Andheri Witnesses A Growth In Commercial Activities
The investment preferences of high-net-worth
individuals (HNIs) are changing. Residential real estate has yet again piqued
the interest of elite Indians. Various cities in India like Mumbai and Delhi
are witnessing residential real estate growth. Cities like Andheri in Mumbai
are home to multiple luxurious properties. The ultra-rich of the country are
heavily investing in residential real
estate. 32% of their investment portfolio is being directed towards the
residential sector according to Knight Frank’s Wealth Report 2024.
Why is there a growing interest in the
residential sector? What is driving positive buyer sentiment? Let’s dive deeper
into the reasons.
Factors driving investment in
residential real estate:-
- Shift towards quality living spaces
There is an increased preference for quality
living spaces among investors. HNIs are attracted towards high-quality projects
that promise a premium lifestyle. A home is more than a physical space with
basic amenities for the elite class. Home has taken on a new definition and
evolved to mean a wholesome living environment with a range of amenities. There
are different apartment for sale in Andheri that offer an unparalleled living
experience.
- Desire for exclusivity
The elite class have a desire for exclusivity.
They wish to own homes that are also a status symbol. HNWIs value their privacy
and seek properties that offer a high level of security. Gated communities,
private entrances, and advanced security systems are must-have features for
these buyers.
- Urbanization and rising income
Urbanization, rising income, favorable
mortgage rates and robust economic growth are some of the other factors driving
residential real estate investment. As incomes rise, people have more
disposable income to spend on homes in locations like Andheri. Many luxurious
flat for sale in Andheri caters
to the evolving lifestyle choices of investors. This increased purchasing power fuels demand for residential
properties, particularly in desirable locations for luxury housing options.
- Increased focus on building spaces connected to
nature
Developers are building sustainable spaces
that are connected to nature. The elite class favours homes with open spaces
that contribute to health and well-being, offering a connection to nature and a
visually appealing environment. The aesthetic appeal, along with the potential
for higher property values, makes homes with open spaces a desirable choice for
the elite seeking a luxurious and sustainable lifestyle.
- Expansion of infrastructure and connectivity
initiatives
Improved transportation networks, such as
roads, highways, and public transit systems, enhance accessibility to different
parts of a city or region. This in turn leads to higher demand for housing in
that region. Infrastructure projects often include the development of amenities
like parks and recreational facilities, enhancing the overall livability of an
area and making it more desirable for homebuyers.
Approximately 12% of India’s
ultra-high-net-worth individuals (UHNWIs) are planning to purchase a new home
in 2024. Knight Frank’s flagship report, The Wealth Report 2024, forecasts a
remarkable surge in the number of Indian UHNWIs, projecting an increase to
19,908 by 2028 from 13,263 in 2023. This translates to a substantial 50.1%
growth, representing the highest growth rate in the number of UHNWIs for any
country over the next five years.
Article authored by: Team Bajaj Realty
Date: 14th May, 2024