Over the years, luxury housing in India has witnessed significant prominence and appreciation, making it one of the most dynamic segments of the real estate sector.
Over the years, luxury housing in India has witnessed significant prominence and appreciation, making it one of the most dynamic segments of the real estate sector. The modern aesthetics of real estate infrastructure and the technology-driven lifestyle have transformed the way we live in India. Today, these modern homes are considered as a lifestyle statement, reflecting an individual’s aspiration and social status. A rapid rise in the number of high net-worth individuals (HNIs), increased aspirations, transforming lifestyle and investment interest from Diaspora are the major factors pushing the demand of luxury housing.
The globetrotter population of India is constantly rising and since they are well exposed to the international standards of living, they look for such amenities and lifestyle in their dream homes as well. According to a Global Wealth Report, since 2000, wealth in India has grown 9.2% per annum, faster than the global average of 6% and this is quite a favorable sign for the real estate sector. Therefore, owing to the increased purchasing power and growing unending desires, many Indian home buyers are also catching up with the pace to buy elite homes. The large chunk of NRI investment in Indian real estate comes into the luxury segment, making them the biggest driver for the growth of this sector.
Catering to the growing demand of luxury homes, developers focus on creating unique living spaces. They are coming up with the various formats of technology-enabled homes, apartments, penthouses, villas, bungalows, ultra luxury houses etc. Looking at the absorption rates of luxury housing over the last three years, the sector shows the signs of definite growth in the coming years.
Below are a few trends which will continue to redefine the luxury housing in India:
Branded Luxury Real Homes: Branded homes are launched under the banner of international luxury hospitality or lifestyle brands and cater to the exclusive niche category of buyers. These homes offer a unique lifestyle of global standards with hospitality services from the finest brands. This trend is fast growing in cities like Delhi-NCR, Mumbai, Pune etc.
Themed Villas: Themed housing has gained a lot of attention amongst homebuyers. To cater to such evolving tastes and aspiring demands of the buyers, developers are launching exotic and exquisite theme-based projects.
Smart Homes: Owing to the constant technological advancements, the concept of smart homes has become increasingly popular and has tremendous potential to grow in the future. With the hi-tech technology-enabled systems, it provides the convenience and comfort in the day to day life of home owners. It intends to incorporate comfort, entertainment, mobility and security, providing occupants with connected solutions all the time.
Luxury Homes Within The Reach: It is a niche market, gaining a lot of attention from the homebuyers of middle income group. This home consists of major amenities and features of a premium property and is affordable to a larger segment of the population. The growth of the Indian economy clubbed with the aspiring lifestyle of people living in the metros drives the demand of this segment. It lets middle income group fulfill their aspirations of living in a luxurious home.
Hence, the luxury real estate is brimming with all such trends and developers catering to the segment are striving to launch the best of their offerings to attract homebuyers.
(By Pankaj Bansal, Director, M3M Group)