Lowrise is the new high in real estate

Luxury real estate buyers in India are increasingly favouring more spacious and horizontal structures, such as villas and independent houses, over highrise apartments. This shift is driven by a pursuit of a superior lifestyle and an innate desire to be grounded in an owned plot of land.

Villas, situated within gated housing societies, have gained popularity as a property type, witnessing strong traction due to elevated aspirations and the need for more living space. While apartments remain a popular choice, villas are constructed in niche and exclusive areas, providing privacy along with world-class amenities centred on wellness, leisure, and comfort. Typically, these villas feature modern architecture, are double-storeyed, and offer the latest luxury lifestyle amenities.

According to real estate consultancy Anarock, of the 328,400 units launched across the top seven cities in the first nine months of 2023, approximately 8,610 were villas. This indicates a gradual increase from 8,420 villa units in 2022 of 357,640 units launched.

Several developers are now offering villa options across cities for discerning buyers. Interestinlgy, villas are more popular among buyers in Tier-II and Tier-III cities than in the top seven cities – Mumbai MetropoIitan Region (MMR), Delhi-National Capital Region, Pune, Hyderabad, Chennai, Bengaluru, and Kolkata.

Southern cities within the top seven, in particular, display a higher demand for villas, driven by the preference for land ownership.

The surge in demand is due to factors such as enhanced privacy, lifestyle changes, increased income levels, an affinity towards gated communities, and a desire for spacious luxury.

The adaption to hybrid living has prompted affluent homebuyers and investors to invest in villa homes. Independent villas are Characterised by spacious layouts, private outdoor spaces, green living, multi-untility space, and exclusive amenities.

Sales are gradually picking up in this segment at nearly 3-5 percent. Villas are often purchased second homes or investment properties.

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