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Luxury Residential projects become increasingly popular in pandemic days

Vraj Tiara Worli

The pandemic has brought a slowdown among most sectors, except the residential luxury home segment. Reports have shown an increased interest for homes with larger spaces offering amenities within the complex.

The want for a better lifestyle among the digital age entrepreneurs and professionals, combined with travel restrictions forcing most of them to work out of their homes has been seen as a major reason. The nationwide lockdown has temporarily shut most of the recreational spaces, fitness health facilities like yoga centres, gyms etc. This has brought the focus to finding homes with recreational spaces in form of amenities within the luxury residential projects.

Since owning a residential asset in a prime location is a matter of pride amongst most home buyers, the pattern of home buying trends has deviated towards prime locations like Worli, Lower Parel and Dadar. With a good neighbourhood and reputed schools, hospitals and good connectivity by road and metro, the home buying trends have shown a rise in the demand in these locations. Residential luxury homes, like Vraj Tiara, offer spacious 3 BHK, 4 BHK and 5 BHK sea facing flats with balconies have amenities like gym, cafeteria, play area within it’s residential complex.

The pandemic has made the aspirations of most home buyers into a necessity, especially among millennials. The trend among majority of consumers having modified their preferences into home buying as a viable option as compared to renting is also a prime factor. The ever-rising housing rent coupled with uncertainties in the job opportunities have given rise to more people opting for buying homes. The community of investors who were investing in properties for renting the space, have also grasped the importance of purchasing a real estate asset.

The HNIs and NRIs are also a new consumer market considering them being the future end users rather than just investors. The economic slowdown has made this segment of consumers ready to invest in properties such as sea facing luxurious sea facing flats homes in Worli, for their future shift. While the other set of consumers being the self-employed segment of buyers prefer to take the under-construction projects and then sell it or earn a good rental from their investments. The regulatory regime has boosted confidence among NRIs to invest in real estate markets. This has boosted the sales in luxury segment.

The pandemic has not only changed the buyer trends but has also changed the mindset of the buyers to purchase their aspirational homes sooner than they had intended.

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