Luxury real estate in India is no more just limited to the select few. The sector is now coming to the mainstream, with demand rising in most of the major cities in the country. Indians are now willing to spend more for spacious homes, upscale lifestyles, and curated living.
One of the natural factors behind the growth in premium living has been the surge in the Indian economy, which is one of the fastest-growing markets in the world. India over the years has witnessed a steady growth in the volumes of HNIs and Ultra HNIs. At present, there are more than 750,000 HNI individuals in India with a net worth of INR 7.5 crores and above. Similarly, there are around 12,000 individuals with a net worth of INR 210 crores.
However, riches and money are not the only factor that is propelling the segment. There has been a general shift in the buyer’s needs as well. People now yearn for better and bigger homes for themselves and their families. The importance of a home as a curator of meaningful interaction and nurturer of well-being is gaining prominence.
While previously luxury homes mainly meant plotted developments, farmhouses, and villas, today it is more than that. Presently, there are plenty of swanky apartments, condominiums, penthouses, and premium builder floors that readily come under the category.
Also Read: 10 reasons why buying a house is better than renting
A Gamut of Amenities
Luxury homes come equipped with plenty of top-of-the-line amenities with a clearly defined idea of giving a great outdoor experience. This may include infinity pools, cold-plunge pools, mini theaters, well-decked gardens, yoga & reiki studios, gaming areas, and much more. Likewise, it can include a private concierge, rooftop deck, restaurants & cafes, golf courses, outdoor barbeque, libraries, and spas.
At a time when everyone wants to avoid unnecessary commutes, it is always a good idea to have bountiful amenities nearby so that one can enjoy a better life with friends and family. This saves time and elevates the overall lifestyle. As there are so many amenities, one can now choose as per their wish and preferences, giving everyone their own unique space.
Smarter Technologies
Luxury home developers are now deploying smarter solutions to offer integrated systems to residents. Sensors, voice-controlled devices, speakers, sound systems, and lighting systems are now integrated into one unified smart solution. This gives home dwellers a more coherent and holistic experience. An integrated system helps home dwellers to manage all their devices with few single clicks. It gives better control from managing temperature & humidity to controlling children’s entertainment to the overall security of the premises.
Smart solutions are also very effective in energy conservation and optimization. It can automatically optimize the usage of electrical appliances and devices and in the longer run save 10-15% on power.
Transforming Home Décor and Interiors
As the demand for premium abodes is rising in India, home décor trends are also changing fast. There is a growing push towards more minimalistic and sophisticated designs with an elevated focus on international appeals. Luxury real estate developers are now experimenting with lavish flooring, sculpted gardens, décor-fits, classic chandeliers, among other features. Likewise, they are experimenting with new colors such as wine red, royal blue, and lime green which adds a sense of opulence.
Developers are striking the right balance between décor, comfort, and elegance. They are keeping no stone unturned in transforming modern homes into chic spaces that truly reflect the identity of an emerging affluent India.
Premium housing is no more about the elite club in India. As the country shines on the global map, the segment is also on an upswing.
(By Ankit Kansal, MD, 360 Realtors. Views are personal)