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Growing demand for sustainable housing driving luxury real estate market

The luxury real estate market is experiencing a significant surge in demand, with sales of homes priced at Rs 4 crore and above increasing by 75% last year, according to a CBRE survey.

Edited By: Nitin Kumar @Niitz1 New Delhi Updated on: April 16, 2024 6:27 IST
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Image Source : PEXELS Growing demand for sustainable housing driving luxury real estate market

The demand for luxury properties has gone up significantly in recent years. According to a survey by CBRE, the sales of luxury homes in the country, priced at Rs 4 crore and above, surged by 75 per cent last year. The growth of affluent millennial buyers for living spaces that blend perfectly aesthetics, functionality, and sustainability is changing the market dynamics. This revolution, however, requires an innovative element for both construction and marketing.

Knight Frank’s The Wealth Report 2024 has mentioned that the luxury real estate market has grown manifold in the last few years, led by changes in buyers' preferences, especially in the post-Covid era. It added that the market has seen a consistent increase in premiumisation.

Among the features that characterise the new type of luxury buyer is the nonstop maintenance of environmental awareness. Sanjoo Bhadana, MD, 4S Developers, said that the market is no longer just about opulence and extravagance. Instead, it is about creating living spaces that perfectly blend aesthetics, functionality, and sustainability.

"Millennials are not only looking for a house that has been built with a green design in mind and smart home technology to cut down the carbon footprint but also for those that have these properties as default," Gunjan Goel, Director of Goel Ganga Developments, said.

Noticing the infusion of this trend, developers incorporate innovative features like energy-efficient systems, rainwater harvesting mechanisms, and green areas into their high-end offerings. Luxury, according to Aman Gupta, Director of RPS Group, is not only about space or lavish finishes anymore.

"It is about creating experiences that improve daily living," he said, adding that their living spaces are now transformed into an integrated environment where passions as well as different interests are catered for.

Besides, globalisation and technology also play a vital role in shaping preferences. While the previous generation only had access to a limited number of trends and information, the new generation has grown up with a global trend at their fingertips.

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