Indians Embrace Lifestyle Residences Amid Govt's Infrastructure Push: Economist

Increasingly, Indians are gravitating toward "lifestyle residences," with real estate continuing to be the top choice for investment, particularly in the premium property segment

Additionally, many developers are now providing year-round incentives, particularly during the festive season, which has contributed to a notable increase in property purchases

Source : PTI

As the government intensifies its efforts to create world-class infrastructure, the real estate sector is experiencing significant growth, driven by improved connectivity, festive incentives, and evolving lifestyle preferences, an economist said on Thursday. 

Increasingly, Indians are gravitating toward "lifestyle residences," with real estate continuing to be the top choice for investment, particularly in the premium property segment. Economist Aakash Jindal shared these insights with IANS, highlighting that India is making substantial advancements in its overall infrastructure development.

"To give you an example, in Delhi-NCR, Metro is reaching new places, providing new connectivity options. Any area where Metro reaches or is about to reach, people want to shift there. They want to buy houses there. India is building so many expressways and connecting many places, thus fueling real estate buying," Jindal said.

Additionally, many developers are now providing year-round incentives, particularly during the festive season, which has contributed to a notable increase in property purchases.

"These days, people love to have lifestyle residences. The preferences of the younger generation have changed. They want to have, in certain cases, an indoor swimming pool, sauna, jacuzzi, steam bath and whatnot. They would like to invest or live in societies which offer such lifestyle facilities," Jindal told IANS.

"Going forward, there are certain pockets in India where you are going to see many people going in for flat and property purchases. Real estate is going to boom in the coming year,” the economist added in the report.

A recent report by FICCI and Anarock Property Consultants revealed that approximately 51 per cent of Indians now favour 3 BHK units, indicating a rising demand for larger living spaces. The study found that 67 per cent of buyers are looking for properties for personal use, while 33 per cent are seeking investment opportunities. 

This reflects notable changes in homebuyer preferences and market dynamics within India's real estate sector. The Rs 45-90 lakh price range continues to be the most sought-after, but there is a noticeable shift toward premium properties, with around 28 per cent of buyers now preferring homes priced between Rs 90 lakh and Rs 1.5 crore.