The changing dynamic of luxury housing in Punjab

New Delhi, Nov 30 (IANS) The luxury segment of the real estate market in India has seen a steady rise over the past few years, with more and more cash-rich people seeking spacious apartments.

Penthouses and luxury apartments in Indian cities are like status symbols for the affluent. While these are quite common in western countries, it wasn't so in India until recent times.

An Anarock survey also showed that the new launches in luxury space have increased by 230 per cent and have been overhauling a vast expansion. Investors are constantly looking for something new to invest in.

What is impressing NRIs and has driving them to invest in homeland properties is the diverse classification of luxury homes. It ranges from villas and independent homes to condominiums, apartments, plots and luxe superplexes. There is no end to its availability in various formats at fair exchange rates.

The regions of Punjab are fast becoming top choice for buyers given its proximity with other cities and industrial development. Prominent private builders are investing
and developing high-end development projects in Punjab cities such as Trident Realty, TATA Housing and Omaxe Ltd.

"Over the decade, the Punjab real estate market has witnessed a dramatic shift in people's preference in terms of property buying. With advancements in lifestyle preferences, consumer behaviour underwent a significant transformation, rather than investing in independent bungalows and lavish palatial houses, millennials today are now aware of various modern designs, trends, and hi-tech development standards and thus a lot of them moved abroad for greener pastures, while a lot of senior citizens and working professionals chose to stay here in these societies which provide them with all they need at one place.

"Today, luxury is about uplifting your overall lifestyle experience by switching to new-age townships providing you with an ultra-luxury spacious flat, surrounded by thick greenery, that comes with a range of amenities like; clubs, outdoor sports, parks, gyms, swimming pools, shopping centers, clinics, and other necessary facilities that cannot be found in a separate bungalow. This is why there is a significant rise in people opting to invest in such townships and associate with a feeling of togetherness in the times when more nuclear families and elderly people struggling to belong and take care of themselves, therefore, living in a society compliment in uplifting their living experience and also assures safer returns," said Siddharth Katyal, Group Director, Omaxe Ltd.

On the other hand, several housing policies have taken shape in Punjab to address the shortfall in housing for the urban masses especially for the urban poor in Punjab
cities. To provide impetus for revival of real estate in the state of Punjab, recently, the Punjab Housing and Urban Development Department announced to come up with a new affordable housing policy as well. The draft of the new policy had been uploaded on the official website for seeking suggestions from the public.