Gurugram has become a luxury realty powerhouse: Vikas Garg, Ganga Realty

financialexpress.com:

Gurugram is one of the most desirable luxury real estate markets in North India. Assimilation of international technology to meet modern-day consumer demand, which typically consists of millennials and Gen-Zs, has slotted Gurugram as one of the most viable hotspots for luxury residential units, says Vikas Garg, Joint Managing Director, Ganga Realty.

In an exclusive interview with Sanjeev Sinha, Mr Garg talks about the rising demand for luxury homes especially in Gurugram and shares his business outlook. Excerpts:

What is your take on the rising consumer demand for luxury homes?

The demand for luxury homes is at an all-time high. Recently, a CBRE South Asia report revealed startling figures, indicating a rise of 151% year-on-year (YoY) in luxury housing purchases across India in the first quarter of 2023. The National Capital Region (NCR) has seen the highest market growth with sales jumping by 216% in the same quarter. The statistics are tantamount to the growing demand from consumers’ end. Demand for large spaces, upgraded amenities, and better living standards have seen a dramatic upshift. It is a post-pandemic reality which guides the buying behavior of a large section of real estate users. People who can afford luxury homes are looking for diverse options, green building features, and a lot of other factors before investing in projects. The current market dynamics favoring the growth of luxury real estate are likely to increase manifold in the future as well.

How has the concept of luxury housing evolved post-Covid-19? Has it been the same across India or only certain cities have become the hubs for luxury apartments?

The concept of luxury homes has undergone a gradual change. Nowadays, luxury and ultra-luxury