Luxury housing has seen a progressive evolution in the Indian real estate sector. NCR, Bangalore, Mumbai, Chennai, Kolkata, and Hyderabad are India’s most searched locations, classified as luxury property hubs as some of India’s most affluent and wealthy business icons, self–made entrepreneurs and well-off service classes reside there and look for upscale and high-end luxury residence options which suit their habitation predilections and conveniences.
The luxury housing category has seen a modern-world premiumisation over the years. Once upon a time, luxury real estate was confined to exclusive multi-crore ultra-luxury assets such as bungalows, farmhouses, and villas, which the elite and top-class layer of society could only purchase. There is a democratisation in luxury properties, especially since the last decade as luxury condominiums, bigger homes (4 and 5 BHKs), smart homes, low-rise luxury independent floors, and serviced apartments priced over 1 crore have seen a vast proliferation and expansion especially in the National Capital Region. Sustainable utility, efficacy, and home feature advancement have become the parameters for judging the quality of luxury homes in Indian real estate markets. The erstwhile notions of grandeur exhibitionism, through ownership of luxury homes, have been replaced with the desire to purchase advanced luxury homes that meet modern-day functionalities, technology, and sustainability hallmarks.
Interiors and Architecture are prime selling aspects for luxury homes
Visual appeal matters a lot in luxury real estate purchases. Home buyers have high expectations of how their future luxury abode will look like. They are investing in expensive homes as visual aesthetics, classic minimalism, feel, and vibrations are all crucial evaluating factors for them before they seal the deal. Nowadays, real estate developers are open to experimentation. They are tieing up with top-tier independent interior designers and companies to create stunning interior designs of luxury homes and apartments to bolster demand and end-user experience. In fact, the nature of interior design and its costings play a prominent role in deciding the price of a particular luxury apartment or condo.
In the last two years, people’s preference has turned towards bigger houses. The pandemic has made people realise the importance of living in a bigger home and a better lifestyle. Plus, all indicators are pointing out that India is performing exceptionally well globally and having high economic growth. Today, an evolved Indian living in any metro city wants to provide a good lifestyle to himself and his family. As a result of all these factors, we are witnessing a huge demand for luxury housing, especially in the markets such as Noida and Gurugram.
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“Previously, Noida was considered a premium market, but in the last year, the region has transformed into a hub of luxury residences. The upcoming Noida International Airport also has added to the high demand for luxury housing. We have also launched a luxury residential project, ‘The Islands by Gaurs’, in Greater Noida. This project offers top-class amenities and true golf course living to the future residents. Buyers’ response to this project has been overwhelming. Enthused by this response, we plan to launch more projects in the premium and luxury segments. I expect the preference for bigger houses to continue, and Noida to exhibit high demand for luxury residences,” said Manoj Gaur, Chairman, Credai National, and CMD, Gaurs Group.
Talking about the high-end locations for luxury homes in NCR, Amit Jain, Director, Mahagun Group, said, “Since the last decade, Noida has become an evergreen luxury real estate market with the growing pool of high-end home classifications. There is an imminent rise in luxury projects spanning different locations in Noida and ascertaining diverse property caterings within a single premise, like independent floors, villas, condos, and apartments. Sectors in proximity to Noida Expressway have witnessed a cumulative rise in launches and demand for luxury and ultra-luxury projects setting the tone high for future developments. Connectivity is the backbone of realty growth. Luxury properties offering seamless connectivity with nearby regions and corridors are becoming favourable investment avenues for next-generation buyers.”
Accommodation of Wellness Features in Luxury Homes
Realty developers are beefing up the qualitative aspects of luxury homes by accommodating wellness amenities these days. Air filtration systems, Dedicated Green Spaces like Personal Gardens and Lawns, and Home Offices have become largely adopted trends. The installation of air filters provides a salubrious living environment facilitating good air intake, exposure to natural light, and a proper ventilation ecosystem for home occupiers. There is growing incorporation of upgraded wellness home aspects and anti-bacterial features like smart touchless toilets and touchless sinks/faucets. Nowadays, luxury settings offer meditation rooms and compact swimming pools to give users spaces for relaxation, life recalibration, mental peace, and composure. It invariably ratchets up the wellness home amenity sets. Luxury flats with home offices are in towering demand post the hybrid or remote working set-ups adopted by business enterprises and corporate companies.
Yukti Nagpal, Director, Gulshan Group, says. “Since 2020, Noida caught a lot of eyeballs of luxury-home buyers followed by one innovative luxury-residential product infusion, in the Noida-Greater Noida vicinity. Real estate developers in Noida, other parts of the National Capital Region and the country are now trying to encash the equity of luxury-residential and commercial market-space, that the location has built recently. Simultaneously, good connectivity and infrastructure development hves also played a key role in generating confidence in the Noida-Greater Noida region, making it easily approachable. A steep rise in the demand of luxury real-estate caught attention of the urban elite, due to a noticeable trend of increasing corporate investments and culture in the Noida-Greater Noida region, eventually increasing exposure to luxury lifestyle.”
Sanjay Sharma, Director, SKA Group, says, “Implementation of green technology is one of the critical features of our projects. We have installed modern technical solutions like thermal insulation on terraces to reduce the heat effect from the top floor. Other factors, such as provisioning electric vehicle charging points, optimum use of water through sewage treatment, and utilisation of solar energy and garbage disposal systems, are some of our projects’ A-grade features that consolidate the wellness amenities provided by SKA Group.”
Advanced security footprints in Luxury homes
Luxury homes have inbuilt security systems like Motion Detectors, Temperature Sensors, and Glass Break Sensors to ensure the safety of residents. Smart home features also upgrade the appeal of luxury homes like Smart Thermostat, Light Control Systems, and Voice User Interfaces. Moreover, many builders don’t shy away from spending money to increase energy efficiency and aggrandise home security net cover.