Shifting Sands: Gurgaon's Luxury Housing Market Embraces Mid-Segment
Gurgaon's rapid ascent as a hub for luxury housing has taken an interesting turn. The city, once synonymous with high-end properties, now witnesses a burgeoning demand for mid-segment luxury apartments. This shift in the market dynamic reflects evolving consumer preferences and the impact of increasing property values.
From Ultra-Luxury to Attainable Luxury
Gurgaon has historically seen a significant number of launches in the upper echelon of the luxury housing segment. Despite this, the demand for these properties remained high among affluent individuals for whom opulence was a lifestyle choice. However, the market is now experiencing a discernible shift. Mid-segment luxury apartments are gaining traction, prompting developers to respond to the evolving needs of homebuyers.
The Price of Luxury: A Catalyst for Change
The escalating property prices in Gurgaon are considered a primary factor driving this shift in demand. As property values skyrocket, the ultra-luxury segment is becoming increasingly inaccessible. This has fueled interest in mid-segment luxury apartments, offering a balance between premium living and affordability.
Mid-Segment Luxury: A Growing Market Share
The final quarter of 2012 witnessed a significant surge in sales of properties priced between Rs. 60 lakh and Rs. 2 crore. This segment captured approximately 60% of the total sales, overshadowing all other categories combined. This trend underscores the growing appeal and market dominance of mid-segment luxury housing. The supply of such properties has also increased in response to this escalating demand.
Developers Respond to the Shift
The surge in demand for mid-segment luxury housing has been accompanied by a corresponding decrease in demand for ultra-luxury properties. Developers have been proactive in adapting to this shift. Mr. Ravi Saund, COO of CHD Developers Ltd, affirmed the industry's readiness to cater to the increasing demand in this segment. "The builders were well-prepared to meet the increasing demand for this housing segment," he stated.
Mr. Saund further elaborated on the focus on providing upscale lifestyle and premium amenities within a more accessible price range, typically around or just above Rs. 1 crore. "The builders were keen to provide posh lifestyle and premium facilities within or just over Rs.1 Cr.," he added. While numerous projects have already been launched in this category, developers continue to face challenges in keeping pace with the heightened demand.
The Pursuit of Premium Living
It's evident that developers are keen to differentiate themselves from the perception of affordable housing. Their focus remains steadfast on delivering homes with enhanced features and amenities. Consequently, this emphasis on premium living leaves limited opportunities for buyers seeking truly affordable options in Gurgaon.