Lowrise takes the high ground: Why it’s a homebuyers’ favourite choice


Luxury real estate buyers in India are increasingly favouring more spacious and horizontal structures, such as villas and independent houses, over highrise apartments. This shift is driven by a pursuit of a superior lifestyle and an innate desire to be grounded in an owned plot of land.


Villas, situated within gated housing societies, have gained popularity as a property type, witnessing strong traction due to elevated aspirations and the need for more living space. While apartments remain a popular choice, villas are constructed in niche and exclusive areas, providing privacy along with world-class amenities centred on wellness, leisure, and comfort. Typically, these villas feature modern architecture, are double-storeyed, and offer the latest luxury lifestyle amenities.


According to real estate consultancy Anarock, of the 328,400 units launched across the top seven cities in the first nine months of 2023, approximately 8,610 were villas. This indicates a gradual increase from 8,420 villa units in 2022 of 357,640 units launched.


Several developers are now offering villa options across cities for discerning buyers. Interestingly, villas are more popular among buyers in Tier-II and Tier-III cities than in the top seven cities — Mumbai Metropolitan Region (MMR), Delhi-National Capital Region, Pune, Hyderabad, Chennai, Bengaluru, and Kolkata.

Southern cities within the top seven, in particular, display a higher demand for villas, driven by the preference for land ownership.

chart


Santhosh Kumar, vice-chairman of Anarock Group, said, “Of the total villas launched in the nine months of 2023, nearly 73 per cent, or approximately 6,240 units, were in Bengaluru and Hyderabad together. Interestingly, Kolkata saw the third-highest supply of villas in the nine months of 2023 (approximately 960 units). As expected, MMR had the least new supply (merely 16 units) of villas in the period.”


Hiranandani Group, based in Mumbai and a leading player in catering to villas, attributes the surge in demand to key factors such as enhanced privacy, lifestyle changes, increased income levels, an affinity towards gated communities, and a desire for spacious luxury.


Investing in a villa at a prime location is seen as a financially prudent decision that provides appreciation and stability in the long run.


Niranjan Hiranandani, managing director (MD) of Hiranandani Group, said, “The adaptation to hybrid living has prompted affluent homebuyers and investors to invest in villa homes. Independent villas are characterised by spacious layouts, private outdoor spaces, green living, multi-utility space, and exclusive amenities. Sales are gradually picking up in this segment at nearly 3-5 per cent. Villas are often purchased as second homes or investment properties by professionals, business owners, and retirees seeking spacious and luxurious living environments.”


According to Delhi-based real estate developer Anant Raj, the desire for standalone houses or villas has experienced notable growth in recent years, particularly within gated residential projects that provide a raft of amenities.


Aman Sarin, director and chief executive officer (CEO) of Anant Raj, shared, “We are currently developing an extensive township of over 200 acres that incorporates both highrise and lowrise residential buildings, complemented by independent villas and plots. Approximately 65 per cent of our overall offerings are dedicated to independent villas and plots, aligning seamlessly with the prevailing market demand.”


Concorde Group in Bengaluru, where villas contribute to 50 per cent of its overall sales, has seen a 30 per cent increase in villa sales compared to before the pandemic.


Anil R G, MD of Concorde, highlighted, “More people are choosing to buy land for villas rather than apartments, with a 1:2 ratio. Many are interested in villa plots, where buyers can customise and build their own homes… The trend is more noticeable in suburbs than in urban areas where you get more land for the same cost, and the connectivity to city centres through satellite towns makes essential amenities more accessible.”


Real estate services provider CBRE mentioned that with more people looking for apartment upgrades, developers are innovating to offer varied options for villas, making them more compact at compelling prices. Anshuman Magazine, chairman and CEO-India, Southeast Asia, Middle East & Africa, CBRE, said, “We have seen the demand in this segment, which is supported by quality supply by leading developers undertaking projects across configurations such as independent floors, villas, and condominiums.”


However, urban infrastructure experts believe that stakeholders should focus on building structures that make the city environment-friendly.


Shreya Gadepalli, founder and managing trustee of The Urban Works Institute, an independent think tank aiming to make cities more liveable, emphasised, “Villas are an aspiration because we don’t get access to green within cities. But what if cities were filled with attractive green public spaces? Better ventilation and a healthier life are possible with dense development also. It’s more to do with how we frame development regulations.”

First Published: Dec 18 2023 | 5:25 PM IST

Luxury real estate buyers in India are increasingly favoring spacious and horizontal structures like villas and independent houses over high-rise apartments. This shift is driven by a desire for a superior lifestyle and the innate need to own a plot of land. Villas, located in gated housing societies, have gained popularity due to elevated aspirations and the need for more living space. While apartments remain popular, villas offer privacy and world-class amenities focused on wellness, leisure, and comfort. Real estate consultancy Anarock reported that out of the 328,400 units launched in the top seven cities in the first nine months of 2023, approximately 8,610 were villas. This indicates a gradual increase from 8,420 villa units in 2022 out of a total of 357,640 units launched. Villas are more popular among buyers in Tier-II and Tier-III cities, particularly in southern cities within the top seven, due to the preference for land ownership. Developers are now offering villa options across cities for discerning buyers. The surge in demand for villas is attributed to factors such as enhanced privacy, lifestyle changes, increased income levels, an affinity towards gated communities, and a desire for spacious luxury. Investing in a villa at a prime location is seen as a financially prudent decision that provides appreciation and stability in the long run. However, urban infrastructure experts believe that stakeholders should focus on building structures that make the city environment-friendly by creating attractive green public spaces and framing development regulations accordingly.,

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending

Related Articles