The NCR today has a growth story that mirrors India’s growth over the last decade. Witnessing rapid urbanization, Gurgaon has become the city with the third highest per capita income in India.
The elite class aspires to experience a luxurious lifestyle in the company of like-minded people. Residences at some of the forthcoming world-class super-luxurious realty projects like International City by Sobha Ltd, Michael Schumacher World Tower and Maria Sharapova from Homestead, Raheja Revanta, DLF Garden City, Jade Jagger or Steve Leung’s distinctive style luxurious projects by Supertech Ltd are already under construction and promise to deliver the highest quotient of luxury for elite citizens.
A report says that the luxury housing market of the NCR regions, especially Gurgaon and Noida, is currently seeing a greater influx of end-user demand, in contrast to the previous trend of the investment-driven purchases. The sale of luxury projects has risen by around 30% in the past few years, with luxury homes in Gurgaon seeing both demand and value appreciation.
Spurred by new product offerings, greater influx of end-user demand, and a burgeoning upwardly-mobile segment, luxury and ultraluxury housing projects, with prices ranging between Rs 1.5 crore and Rs 15 crore, are seeing higher demand in the residential market of Gurgaon like Dwarka-Gurgaon Expressway, NH-8, Golf Course Extension Road, Noida’s Sector 50, 32, and Noida Expressway .
International City by Sobha Developers is a super luxurious realty project in Sectors 106 and 109 along the Dwarka-Gurgaon Expressway. The project has well-planned infrastructure, high-quality of construction, ample green and open spaces, making it an aspirational residential destination in the NCR.
International City has a state-of-the-art clubhouse offering an array of privileges. With just six villas per acre and ample green spaces, the city offers premium low-density living.
On the supply side, some new super-luxury project launches continued to focus on cost-effective options in alternative markets, particularly in Noida and New Gurgaon.
Developers largely focused upon luxury housing in Gurgaon during the first half of 2013; while the second half saw new launches, primarily in the high-end and mid-end segments along the Dwarka-Gurgaon Expressway and New Gurgaon area. Moreover, even though units in residential projects launched by established developers attracted maximum buyer interest and purchases, developers across segments continued to adopt various strategies like further discounts and free merchandise to boost sales.
A Harikesh, senior vice-president (Marketing & Sales) of Tata Housing, says: “With an increasing number of Indian corporates and MNCs operating out of Gurgaon, combined with limited availability of quality residential space in Delhi, Dwarka Expressway is emerging as a destination where real estate projects have mushroomed at an exceptional rate. Proximity to the IGI airport, Delhi Aerocity, and the forthcoming Diplomatic Enclave gives Dwarka Expressway an edge over other new real estate destinations. The location is developed in a planned manner and the infrastructure is also promising and an attractive option for buyers as well as investors.“
Tata Housing has recently launched a new ultraluxurious residential project, Gurgaon Gateway, on Dwarka Expressway, in Sector 112-113, Gurgaon. It is located right off the express highway and in close proximity to the IGI airport.
SALE OF PREMIUM PROJECTS HAS RISEN BY 30% IN THE PAST FEW YEARS, WITH UNITS IN THIS SEGMENT IN GURGAON SEEING DEMAND AND VALUE APPRECIATION DEVELOPERS LARGELY FOCUSED UPON LUXURY HOUSING IN GURGAON DURING THE FIRST HALF OF 2013; WHILE THE SECOND HALF SAW NEW LAUNCHES, PRIMARILY IN THE HIGH-END AND MID-END SEGMENTS ALONG THE DWARKA-GURGAON EXPRESSWAY AND NEW GURGAON AREA Another hub for premium residential projects is Golf Course Extension Road. The area has premier lifestyle projects in both residential and commercial segments. A numbers of green-rated townships and group-housing projects have been planned on this long stretch directly connecting to the main Gurgaon-Sohna Road.
Gulbir Madan, the chairman of Brahma Group, says: “Golf Course Extension Road is the next destination for premium residential projects in Gurgaon. Besides being well connected, the area offers well-developed infrastructure with 84-metre-wide roads and 24-metre-wide bylanes, which corresponds to developments in the western countries. The area also offers excellent social infrastructure with shopping malls, commercial developments, hospitals, and educational institutions.“
The main objective of green projects being developed along Golf Course Extension Road by private developers is to create energy-efficient, water-efficient, comfortable, healthy , and environmentally-friendly buildings and homes.
Increasing demand for super-luxury units, coupled with challenges like insufficient demand, inflation and lack of funding, are all likely to put pressure on housing prices in the region in the short to medium term.
However, the situation can be marginally improved if new projects are launched at affordable rates. Capital values across most of Delhi’s micro markets underwent a marginal dip due to rising preferences for apartment units over builder floors in the region, besides cautious buyer sentiments, over the last few quarters.
SAHA Group has an opulent project, Meghdutum, in Sector 50, Noida. The project offers panoramic party area, rooftop infinity pool, dedicated children’s swimming pool, and 95% open space and is one of the most technologically advanced projects in the NCR. The project can be reached through two arterial roads and some of its other features are 3-tier security , 100% landscaped area, high-speed elevators, basement parking, dedicated utility areas in apartments, amphitheater, badminton court, gymnasium, and steam and sauna rooms.
Aneil Kumar Saha, the CMD of SAHA Group, says: “We are presently developing an ultraluxury group-housing residential project, Amadeus, in Sector 143, on Noida Expressway . With a total built-up area of 12,00,000 sq ft, this lifestyle project offers 300 units of 3BHK and 4BHK. We are committed to a greener and a healthier tomorrow for all of us and ensure value additions are provided with each project.“
Wave Group has launched a superluxury project in Sector 32, Noida. “The super luxury segment is more or less recession proof. Buyers are typically celebrities or businessmen and their appetite for luxury homes is not governed by economic considerations. Club 51 at Belleville Park, our signature limited edition project, is designed to be an example of luxury and lifestyle in the Delhi NCR,“ Amar Sinha, the executive director of Wave Infratech, said.
Gurgaon based Ambience Group has recently launched Ambience Tiverton, a residential apartments complex on 3.5 acres in Sector 50, Noida. The project is close to DND and Noida Expressway and offers all lifestyle and luxury amenities, ambience, security , finishing and furnishing. These are centrally airconditioned apartments with imported fitting. The project has a fully furnished club with contemporary sports facilities, party and meeting rooms, gymnasium, and swimming pool.