As more individuals seek opulent living experiences, the luxury housing sector is thriving, offering unparalleled opportunities for investors, developers, and homeowners alike

Whenever the lending interest rate increases, it directly impacts the EMIs of loan borrowers. A longer tenure and a bigger loan amount have a greater impact on the overall loan repayments.

Real estate has historically been attractive worldwide from various perspectives, whether it is for personal use or simply investing in it. The decision to buy or sell real estate is a complex one, with interplay of numerous facets of human behavior and decision-making abilities. It involves not only the physical attributes of a property but also aspects like emotions, social status, safety, proximity, etc.

Luxury real estate is experiencing explosive growth globally, driven by evolving consumer preferences and technological advances. The trend is similar in India, and the latest CBRE South Asia Pvt Ltd’s report, ‘India Market Monitor Q1 2023’, highlights this. The report, released recently, reveals that the luxury residential segment witnessed a remarkable 151% YoY increase in sales during the first quarter of 2023, building on its strong performance in 2022.

One Group Developers has emerged as the successful bidder in an e-auction held by Haryana Shahari Vikas Pradhikaran (HSVP) for a 3,486.17-sq m plot in Gurgaon.

The New Delhi-based company will pay Rs 57.2 crore for the land and will invest another Rs 50 crore to develop a residential complex in it, said Udit Jain, its director.

Flagging the real estate sector’s heavy dependence on money of homebuyers to build houses, Union housing secretary Manoj Joshi said on Monday that they need to access finance from the banking system. He added real estate projects, especially housing, are largely funded through customer advances and this model needs to be changed.

The Greater Noida Industrial Development Authority (GNIDA) has sold a 23,600-square-meter (sqm) plot in Sector Zeta One for Rs 110 crore, a move that will pave the way for the construction of around 1,100 new flats on this piece of land, officials privy to the development said.

They added that the plot was allotted through e-auction for Rs 110 crore, which is nearly Rs 1.5 crore higher than the reserved price.

Gurugram has witnessed rapid growth and development in the past decade. It is the country’s third-largest financial and banking hub and the country’s second-largest technology hub, respectively. The city’s real estate market is, however, close to saturation. The market has experienced some changes over the last two to three years. With the establishment of several multinational companies and startups in Cyber City, Udyog Vihar, and Golf Course Road, there has been a surge in demand for rental housing in Gurugram.

In the fast-paced world of real estate, the residential sector plays a vital role in meeting the housing needs of the population. To ensure sustained growth and success, developers and stakeholders in the residential sector must adopt innovative strategies. One such strategy is backward integration, a business model where companies expand their operations by incorporating services and activities that were previously outsourced.

With considerable traction in demand for plotted developments and independent houses, corporate and established developers are increasingly foraying into this segment providing more transparency and better options to homebuyers.