The definition of luxury housing is changing rapidly due to the changing preferences of the new generation home buyers in the real estate market of Delhi-NCR, especially in Noida, Greater Noida and Ghaziabad. While earlier big flats, premium locations, theme based, expensive décor, luxurious lobbies and interiors were considered the parameters of luxury, now the priorities of buyers are modern amenities in projects and flats, calm and safe environment, health and environment centric features and a balanced lifestyle.
The construction of expressways, metro and rapid rail, airports and rapidly developing infrastructure in Noida, Greater Noida and Ghaziabad have minimized the connectivity problem in NCR. Home buyers are also getting access to offices, schools, hospitals, shopping and entertainment facilities in the vicinity of their project. In such a situation, for home buyers, getting an open environment in the project and spending better and more time with the family, green space, walking track, club house, wellness center and multi-sports facilities have now become the identity and definition of luxury.
What do market experts say
Experts say that since the construction technology of all the promoters is almost the same, there is not much difference in the quality. In such a situation, home buyers are choosing such projects which have a balance of environmental responsibility and better quality of life apart from daily convenience and features, rain water harvesting, energy efficient construction, better ventilation and eco-friendly designed houses, even if they are not owned by any big organization. The rising prices of flats have now focused their attention on long term investment and its utility which has changed with the need of time. Geetanjali Khanna, MD, Rearco Pvt Ltd, says that today’s home buyer has become more conscious and analytical than before. He does not just look at the big area and name but pays close attention to features like quality, daily life facilities, utilization of space as per layout, natural light and ventilation in the flats, more green and open space, health and sports venues, green standards, aspects related to nature. Suresh Garg, CMD, Nirala World, believes that mixed-use developments are emerging as the most effective solution to future urban needs. When residential, commercial, retail and entertainment facilities are available in a single ecosystem, people save time and life becomes more convenient.
Convenience and health are the greatest luxury
Renox Group Chairman Shailendra Sharma says that in today’s busy urban life, convenience and health have become the biggest luxuries. Homes that provide mental peace, clean environment and better air quality are now playing an important role in the home buying decision. Home buyers are choosing projects that are not crowded, have abundant green and open areas, sports zones and wellness features, multi-activity areas to spend more time with the family, clubs, good security and maintenance, among other things, there is no need to go far from the project for other needs. According to Himanshu Garg, Director, RG Group, the rapidly developing infrastructure of Noida and Greater Noida is making this area a strong destination for premium housing. Expressways, metro expansion and new connectivity projects have boosted buyer confidence. Now people are giving importance not only to the location but also to the convenience and time savings provided by that location.
This is how the definition of luxury is changing
COO of Diligent Builders, Lt. Ashwani Nagpal (R) says that luxury is not determined by the name of a big company, but by the actual facilities provided. Transparency about the project and the items used in the units and complete information about its features further enhances the luxury. Home buyers who used to consider big flats and branded projects as luxury have now become more practical and are giving preference to projects that offer modern and better facilities and experience. Better connectivity, less travel time, open and peaceful environment, sports and activity areas, safe community for families are no less than luxury now and are major decision factors. Rakesh Singhal, Founder, Shree KB Group, says that the successful real estate of the future will not be determined only by the height of buildings, but by the quality of the communities built around them. The buyer is no longer just buying a home, but is also investing in his quality of life, security and social environment. Only such projects which focus on community engagement etc. will create a permanent identity in the market.
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