(Credits – Mr. Ashwin Sheth, CMD, Ashwin Sheth Group)
Reflecting on the year 2023, the real estate sector has demonstrated resilience and adaptability amid unprecedented challenges. Despite the global pandemic’s impact, the industry showcased robust recovery and remarkable growth. Notably, the luxury estate market experienced a 130% surge in high-end property sales, with Mumbai witnessing a daily launch of nearly 150 property units during the first half of the year.
Key Trends in 2023
- Sustainable Living: Sustainable living became a focal point in luxury residences, marked by an increased interest in green building projects. Homebuyers demonstrated a preference for sustainable designs, energy-efficient technologies, and eco-friendly features. Solar panels and smart home systems gained prominence, especially among the environmentally-conscious younger generation.
- Bigger and Better Homes: The post-pandemic era saw a rising demand for larger and more luxurious residences. Homes now boast spacious living areas, soaring ceilings, and expansive windows with breathtaking views. The preference for 3BHK configurations increased, reflecting a desire for roominess, while spacious balconies gained significance in response to evolving lifestyle preferences.
- Intelligent Living Spaces: Homes transformed into intelligent ecosystems, integrating advanced technology with sophisticated design. State-of-the-art security systems, personalized climate control, and comprehensive home automation became integral features. Modern living goes beyond aesthetics, focusing on creating environments that respond to residents’ needs and preferences.
- Top-Notch Amenities: Grade-A developers introduced top-notch amenities, including fitness centers, wellness spas, and private concierge services. Rooftop lounges with panoramic views, infinity pools, and private theaters set new benchmarks for luxury living.
- NRIs Investing in Luxury Homes: Non-Resident Indians (NRIs) strategically invested in high-end residential properties, particularly in Mumbai. The NRI Real Estate report projected these investments to reach 17% of overall primary sales in India. NRIs were drawn to luxury properties for stability, potential returns, and alignment with global lifestyles.
Outlook for 2024
As we transition into 2024, the trends from 2023 are expected to shape luxury real estate. The demand for larger floor plans, sustainability, intelligent living, and top-notch amenities will persist. Suburbs like Chembur, Powai-Chandivali, and Kandivali-Borivali are anticipated to gain prominence. Experiential living will drive innovation in architectural and interior design, focusing on wellness amenities and outdoor spaces. The definition of prime locations may evolve to emphasize properties balancing urban conveniences with green settings.
The luxury real estate sector in 2024 stands at the cusp of transformation, driven by evolving preferences, sustainability, and a commitment to providing unparalleled living experiences. The future holds promise as we anticipate the next chapter in the luxury real estate journey.
Also read: Real Estate Highlights: Top Office and Housing Deals of 2023