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Office space demand remained stable in most cities, retail off-take was slow, and sales of residential units improved during the festive season, according to consultant Jones Lang Lasalle.
The consultancy firm, in its report, mentioned office and retail rents and capital values remaining stable across major cities. Capital values increased in some select malls in Delhi, and there was a marginal increase in residential capital values in Bangalore and Chennai during October.
In spite of the global economic and financial crisis, the Indian residential market has been relatively stable.
As the demand for luxury housing grows gradually, there seems to be preference for this segment by new age buyers, the report states.
In its latest report Pulse, the JLL team finds that this growing demand for luxury homes can be attributed to the rise in number of high net-worth individuals, the rapid pace of urbanisation, the influx of global lifestyle trends, and the increase in number of non-resident Indians.
RUPEE VERSUS DOLLAR
The recent fall in rupee in global financial markets has boosted buyers’ interest in investing in luxury housing, and encouraged developers to launch luxury and super-luxury housing projects. As buyers seek quality, this compels developers to come up with luxury projects, in collaboration with global property developers and architects. The developers are increasingly adopting lifestyle amenities such as golf greens, schools, hypermarkets, jogging tracks, swimming pools and other facilities.
Spacious luxury apartments also invariably come up with top quality interiors featuring imported fixtures. The desirability index of upcoming projects depends on such lifestyle offerings and exclusivity.
The price range differential between a mid-end and high-end apartment and a luxury apartment is not much. While this depends on location and varies from city to city, luxury apartments have higher risk and longer gestation period compared to other types of apartment projects.
rishikumar.vundi@thehindu.co.in
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