The unstoppable increase in homebuyers’ appetite for luxury residences firmly indicates that the demand for different categories of luxury properties has kept growing, showing no signs of tail-off. Unlike affordable housing, luxury housing has not witnessed a dry spell and enjoyed a phenomenal consumer demand in pre- and post-pandemic periods.
Recently, an Anarock study reported that luxury properties priced above Rs 1.5 crore are going through what some experts might call ‘a golden run’ in the metropolitan cities. The report accounts for an approximate sale of 84,400 luxury units (priced over Rs 1.5 crore) between January and September 2023 in quintessential property hubs like Delhi-NCR, MMR, Bengaluru, Pune, Hyderabad, Chennai, and Kolkata outstripping the record of approximately 39,300 units sold in the corresponding period in 2022.
Apart from the ubiquitous upsize in sales, the expansion in the diversity of luxury residences is also a worthwhile phenomenon to observe lately. Uber-luxurious penthouses, villas, independent floors or apartments have become staple luxury offerings for the ultra-rich and business classes, especially with the apparent escalation in their demand in metro cities. Underscoring remarkable profitable values concomitant with the thrill of getting massive consumer attraction with no budgetary constraints, top developers and realty magnates have either upgraded themselves into luxury developers or are expanding their footprints in it swimmingly.
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One of the chief attributes of a bevy of luxury residences almost appearing to be irresistible avenues of wealth investment for the rich is that it has become an oasis of pathbreaking and resplendent recreational habitats. While Community Centres, Gymnasiums and Sports Clubs have lost the shock value as they are a common sight in almost every housing society now, luxury homes often come up with a broader range of physical infrastructure inhibiting a profound cosmopolitan environment such as an Open Terrace, Medical Room, Business Lounge with Desktop Stations, Kids’ Laboratory, Moon Deck, Prayer Room, Floating Cabana, Infinity Pool, and Snorkeling Pool, Outdoor Grills with Open-air Dining, Mini Theatre, Tuck Shop, Children’s Gym, Yoga Room, Kids’ Mania, Spa & Salon, Virtual Golf Simulator, Gaming Zone, and Sun-tanning Salon.
Parallelly, a vast majority of home buyers have expressed their desire to invest in green-certified societies, a corollary of the post-pandemic awakening where people are growing increasingly particular about their health. People are choosing homes that are palatable and salubrious for their health, family, and children and as a result, are naturally channeled to invest in luxury homes. On the other hand, taking a leaf out of the playbook of Sustainability, most luxury realtors are going green and adopting eco-friendly construction toolkits in their developmental agendas. Nowadays, luxury projects oversee a vast inclusion of green spaces such as Herb Gardens, Butterfly Gardens, Birds’ zones, Meditation zones, Jogging Tracks, Pottery Barns, and Fragrance Gardens to promote green-friendly residential settings.
Vikas Garg, Joint Managing Director, Ganga Realty, says, “Gurugram is the hottest luxury real estate market in NCR. The beautification of the old roads and the rapid infrastructural swiftness of the new corridors especially the ones close to Dwarka Expressway have propelled the luxury real estate markets to blossom and attract new home buyers. Due to its closeness with the Dwarka Expressway and the Global City project, Sector 84 has become one of the colossal residential investment locations. Furthermore, modern-day luxury projects have an idyllic allure, classic appeal, and charm with an embellishing set of external/internal facilities and inbuilt features that strike a chord with a swarming bunch of new home buyers wanting homes with all-encompassing amenities.”
Elaborating on independent floors witnessing a large-scale development in Gurugram, Saransh Trehan, Managing Director, Trehan Group, says, “Independent floors have reached an optimum level of purchases in Gurugram, undergirding a dramatic shift in favor of low-density living which offers privacy, enhanced security, and composure. Golf Course Extension Road, and Southern Peripheral Road, among others, have become havens for independent floor options often coming with a myriad of luxurious amenities, astounding interiors, and comforts. Independent floors are often the top picks of millennials and Gen-Zs harboring a predilection for spacious apartments with scalable facilities, assured privacy, and voluntary isolation with a choice to socialize at one’s own time and volition.”
Luxury real estate has seen a striking story of its provenance and origin in India. Globalization has propelled a never-ending period of acculturation with Western concepts such as penthouses, low-density format housing, villas, etc. getting thematically Indianized and suitable for home buyers who as a result of cultural exposure and travel, also want Indian luxury homemakers to adapt, explore, and reinvent themselves in more ways than one. Earlier, the term luxury might have been restricted to only bungalows, but modern times have seen a diversification of luxury property assets as per the needs and tastes of different sets of luxury home buyers.