Indian real estate has been witnessing exponential demand growth throughout the year. The demand for housing has been robust in the top markets and micro-markets, owing to increased disposable income and aspiration for an upgraded lifestyle. The rise in disposable income has made homebuyers find homes suiting their evolving preferences and elevated social lifestyles. With increased income, individuals are becoming financially capable of investing in upscale assets such as real estate. Demand for luxury housing seems elevated, with a growing need for upgraded residential segments. Homebuyers are increasingly aspiring for utmost comfort and convenience along with opulence.
The residential luxury segment is experiencing surging growth while establishing a new segment or sub-segment. These sub-segments are propelling the demand for premium housing segment in top markets. Tier 2 and 3 cities are leading in this traction. With the ever-evolving trends and growing demand, affordable luxury is making homeownership easier for homebuyers. It is funneling the upward traction of residential demand. Luxury homeownership has gone beyond exhibiting status. Luxury homeownership has become more of a dignified quest for a home that attains contemporary aspirations. It is also evident in the market that the demand for this segment is driven by appeal rather than cost. Homebuyers are willing to invest generously in the best-suited property that will meet their expectations.
Millennials are taking centre stage in the changing demographics. Developers are offering homes that sensibly cater to the advanced needs of millennials and equally exhibit finesse in terms of design. These segments are curated with harmony of architectural beauty and practicality. For homebuyers, luxury housing is currently more than big spaces and lavishness. Homebuyers prefer quality over quantity. Homebuyers are making huge investments in their homes; thus, they are more value-conscious regarding the optimal utilization of spaces. Developers are ensuring to finely curate homes that will incline with the taste of discerning homebuyers.
With the increasing population, urbanization is expanding its horizons. Prominent metropolises have reached saturation, and their skyrocketing price tags make them suitable for selected demographics. The emergence of Tier 2 and Tier 3 cities has provided a scope of enhanced living experience. These cities entail more affordability along with ambitious industrial and commercial developments. Millennials prefer an uncluttered and expansive living experience, which is exponentially offered by these cities. These cities offer premium homes at comparatively lower prices. With an assured growth trajectory, Tier 2 and Tier 3 cities are becoming an eminent base for affordable luxury segments. Key micro-markets are offering varied options of premium segments at reasonable price ranges.
Panvel is a popular micro-market in the Mumbai Metropolitan Region, known for its robust demand and fast-selling inventories. Panvel is an ambitious location with undergoing infrastructural upheaval. Moreover, the affordable luxury market will keep growing as developers are catering to this segment. Thus, understanding its potential, Belmac has made a visionary plan to capitalize on this booming micro-market. Belmac has delivered numerous aspirational homes through its Belmac Riverside, a plush mega township project in Panvel. It is an exceptional residential setting with extensive open spaces and internal roads, complemented by premium apartments and the finest recreational amenities.
Following the success of Belmac Riverside, we are conceptualizing various projects in Panvel that would offer a premium lifestyle, attaining the evolving needs of modern homebuyers. Against the backdrop of growing demand for an elevated lifestyle, innovative and space-efficient homes at an affordable range will further propel the growth of this micro-market in upward traction.
