Although the economy has been hit by the Covid-19 pandemic and subsequent lockdowns, the demand for luxury and ultra-luxury homes is on the rise.

Real estate agents said the trend in investing in the luxury segment in the national capital region has increased due to the work from home (WFH) culture.

According to a report by Anarock real estate consultants, 10,570 units were launched in Delhi-NCR in the first six months of 2021, with 17 percent of the apartments falling into the premium category.

“Although the pandemic slowed many industries, real estate, especially luxury real estate, saw a boom in demand. When the pandemic subsides, luxury home sales would continue to rise due to the pent-up demand, ”said Amarjit Bakshi, CMD, Central Park, a luxury agent for Gurugram.

During the lockdown, 1,800 luxury to ultra-luxury properties were sold in six months, which is an astronomical number according to brokers. Of these, 73 percent are in Noida, 22 percent in Gurugram and five percent in the greater Noida area.

“Noida is the market leader across the board, especially in the luxury class. Sales of premium apartments in the satellite city have reached an all-time high, ”said Dhiraj Jain, director of Mahagun Group.

“With the rise of the work-from-home (WFH) culture, people are now longing for nicer and larger apartments outside the city limits in better locations. The luxury apartments have facilities for a home office, WFH and leisure activities such as yoga, ”said Bakshi.

With the advent of the WFH, executives, technologists and others with similar job profiles are also opting for such apartments outside the city limits.

“Despite the pandemic and lockdowns, the luxury housing segment surprised everyone with record sales in the fourth quarter through April 2021. Sales of the luxury segment across the NCR are up an impressive 54 percent. Modern, affluent and technologically advanced buyers are demanding modern home technology and a location that suits their lifestyle, ”said Pankaj Bansal, director of M3M.

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