The real estate sector is looking forward to a massive, organizational approach across all asset classes and also emergence of new concepts in the near future
Dr. Niranjan Hiranandani
India's real estate sector has transformed over the past few years. Projected to contribute 13 per cent to GDP growth by 2025, it will play a major role in India becoming a trillion-dollar economy by 2030. With rapid urbanization taking place along with escalating income levels, demand for a home has been growing in sync with infrastructural development, writes Dr. Niranjan Hiranandani, co-Founder & MD, Hiranandani Group & National President, NAREDCO
Boutique homes: The concept of Boutique Homes is gaining popularity among the discerning home buyers. Boutique homes are affordable luxury residential properties coupled with well–appointed spacious apartments, unique interior design luxury spaces with Italian marble flooring, fully furnished modular kitchen along with hob, hood, refrigerator, washing machine, microwave oven, water heater, water purifier etc. Amenities include an exclusive clubhouse with swimming pool, multipurpose hall and gymnasium.
Affordable luxury housing: Going into 2019, we will see affordable luxury housing growing at a rapid pace among the discerning home buyers who aspire to live in high-class homes in key locations, equipped with state-of-art amenities. An affordable luxury home has all the attributes of a premium property but is affordable to a larger segment of the population. In the real estate industry, luxury means much more than spacious apartments. The luxury apartments are larger in size, and have high-end security, reserved parking, and club houses.
Second homes / villa plots: Another trend we see emerging in 2019 is the second homes or villa plots segment. A majority of second home buyers buy homes outside city boundaries to relax and unwind. Most people prefer to opt for villa plots as they can own a piece of land and build their dream villa. There has been an immense growth in demand for second homes, which are also viewed as a long-term investment option. There is a rise in trend of buying a vacation home in exotic locations like Alibaug and Khandala due to improved connectivity and infrastructure.
