Real estate: All you need to know about sky villas, would you like to own one

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Published: June 22, 2016 3:42:07 PM

Sky villas, which belong to the luxury residential segment, combine the benefits of both penthouses and villas coupled with some additional unique features.

real estate- Sky villasSky villas, which belong to the luxury residential segment, combine the benefits of both penthouses and villas coupled with some additional unique features.

If you are looking for comforts of both a penthouse and a villa, then sky villas come as a good option in the luxury segment.

Sky villas, which belong to the luxury residential segment, combine the benefits of both penthouses and villas coupled with some additional unique features. It is a huge multi-level apartment which often covers 2-3 floors and combines the luxuries of a sprawling bungalow with the advantages of secure living and integrated facilities in an apartment complex.

Sky Villas are priced Rs 5 crore onwards and in major metros like Mumbai and Delhi-NCR, there cost can command prices starting from Rs 40 crore.

Owing to growth in economy and rise in income levels, the numbers of high net-worth Individuals (HNIs) have also increased, driving the growth in luxury segment. Prices fluctuations have rarely deterred luxury buyers from making a purchase. Demand for luxury projects remain consistent as it focuses on a niche category. When the economic growth is good and people have disposable income to invest, expensive and luxury flats like sky villas are always in demand.

“The luxury home segment in most developed markets accounts for 7-8% of the total real estate, while in India its contribution is currently a mere 2%. However, it has been growing in double digits over the past couple of years, thanks to the rise in High Net-worth Individuals. Indian HNIs are slated to cross a headcount of 3.5 lakh by 2018-19 owing to growth in economy and an astonishing rise in income levels, ” Ashwinder Raj Singh, CEO – residential services, JLL India.

In line with the general trend across the Indian real estate market, buyer sentiments in the luxury housing segment have also remained under pressure over the last one year. According to data by PropTiger the share of luxury residential units (those priced above Rs.75 lacs a piece) in overall sales rose to 29 per cent in second of FY16 from 26 per cent in first half of FY16. This can be attributed to the quality of developers bringing the supply, attractive pricing and value proposition and flexible payment options offered by the developers.

Demand of luxury homes are expected to rise with Indian getting global exposures to a sky villa lifestyle. The concept is not new in India, but has been around in the country for a few years now, and has gained wide-spread acceptance in recent times.

“With more and more Indians getting global exposure to avant-garde lifestyles, the demand for options which replicate such living experiences in India is mounting. In the more evolved and mature western markets, the concept of sky villas is already quite popular – in Las Vegas, USA, there are sky villas which compete to be part of the top 10 most expensive homes in the world. With the same kind of luxury coming to Indian consumers, this niche luxury segment is attracting increasing investments from builders who have charted the course for its future demand,” Ashwinder Raj Singh said.

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