In an article with news18.com, Gurgaon-based HCBS Development Chairman Bhupinder Singh elaborated on the factors encouraging the rise in luxury housing, the role of infrastructure development, and the increasing popularity of branded residences.
Since the Indian real estate market is consistently evolving, the year 2024 has seen tremendous growth, especially in the luxury housing segment. Premium properties, branded residences, and exclusive apartments have received immense attention due to post-pandemic robust economic recovery and escalated demand from high-net-worth individuals (HNIs).
The real estate sector in India has witnessed phenomenal growth in 2024. What is the performance of the sector this year, and what is your expectation for 2025?
The real estate sector in India has recovered well this year in 2024, with the economy doing well, the demand for both residential & commercial properties shooting up, and investments also going up, especially in the luxury housing segment. Important markets that include Delhi-NCR, Mumbai and Bengaluru have seen an increase in property prices due to infrastructure advancements coupled with enhanced connectivity and increased confidence of investors. The luxury segment has been on a tear with branded residences and premium properties have been in continuing demand by discerning buyers.
Overall, I foresee growth in the sector as we approach 2025 with the completion of various important infrastructure and urban renewal projects. The demand for premium residential, commercial and mixed-use developments should flourish in many emerging corridors and satellite towns. An increased focus on eco-friendly and smart living solutions from developers and end consumers will continue to drive sustainability and technology-driven projects.
And India will attract international investments owing to its stable economic trajectory and attractive returns on investment. 2025 will make the real estate sector stronger through continuous capital appreciation, innovative practices, and customer-centric offerings.
How is the supply of ultra-luxury homes in Delhi-NCR and Gurugram increasing with demand?
Delhi-NCR and Gurugram are dealing with the scarcity of ultra-luxury homes by paying attention to the development of high-value residential projects specifically designed for high-net-worth individuals. Developers are designing unique spaces with world-class amenities and prime locations to satisfy their demands. Despite the scarcity of land and development costs, luxury housing has always been innovative to meet the requirements of properties falling in the Rs 10-crore and Rs 80-crore categories. The major drivers of such demand are capital appreciation, the creation of multigenerational wealth, and the prestige attached to owning an exclusive property.
What are developers doing in response to the increasing demand for premium apartments & penthouses in Gurugram?
Gurugram developers are responding to the burgeoning interest in premium apartments and penthouses by reimagining premium luxury living. The design for lavish bungalows is now being replaced with the preference for vertical, high-end living spaces with private elevators, huge terraces, and next-gen smart home technologies. Most of the properties are constructed keeping the desire for exclusivity in mind and give state-of-the-art amenities, including excellent fitness centres, concierge services, and secure gated communities. Convenience, safety, and luxury facilities are top priorities of discerning buyers, making Gurugram a favourite luxury real estate destination in the country.
With the price escalation along the Dwarka Expressway corridor, what factors do you think are driving this phenomenal growth in the luxury real estate market, and how has the infrastructure development in the region contributed to its appeal?
The reasons behind the rapid hike in property prices along the Dwarka Expressway corridor are good economic fundamentals, better infrastructural support, and high demand for premium properties. From 2019 to 2024, property prices here have gone up by a whopping 101 percent due to the area turning out to be the ultimate luxury hub in Delhi-NCR.
Connectivity to major sites and emerging economic destinations, such as the Indira Gandhi International Airport and DMIC has increased multifold with the inauguration of the 19-km elevated section of Dwarka Expressway joining Dwarka in Delhi to Gurugram. Additionally, connectivity is expected to get more enhanced due to future infrastructure developments like the metro extension and Haryana’s Transit-Oriented Development (TOD) policy. The increasing participation of NRIs, who consider luxury properties to be stable investments with high returns, has also driven this enormous surge.
How are branded residences altering the face of luxury living in India, and why are they gaining more popularity among high-net-worth individuals?
Branded residences are changing the face of the luxury real estate market in India by offering a combination of prestige, exclusivity, and top-notch amenities. These residences represent an elevated living, which says a lot more than just owning property; it’s an all-inclusive way of lifestyle, accomplishing a quintessence of sophistication with convenience for the elite. With prime-tier developers entering the fray, branded residences are developed according to the highest standards, providing world-class amenities, including concierge services, private pools, and wellness centres.
For high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs), branded residences offer a clear statement of status as well as functionally designed facilities. These residences are gaining popularity not only as luxury residences but also as excellent investment opportunities in an increasingly flourishing real estate market due to the blend of their unique characteristics of exclusivity and practicality.
With regards to HCBS Developments, how do you maintain competitive edge and meet modern consumer demands?
We maintain our competitive edge with a combination of strategic location selection, commitment to quality construction, and a strong focus on customer satisfaction. The company is over 30 years old. It has built a strong presence across multiple real estate segments, including residential, commercial, independent floors, and IT/ITES spaces, addressing a wide range of consumer needs. Innovative and contemporary designs are defining our projects, such as the premium Auroville Plaza and the eco-friendly Sports Ville.
