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According to a joint survey by the Confederation of Indian Industry and a leading industry expert, the real estate hotspots of the NCR are witnessing an increasing sale of higher-ticket, larger homes over the course of the last few quarters. The survey also drew attention to the rising tendency of property buyers to be inclined towards 3BHK in the NCR real estate landscape, with 44 percent of investors leaning towards this housing configuration.
Further, an increasing positive sentiment towards home ownership by the millennial population was detected, with 52 percent of those who invested in these larger homes being from that generation. Not only that, millennials were discovered to account for 77 percent of the end users. This increase in demand has in turn led to a rise in prices in the NCR and other top 6 cities in the Indian market, with the average property price rising by 6–9 percent in Q1 2023 as compared to Q1 2022. In this blog, we will attempt to uncover some of the reasons that are propelling the demand for larger homes as well as introduce you to some of the best properties in Gurgaon that match your criteria for luxury properties. Factors Driving the Growing Demand for Spacious Homes As mentioned above, millennials today are looking for spacious living arrangements with sophisticated designs and a luxurious ecosystem. It is the Millennial City, Gurgaon, that has emerged as the preferred destination, with the realty belts of Dwarka Motorway, Sohna Road, New Gurugram, and Golf Course Extension Road taking the centre stage, and 3BHK flats and independent floors in Gurgaon being one of the most desired residential real estate assets. While many things can be attributed to the propelling factors behind this predilection, a major factor is surely Gurgaon’s thriving IT and business ecosystem, with 250 of the Fortune 500 companies having offices in the city. Not only that, the city is indisputably one of the best civic infrastructures in the country, with the best social institutions and a transit ecosystem that will soon rival the best in the world. Add to this, the relatively lower property prices in Gurgaon, especially in the on-the-rise micromarkets as opposed to the capital, combined with the availability of expansive, luxury properties, have led to the city being one of the prime residential markets in the country. Further, the pandemic introduced remote and hybrid working ecosystems to the country, which has decidedly increased demand for larger houses with designated space for working as well as houses that are safe and eco-friendly. The exposure to the global luxury lifestyle and increasing disposable income of millennials have led to surging demand for spaces that meet their aspirations. Add to this, the relatively lower property prices in Gurgaon, especially in the on-the-rise micromarkets as opposed to the capital, combined with the availability of expansive, luxury properties, have led to the city being one of the prime residential markets in the country. Independent Floors Renaissance The Millennial generation is now on the lookout for living spaces that are not only a great investment but where they can live out their lives in the utmost leisure and luxury. At the same time, there is a growing demand for 3 and 4 BHK independent floors that not only provide them with an array of luxury services but also cater to their need for privacy. According to the survey, the lower depreciation potential, quicker resale capacity, and choice of voluntary socialisation have led to a growing sale of independent floors in Gurgaon. Some of the best 3 BHK properties in Gurgaon are the DLF 3 BHK independent floors in Phases I, II, III, and IV. These sumptuous side-facing residences are designed to provide their residents with the best of luxury. From a fully installed high-end modular kitchen with leading brand-name appliances to dedicated staff rooms, an expansive parking enclave, and centralised concierge service, here you will get the perfect blend of privacy and prestige. Final Thoughts In conclusion, millennials are fueling the rising demand for spacious, luxurious homes in Gurgaon's thriving real estate market. Factors like Gurgaon's strong IT ecosystem, lower property prices, and the need for remote workspaces during the pandemic have driven this trend. The popularity of 3 and 4 BHK independent floors exemplifies their preference for privacy and luxury, with properties like DLF's independent floors setting the standard. As millennials continue to shape the market, NCR remains a prime destination for real estate investment.
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