd. He holds an enriching experience of 23+ Years and has been playing a prominent role in his company's success. A multi-talented personality, and a Chartered Accountant by qualification, he possesses excellent communication and interpersonal agility . He takes care of the Finance, fund raising, legal and overall business development domains.
