Why the posh markets are moving against the wave? As per Shveta Jain, associate director, Residential, of Cushman & Wakefield India, these key locations portray higher social and economic position of the dwellers. Therefore, the address-sensitive people show their interest in buying properties in such prime locations. Ms. Jain also confirms that such prime locations have their own advantages, therefore, the demand of the major micro markets will persist to be on the higher side, and this situation is likely to remain unchanged in times to come.
A huge gap in the supply may have resulted in the upswing of demand for the actual high-end sector. Though the end users dominate the buying activities, in the last few years, the investors also showed remarkable interest in the market.
Population of HNIs (High net-worth individual) in the metro cities in India has shown huge increase. In Delhi, 100% increase in the population has been recorded compared to last two decades. As per the figures, there are 2000 families in Delhi that are valued more than Rs.150 cr, and almost 70% of such HNIs invest Rs.10 to 30 cr on real estate property.
The developers are extremely positive regarding the high-class residential micro markets spread over the country and developing luxury apartments for use of the HNI customers, which is fairly a new idea for the section.
Vikram Sabharwal, MD of Sabharwal Developers explains that recently the interesting concept of availability of the penthouses has emerged among the premium apartments. Basically the penthouses are the topmost floors designed with gorgeous roof terrace with all luxurious fixtures. In earlier times the ground floors used to be popular but now the rooftops offer the significant benefits of space. They come with additional features, therefore preferred more than the earlier popular ground floors.
As per the industry sources, the values are expected to stay steady at the existing levels or move considerably upward. Therefore, in all probabilities the demand of high-end micro markets will stay active in next couple of months.
The need for the premium apartments in the posh areas will increase further. Yog Raj Arora, MD of Aarone Group, expresses that the high-class projects in such micro-residential markets will keep on luring the buyers, and as predicted earlier, the need for the premium apartments would continue to rise. The growing quality thresholds will have a positive impact on the demand for the premium and lavish apartments.
In all probabilities, this trend is going to persist in times to come, and property dealings pertaining to high-class luxury apartments will contribute to 50–70% of the total property transactions in these areas.
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