Updated January 8th, 2024 at 13:25 IST
Is vertical occupancy a passé? India's rich and mighty are splurging on spacious villas
Affluent homebuyers are increasingly ditching skyscrapers for villas in pursuit of luxury living.
Buyers of luxury real estate in India are progressively leaning towards larger and horizontally designed residences, such as villas and independent houses, instead of opting for high-rise apartments. This evolving trend is fuelled by a collective pursuit of a superior lifestyle and a fundamental desire to be firmly anchored in a piece of personally owned land, say experts.
"Villas, positioned within gated housing societies, have become the darlings of property seekers, experiencing a surge in demand driven by heightened aspirations and the need for a more generous living space," said Jetaish Gupta, Co-Founder and Director, Adore Group.
"While apartments maintain their popularity, villas carve out a distinctive niche in exclusive areas, promising both seclusion and a suite of world-class amenities centred around wellness, leisure, and unparalleled comfort. These modern architectural marvels, often spanning two stories, boast the latest in luxury lifestyle offerings," Gupta added.
Villa victory ascends
According to Anarock, out of the 328,400 units launched across the top seven cities in the first nine months of 2023, approximately 8,610 were luxurious villas. This indicates a gradual increase from the 8,420 villa units launched in 2022 out of a total of 357,640 units.
Notably, the allure of villas is more pronounced amongst buyers in Tier-II and Tier-III cities compared to their counterparts in the top seven cities, including Mumbai Metropolitan Region (MMR), Delhi-National Capital Region, Pune, Hyderabad, Chennai, Bengaluru, and Kolkata.
Southern villa hotspots
Southern cities within the top seven, particularly Bengaluru and Hyderabad, stand out with a higher demand for villas, driven by a strong preference for land ownership.
"In the first nine months of 2023, nearly 73 per cent of the total villas launched, approximately 6,240 units, were in Bengaluru and Hyderabad combined. Notably, Kolkata witnessed the third-highest supply of villas during this period, with around 960 units. As anticipated, MMR had the least new supply, merely 16 units of villas," said Santhosh Kumar, vice-chairman, Anarock Group.
Published December 19th, 2023 at 16:42 IST