Despite plunging sales, demand for luxe homes booming

Lodha, Sunteck, Kohinoor Developers, Sobha, DLF, Hiranandani are some of the players who largely cater to the luxury residential segment.

"This is a market where there is demand for everything from affordable homes for MIG, LIG, as well as the economically weaker section and there is demand for luxury housing too.

"Changing lifestyles and rising income levels are driving the demand for luxury homes," the Bangalore-based Sobha Developers vice-chairman and managing director JC Sharma said.

Besides, NRIs who wish to return to the country look for homes which will have all the amenities and luxury they need, Sharma said.

To attract buyers, developers are trying out a variety of new products in the luxury housing segment, including Singaporean and American-style apartments, homes that are similar to plush hotels and branded luxury residences.

While Sunteck has tied-up with Disney Consumer Products to launch Disney Inspired Homes in its Goregaon project, Lodha has partnered with Giorgio Armani to design the apartments and villas in its ambitious project 'World One' touted as the world's tallest residential tower.

"We have been focusing only on luxury homes and have seen a growing demand for it. We recently launched our new project in Goregaon where the apartments are priced between Rs 2 crore and Rs 5 crore. We have already been pre-sales here. This shows there is demand for luxury housing," Sunteck Realty chairman and managing director Kamal Khetan said.

Developers are also increasingly adding

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