Luxury is stable in spite of Covid scare: experts

New Delhi: Realty Webseries which is being organised by Realty & More and ICCPL, moved to the theme ‘Future of Luxury Housing Post Covid’ in its 7th edition of the webinar. Experts discussed the role of digital in marketing luxury projects, the importance of location, new demand that is expected to come post-COVID, etc. The panel included Nayan Raheja of Raheja Developers; Yukti Nagpal, Director, Gulshan Homz; Vikas Wadhawan, Group CFO, Housing.com, PropTiger.com & Makaan.com; Karan Kumar, CMO, DLF Ltd; Amit Goyal, CEO, Sothebys International Realty; Mona Jalota, founder, Krypton Global Investments; and Ananta Raghuvanshi, Sr. ED, Sales & Marketing, Experion.

Feeling more bullish about the luxury market, Nayan Raheja of Raheja Developer said, “I see far fewer numbers moving in mid-segment because of job security but luxury is doing good. Last month we did the highest sales because of two projects in Delhi and Gurugram. I see a new segment opening up which is the farmhouse where people are isolated yet connected. People want access to open space. People who are stuck in apartments will be missing freedom of the farm. There will be an emergence of shifting to large spaces as nothing is more important than the well-being and people have now realized it more than ever. That emergence is happening and we can see that in numbers.”

Saying that the demand for perfect homes is increasing, Yukti Nagpal, Director, Gulshan Homz, added, “Requirement of aspirations is much on the rise. We are getting general inquiries who want to understand what additional features you are going to add to your property. I am seeing an increasing shift towards wellness as everyone is thinking about health and how well their house is meeting their need to live a healthy lifestyle. So, luxury homes will be wellness homes in the coming times.”

Talking about the growing trend of having a home that has all the amenities, Mona Jalota, founder, Krypton Global Investments, said, “I have been operating a lot in South Mumbai and noticed a trend as larger families who have spaces in buildings moving into projects that have amenities within the complex. Some of them sold these properties and preferred to live on rent. Globally, all our inquiries from NRI clients who want to come back home are looking at wellness projects and projects that have all the amenities.” 

Reacting to the renewed interest of NRIs, Ananta Raghuvanshi, Sr. ED, Sales & Marketing, Experion, said, “Qualified people are losing jobs overseas but they will not pack up overnight and come back here. But it translates into them having a safety net in their mother country where their family can come and live without compromising on the lifestyle that they are used to. NRIs will also be looking at the holiday home segment whether it is in the mountains or forest, etc.”

On marketing strategy for luxury homes and sales of luxury, Karan Kumar, CMO, DLF Ltd, said, “Because of COVID people have realized the importance of the environment. Over the last 60 days in one segment of the super-luxury segment, we closed business of around Rs 100 crore and in other projects also we closed sales of around Rs 100 crore. Marketing should be looked at how regular the channel of communication you can have with all your stakeholders.  People are interested in projects that cater to wellness. Our interaction was on various platforms through digital, messages, etc. We tried to keep the community informed that their investment is safe. A lot of deals in the last 60 days to the NRIs happened through video calls.”

Talking about the change in the design of luxury homes after the current pandemic situation, Amit Goyal, CEO, Sothebys International Realty, said, “Yes, people want more open space. They want a home office, small gym area, yoga space within the house, and other recreational spaces inside the home. People will need more amenities in the house. Post-Covid will be a bit different the way people live, work-out, and entertain.”

Discussing whether the investment in the luxury market is capital preservation or capital appreciation in India and demand of luxury segment in India, Vikas Wadhawan, Group CFO, Housing.com, PropTiger.com & Makaan.com, said, “Capital appreciation will take some more time. Looking at Indian psyche real estate and gold are considered safe investments; I see money will move towards real estate for the next couple of years. NRIs will also drive demand in the luxury segment.”

Realty WEB SERIES is an array of webinars being held with industry stalwarts to delve into the ideas and strategies which would eventually help the sector sail through the pandemic phase. The webinars have been hugely successful with lacs of viewers and hundreds of media houses participating in the e-event.