Five Reasons Why Demand For Luxury Residential Projects In Goregaon Is On The Rise

By Author: Arshad Shaikh
Total Articles: 4
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The silver lining of the pandemic issue has been a rebound in luxury real estate, and with practically everyone betting on a dramatic recovery with the advent of the COVID-19 vaccine, 2022 is primed to be a solid year for high-value housing properties. Demand for luxury residential projects in Goregaon has always been escalating. With rising disposable income, rapid urbanisation, and a desire for a higher standard of living, demand for luxury flats in Mumbai is booming.

Revenue is likely to increase 40% this fiscal year, as demand for ultra-luxury properties priced above Rs 5 crore has increased significantly in the last six months, owing to shifting demands during the pandemic. To cater to home purchasers' expanding aspirations, Mumbai's real estate developers have built complexes featuring world-class design and premium amenities.

The following are a few of the reasons why demand for luxury residential projects in Goregaon is gaining momentum.

1. Work From Home Culture

COVID-19 has compelled people to make sensible choices ...
... about what is truly important: their health, safety, and the security of their wealth and income. It is fair to say that this pandemic has brought "luxury homes" & "standard of living" together.

The environments in which we live, and more crucially, what we require of them, are destined to change indefinitely. People all around the world recognised the benefits of a home - a secure haven, an impromptu office, or a home-based gym. As a potential new constant, work from home has increased demand for larger homes with integrated workspaces. Furthermore, many desire additional amenities like gyms, yoga studios, and home theatres to make them completely self-sufficient.

Another reason why Indians are interested in purchasing affordable luxury homes is that large luxury homes are fitted with cutting-edge technology. As a result, they're an excellent alternative for technologically savvy purchasers in search of smart homes.
2. Interest Rates & Stamp Duty Reductions

Housing loan interest rates are at an all-time low, with leading lending institutions offering attractive house loan alternatives ranging from 6.75 - 7.5%. Home loans at current interest rates enable significant savings while establishing an asset for end-use or investment. Indeed, a reduced interest rate enables borrowers to increase the loan amount, allowing them to choose a more expensive property with finer amenities and lifestyle amenities in upscale districts.

The substantial improvement in residential projects in Goregaon has also been aided by Maharashtra's reduction of stamp duty to 3% until March 31, 2021. Low-interest rates, combined with reduced stamp duty, may help maintain sales briskly through 2021.

3. Greater Future Potential Investment

Homebuyers no longer regard infrastructure connectivity, large spaces, and a clean, green neighbourhood as luxuries. These are currently regarded as minimum standards. This has compelled developers to construct homes equipped with world-class amenities, modern conveniences, enough connectivity, and green space.

Luxury properties are constantly in high demand from wealthy individuals who view them as an excellent financial opportunity. With changing lifestyles and goals, the notion of luxury has shifted. Investing in real estate is also viewed favourably by the majority of high-income earners as a tax-saving strategy. Numerous NRIs are also investing in the Indian real estate market, which has boosted demand for luxury residential projects in Goregaon.

4. Enhanced Standard Of Living

Higher pay is directly proportional to increased expectations. As your earnings increase, you can anticipate a progressive increase in your standard of living. You want to make a statement with your goods, whether it's a flashy automobile, opulent home, or another symbol of your success. These characteristics have resulted in an increase in the level of life and subsequent growth in the demand for luxury residential projects.

To keep up with rising consumer expectations and remain competitive, real estate developers are developing homes that feature cutting-edge technology, amenities, beautiful layouts, well-designed interiors, touch-responsive fixtures, and electronic security, among other features. These well-designed properties are attracting a large number of homebuyers, fueling demand for luxury homes in Mumbai.

5. Security & Easier Finance Management

The current projects are about more than just comfort; they are about ultimate security. When residents of a luxury property are protected against illegal entry, they ought to feel secure. Simultaneously, they do not anticipate having to place security grilles over their windows or front door, which entirely detract from their homes' looks. The residents expect to have complete confidence in the safety of their family and property. A genuine luxury property offers the highest level of security on both counts.

Also, purchasing a home has always been a costly endeavour, and despite increased demand, prices continue to grow. Obtaining a home loan to finance the purchase of a luxury home, on the other hand, is no longer difficult. From assisting individuals in locating the ideal property for their needs to arranging for the financing necessary to acquire their selected home. Indeed, you can now quickly verify your pre-approved house loan offer online and determine the exact amount of loan you qualify for when purchasing a luxury home.

Conclusion: Final Thoughts!

Luxury Residential Projects in Goregaon is an exponentially growing segment of the real estate market. In Mumbai, there is a strong demand for luxury flats, particularly in districts such as Navi Mumbai, South Mumbai, Bandra & Goregaon. This increase in demand can be attributed to a variety of factors, including rising aspirations as a result of an increase in the standard of living, economic growth encouraging people to spend on luxury housing, increased investment capability, improved amenities offered by developers, lifestyle changes, and conforming to international standards for housing industry.