By Ravi Gurav
Till few years ago, the luxury home buyers in the India were content with a location to boast of, along with whatever additional facilities money could buy. However, now time has changed and so is the definition of luxury living which now means ultra-premium residencies. While there could be many possible explanations behind this but there are two prime factors which have brought about this change.
First, as India’s economy continues to grow, more and more people are moving from the ranks of the merely affluent to the rich. In fact, if the current trends continue, it is expected that India will have 4.37 lakh (437,000) millionaires by 2018 (according to Wealth-X) and most will want their homes to reflect their new found status. Thus, obviously the ultra-luxury segment will grow.
Second, with more and more Indians travelling abroad regularly and getting a taste of what the high life means in other countries, their expectations have now extended quite beyond just a fancy town-side address. Though, the location is still important but luxury home-buyers now also expect to buy into a lifestyle that, by definition, only a few in the world can afford to have. This mainly includes private gymnasiums, private swimming pools, complete home automation, interiors based on international designs and latest architecture and private gardens and home security. In totality, they want the ultra-luxury residencies to include all the features that enable a comfortable and one-of-its-kind private living.
These two factors have provided a boost to the ultra-luxury or ultra-premium residencies in the Indian real estate. Thus, taking a big leap from residencies with recreation facilities, the concept of luxury living now offers some unique and unimaginable services which makes living an experience in itself.
Demand and Supply
There is an overall increase in demand in the ultra-luxury segment of the real estate market and there are many reasons behind it. With the growing number of ultra HNIs (as per a report by Ernst & Young and Kotak Wealth Management, the number which was 1,17,000 in 2013-14, is projected to nearly triple to 3,43,000 by 2018-19), the rich and the affluent, this segment of the real estate market is set to grow.
While, still the world of ultra-luxury remains out of reach of the vast majority, as India’s economy continues to grow, more potential home-buyers are getting at the position where they could easily pay the handsome amount for the home of their dreams. Thus, it makes for an exciting time for the sector and a lucrative time for developers and builders. Many more developers are now venturing into the premium segment, which has resulted in a massive spurt of ultra-luxury projects.
One such project is Del Sol by Dheeraj Realty (www.dheerajrealty.com/delsol). The project is located at D’Monte Road, Bandra West in Mumbai. Believing in maintaining the privacy of its residents, each of the twelve units in the spacious tower apartment is designed in a unique way. These individual living spaces are available in 3 bedroom (single unit), 4 bedroom (10 units) and duplex penthouse (single unit) configurations. The USP of this project is there is one apartment per floor, thereby, enabling ultimate private living.
What more? These units which start from Rs 25 crore onwards, are offered on shell and core basis, so that the owners can design it as per their own taste. Further, the premium location of this project is also worth a mention. It is a minute walk from the Joggers Park, Otters club and Carter road. Targeted at the HNIs and the who’s who of the society, this prestigious project will be completed by October 2016. At present, construction work is in full swing and 7 floors are already completed.
In a nutshell
Luxury for most is fulfilling their pursuit of having a superior standard of living and a commendable private space. It is no longer merely a fancy residential address with super amenities, it is a mind-set, a lifestyle or call it a way of living.
So, what are you waiting for? If you are also one of those who wish to live a ultra-luxurious private life right in the middle of the city, then Del Sol should be your first choice. What more? At present, festive offer is also going on to ease your buying process and one has to pay only 10 per cent of the amount at the time of booking and rest on the completion of the project.
