Smart Homes: From Luxury to Necessity – Insights from Vivek Singhal, CEO of Smartworld Developers

Gurugram, once a budding real estate hub, has now evolved into one of India’s most sought-after markets for luxury homes. With its strategic location, connectivity enhancements, and a growing affluent population, the city has transformed into a magnet for high-net-worth individuals seeking premium living solutions. Vivek Singhal, CEO of Smartworld Developers, sheds light on the increasing demand for luxury real estate and how the real estate landscape in Gurugram has evolved over the years, driven by technology, sustainability, and urbanization.

Luxury Real Estate Booms in 2024

According to Vivek Singhal, 2024 has seen tremendous resilience and growth in the real estate sector, with luxury housing leading the charge. Driven by millennials who are financially empowered and seeking homes that align with their lifestyle aspirations, the demand for luxury homes has skyrocketed. With attractive financing options and rising interest from both domestic and international investors, more buyers are opting for upscale living environments that offer a blend of comfort, exclusivity, and technological innovation.

Reports from Anarock indicate that the sales share of luxury homes has tripled in the last five years, reflecting this consumer shift. Gurugram, with its state-of-the-art infrastructure and premium residential developments, has become a leading market for luxury real estate, with Golf Course Road Extension and Dwarka Expressway emerging as prime locations for property investments.

The Factors Driving Gurugram's Growth

Gurugram’s meteoric rise as a real estate hotspot is the result of several key factors. One of the city’s biggest advantages is its strategic location and enhanced connectivity through major developments such as the Dwarka Expressway and Delhi-Mumbai Expressway. These infrastructure improvements have made Gurugram an attractive hub for both residential and commercial investments. The city’s economic development is also marked by the presence of numerous multinational corporations, driving the demand for high-quality housing.

In addition, government policies aimed at streamlining land acquisition and approvals have made it easier for developers to build projects that cater to the growing luxury real estate segment. Innovations in construction technologies and sustainability practices have further bolstered Gurugram’s appeal, making it a top real estate market in India.

Smart Homes: The Future of Living

As smart home technology becomes increasingly popular, developers are racing to integrate home automation into their projects. Singhal emphasizes that smart homes will soon shift from being a luxury to a necessity, especially as more homebuyers prioritize sustainability and efficiency in their living spaces. Smartworld Developers is staying ahead of the curve by partnering with Schneider Electric, a leader in eco-friendly home solutions, to bring advanced automation to all its upcoming projects.

Projects like Smartworld One DXP and Smartworld The Edition will feature smart home systems that reduce waste and create healthier living environments. This aligns with India’s broader sustainability goals, particularly the commitment to reduce emissions intensity by 45% from the 2005 baseline by 2030.

Key Drivers of Luxury Real Estate Demand

Several factors are driving the increasing demand for luxury real estate in 2024. High-net-worth individuals (HNWIs) and Non-Resident Indians (NRIs) are showing keen interest in luxury properties, viewing them as status symbols and sound investments. Moreover, as Gurugram emerges as an employment hub, the influx of affluent migrants is fueling demand for luxury homes in areas like Golf Course Extension Road and Dwarka Expressway.

In 2024, developers are emphasizing architectural design, high-end amenities, and superior build quality to attract these buyers. The promise of property appreciation and rental yield in these high-demand areas makes luxury homes a lucrative option for both end-users and investors.

Ongoing Projects: Smartworld Developers

Smartworld Developers is making significant strides with their ongoing projects. Their flagship projects, Smartworld Orchard in Sector 61 and Smartworld Gems in Sector 89, are progressing ahead of schedule, with expectations for early handover. The premium high-rise project, Smartworld One DXP in Sector 113 on Dwarka Expressway, has been a runaway success, with the first phase selling out in just six months. The launch of Phase 2 has already garnered massive interest from homebuyers.

Another key project, Smartworld The Edition, located on Golf Course Road Extension, is set to redefine luxury living in Gurugram. Spread over 10 acres, it will be a landmark development featuring state-of-the-art amenities and a contemporary design. Smartworld Developers is also advancing its high-street retail projects like Smartworld Orchard Street and Smartworld One DXP Street, which are expected to complete soon.

The Future of Real Estate in Gurugram

Gurugram's real estate market continues to evolve, with luxury homes and smart technology playing a pivotal role. Developers like Smartworld are at the forefront of this transformation, delivering premium residential projects that cater to the demands of modern homebuyers. As smart homes become a necessity, not just a luxury, and infrastructure improvements enhance connectivity, Gurugram will remain a top destination for real estate investment.