The super luxury housing segment whose range was from Rs. 4 cr to Rs. 30 cr and which had taken backseat during the slowdown is now coming back. The demand for these residential properties has risen by 30- 40 percent.
The real estate firms such as Lodha Developers, Orbit Corporation, and Skyline Constructions are taking advantage of this demand hike and plan to cash in on a rather specialized alcove- the boutique homes category.
According to the national head (residential agency) Knight Frank India, Anand Narayanan KB, the sales of such luxury boutique homes are much higher as compared to volume luxury properties since there is limitation in this segment.
The HNI segment is to be hit by these homes. This includes senior professionals, CEOs, wealthy non-resident Indians and entrepreneurs in new-age businesses who are seeking for house in India. The CEO, Homebay Residential, Jones Lang LaSalle Meghraj, a real estate services firm, Mr. Raminder Grover noticed that the prices of luxury homes has gone up by 20%.
However, he also added that the prices should not rise now and become stable or otherwise the demand will go down again.