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"Real Estate in India: The Indian residential real estate sector is experiencing a surge in demand, underpinned by several key drivers. Over the past four to five years, rising purchasing power, increasing significance of housing as an investment segment, and newer housing options for buyers have propelled the market to new heights. Speaking to ETNowNews.com, Sunil Pareek, Executive Director, Assetz Property Group shared insights on the residential real estate sales, NRI investment in realty markets, sustainability, etc.   With residential real estate sales at an all-time high, what factors have contributed to the robust performance, especially in the mid-range and bridge to luxury segments? According to property consultant Knight Frank, both half-yearly and yearly volumes of units launched have reached its highest point in a decade, along with surpassing sales figures — an occurrence witnessed only three times in the past ten years. This underscores the remarkable growth trajectory of the residential segment and the growing enthusiasm among both buyers and sellers. In particular, the mid-premium range, encompassing homes priced between Rs 50 lakh to Rs 1 crore, has emerged as a focal point, representing 37% of residential sales and registering an annual growth of 7 per cent to reach 1,20,280 units in 2023. Cities such as Bengaluru, Mumbai, and Pune have emerged as strongholds in this segment, collectively accounting for over 60% of sales within this price bracket. This surge in demand has also cascaded into the luxury property market, with sales values exceeding expectations. The increase for luxury housing is largely driven by the growing population of ultra-high-net-worth individuals in India. With their numbers expected to increase by 50 per cent, and 32 per cent of their wealth allocated to residential real estate, the sentiment towards luxury properties is poised for exponential growth in the coming decade. Looking ahead to 2024, what are the market prospects for residential real estate, considering the current sales momentum, economic forecasts, and industry trends? As we navigate through the year, four key trends are set to shape the landscape of the residential real estate market. Firstly, the demand for mid-premium and luxury housing is poised to take centre stage, constituting a significant share of overall housing sales. This surge in demand reflects evolving preferences and aspirations among buyers, seeking homes that offer both luxury and value. Secondly, emerging segments such as co-living, student housing, and senior living are expected to witness rapid expansion, catering to the diverse needs of consumers. These segments, characterized by innovative living solutions, are set to redefine the concept of modern living and contribute to the overall growth of the market. Thirdly, property rates in peripheral areas, away from central business districts, are anticipated to witness significant improvement. Factors such as enhanced public transport infrastructure, the establishment of metro rail networks, and the growing desire for secondary homes in tranquil settings are contributing to this trend. Can you provide insights into the investor profile for residential real estate, particularly focusing on NRIs (Non-Resident Indians), and their increasing involvement in the market amidst the sales surge? The allure of the real estate sector has always captivated the attention of investors, including high-net-worth individuals and Non-Resident Indians (NRIs). Recent data shows a big rise in NRI involvement, with forecasts suggesting their share of Indian real estate investments will double to 20 per cent. Particularly, the residential sector saw a notable 35 per cent yearly increase in NRI investments, averaging between Rs 90 lakh and Rs 1.5 crore. This surge is significant given India's strong economic growth, outpacing global counterparts with GDP growth rates of 6-8 per cent. NRIs have varied investment interests in residential properties, from farmhouses to apartments.       Many are partnering with developers with lucrative returns in mind. Their growing participation in India’s real estate market showcases confidence for coming future, with expectations to influence its trajectory for years to come. What are the prevailing development trends in the residential real estate sector, particularly in terms of architectural innovations, amenities, and sustainability initiatives, driving the sales growth?  The residential real estate sector is evolving with innovative architectural designs that combine style and practicality. Developers are incorporating smart home features and flexible living areas to meet changing consumer preferences. Sustainability is also a focus, with eco-friendly materials and energy-saving system usage becoming more widespread. Amenities like fitness centres and recreational areas enhance the residents' quality of life, reflecting the need for a diverse lifestyle in today’s fast paced environment. Furthermore, the emergence of integrated townships stands as a testament to the industry's commitment to fostering self-sustaining communities. These holistic developments offer a harmonious blend of residential, commercial, and recreational amenities, encapsulating the essence of modern living. Also, initiatives like the Pradhan Mantri Aawas Yojna (PMAY) underscore the growing demand for affordable housing solutions, further propelling sales growth in the sector. In essence, the convergence of architectural innovation, enhanced amenities, and sustainability initiatives are shaping the future of urban living. Could you outline Assetz's plan and strategy in capitalising on the current market momentum, including the company’s approach to product differentiation, target demographics, and expansion plans in key regions? Assetz Property Group stands at the forefront of the residential real estate landscape, guided by a vision rooted in innovation, sustainability, and unparalleled quality. At the heart of our strategy lies a steadfast commitment to crafting homes that resonate with the aspirations of today's discerning homeowners. Our approach to product differentiation is anchored in a blend of innovative design, sustainable features, lush greenery and bespoke amenities, setting us apart in a competitive market. By curating living spaces that transcend mere functionality, we cater to the diverse lifestyle needs of urban professionals, affluent individuals, and families alike. We strategically choose prime neighbourhoods in Bengaluru, and through meticulous planning and execution, we aim to deliver spacious, well-appointed homes that redefine urban living. Our portfolio primarily consists of mixed-use developments, to meet the evolving market dynamics with innovation and adaptability. Looking ahead, Assetz is further expanding into prime regions of as North Bengaluru and East Bengaluru, identified for its high growth potential and burgeoning demand for premium residential real estate offerings.  We also partner with industry leaders and stakeholders, leveraging collective expertise and market insights to drive transformative change. Embracing cutting-edge technologies in construction and design, we strive to anticipate and exceed consumer expectations, staying ahead of the curve in a rapidly evolving landscape. In essence, Assetz's journey is one of unwavering dedication to excellence, sustainability, and community enrichment. With each endeavour, we aspire not only to redefine the benchmarks of quality living but also contribute positively to the development of communities and the surrounding environment. How are sustainable practices being incorporated into the design and construction of new residential properties? As discerning homebuyers increasingly seek eco-friendly housing solutions, the industry is undergoing a paradigm shift towards sustainable construction methodologies that promise long-term benefits. At Assetz, we understand our customers' needs and prioritize sustainable housing solutions for a long time now. Sustainability is integral to our projects, influencing every step from planning to completion. Our approach includes latest available technologies and innovative design principles that not only minimize environmental impact but also enhance the quality of life for residents. Our signature 'Carbon Healing Homes' epitomize this ethos, offering a harmonious blend of luxury and sustainability. These homes are meticulously crafted to optimize resource utilization, with features such as water-saving mechanisms, renewable energy integration, and extensive green cover that contribute to a healthier, more resilient living environment. Driven by the pursuit of excellence and the dynamic market of Bengaluru, we are proud to lead the charge towards sustainable homeownership. With each project, we aim not only to meet but exceed the expectations of our customers, empowering them to realize their vision of a sustainable future. RISE with India - FOLLOW ET NOW WhatsApp channel! https://whatsapp.com/channel/0029Va7OSzxA2pL8ezY1aw1K ET NOW WhatsApp channel gives you all Stock Market Details, Money Making Ideas, IPO News, Mutual Funds SIP News, Income Tax and other news right on your mobile screen!"
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