– By Chintan Sheth
Luxury homes that offer larger floorspace have emerged high on the preference list of homebuyers today. As indicated by various industry research reports and surveys homebuyers are undoubtedly ambitious, influenced by ideas of a comfortable and satisfying living. A lively city like Mumbai, which relies significantly on the real estate business to make homebuyers’ dreams a reality, has done well in its provision of projects that help buyers improve their entire level of living.
There has been a significant change in the choice of homebuyers moving toward luxury and larger space. We have seen homebuyers choosing luxury homes that provide generous living space, which is a noticeable shift from the past. Data of luxury and larger homes being in demand are proof of a changing lifestyle of individuals who are ambitious and whose living space is a reflection of their life goals being achieved. A pent-up demand for such homes and India’s growth as an economy overall are also contributory factors to this unfolding change.
A closer examination of real estate trends, shows that there is a distinct and undeniable desire for exceptional living experiences. There is a clear distinction in the trends where homebuyers are opting for facilities that stand out, while paying close attention to detail along with aesthetics and utility. Homebuyers are attracted to developments that skilfully integrate contemporary amenities with spacious living areas. Their tastes are clear and direct – they desire an exceptional living experience that includes high-quality amenities, careful focus on every aspect, and a seamless combination of aesthetics and practicality.
The luxury real estate landscape is evolving rapidly, influenced by international architectural trends prioritising integrating natural elements, advanced technology, and sustainability. Complimenting this are the development of exclusive residential projects that emphasise privacy and a heightened focus on security, catering to the desires of luxury home buyers. It is this preference for an upgraded way of life, along with a strong aspiration for expansive living spaces, that has naturally led to the emergence of more sizable residences.
These homes offer a space for everyone, especially offering a reminder to the past on days where one works from home, schools from home or just wants a nook to remain undisturbed. Whatever may be the reason, purchasing these opulent residences is not merely a matter of personal preference; it is a prudent and astute financial investment. In 2023, the availability of larger luxury residences increased significantly.
According to Anarock data, more than one lakh units, or almost 23% of all new launches that year, fell into the premium category. In a notable surge within the Mumbai Metropolitan Region (MMR), the sales of luxury housing witnessed a robust uptick, soaring by an impressive 74%. The increase from 20,820 units to a striking 36,130 units, underscored a substantial and dynamic shift in buyer preferences with the demand for high-end residences in MMR reflecting the sentiment of a growing market for upscale living.
From a buyer’s view, a spacious home goes beyond the usual to offer refined sophistication, sumptuous luxury, and artistic expression. From enormous windows that reveal breathtaking views to an experience of the beauty of high ceilings and fashionable rooms decorated with exquisite, cosmopolitan materials, this shift in homebuyer preference indicates the setting of a new preference in housing.
Prospective homeowners desire more than a mere dwelling; they long for a property that integrates opulence and practicality effortlessly. In making sure that new buyer preferences get addressed, real estate developers too have suitably focussed on launching projects that offer a blend between tradition and innovation. The goal is evident – creating residential environments that specifically embody the ambitions of contemporary home buyers whose choice of owning larger and luxurious homes is forming a trend that reflects the rapidly changing world we live in.
(Chintan Sheth is the Chairman & Managing Director at Sheth Realty.)
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