Views on future prospects for the luxury housing segment
We see a growing demand for luxury homes across the country during this current pandemic. We can attribute this to a number of factors namely; pent up demand, Work from Home (WFH) concept, reduced stamp duty and low home loan rates. The pandemic may have impacted the real estate market, but the aspiration with which people are turning to luxury homes is quite unprecedented.
We definitely see a preference of people to upgrade and move into larger and more luxurious living spaces. This has been guided by the work from home (WFH) concept, as families are now looking out for an upgrade as individual space becomes a crucial factor.What the sector is witnessing at present is the demand to upgrade homes — property with better quality, convenience and facilities.
WFH has in fact been instrumental for people now looking at moving into larger and more luxurious spaces, which provide workspaces along with health amenities like gyms, jogging tracks, swimming pool etc. This we believe will be the new norm going forward, and we are gearing up to cater to this demand from home buyers.
The luxury housing market has caught the fancy of the upper middle income group as well. Caught between a pandemic, they are now ready to stretch their budgets for a more luxurious home that caters to the requirements of the entire family. They are now less-price conscious as they look forward to getting larger spaces that has their own personal gardens or balconies for a sit out. This bodes well for maintaining health of mind and body. Over the last few decades, the concept of luxury has become an integral part of the Indian landscape. Similarly, luxury apartments which were quite scarce, have now become a fashionable address and statement for the rich and the aspiring upper-middle income group.
There is also an increased demand from NRIs and HNIs to invest in luxury properties here at home, due to ready-to-move in stock available in the property market and that too at competitive rates. Also, with Covid impacting the stock market, HNIs are investing in luxury property as they believe it to be a safer investment option.
Luxury as a housing segment is growing rapidly due to increased aspirations of the Indian people. A large section of people from the upper middle income group are also looking at buying luxury property as income levels rise, coupled with aspirations for a better lifestyle.
MJ Shah Group awarded – Residential Real Estate Developer of the Year (Mumbai) 81 Aureate awarded – Best Ultra Luxury Villa project in Mumbai
The MJ Shah Group has bagged two awards at the prestigious Asia Real Estate Excellence Awards 2021 held recently in New Delhi. Mr. Shreyans Shah, Managing Director, MJ Shah Group received both the awards – Residential Real Estate Developer of the Year (Mumbai) and for 81 Aureate – Best Ultra Luxury Villa project in Mumbai. The awards were presented by former International Tennis player Mahesh Bhupathi who was the Chief Guest at the event.
