Who doesn’t love to enjoy some luxury? But did you know the fact that the Indians’ love for luxury is growing at a rapid pace, and it is most visible in their housing demands and trends.
This is because everybody has higher aspirations and would want to change their lifestyle for better, which contributes to the luxury living. Due to this demand, people who are looking to buy premium homes are on a rise.
So who are the luxury buyers?
The high net-worth individuals, otherwise known as HNIs in India are growing at a rapid pace. Majority of the luxury buyers in India are young professionals with high disposable income. The developers have taken this cue and now coming with many luxury living experience projects and offer very premium home. Others include business men and NRIs.
So what are the latest trends in luxury housing?
The major demands for a premium homes are central location, spacious house, premium amenities and cutting edge technologies. The space should be visually appealing whether it is a penthouse, apartment, villa, row bungalow or house. The space should have park, a lot of greenery, and sometimes even golf courses.
Smart Homes: The latest technological advancement in the home development scene is including gadgets and technology to create intelligent spaces with digital locks, temperature control, electronic surveillance systems, in-house entertainment systems, and wireless communication for internet. Sometimes they even fit sensors for controlling light, temperature, and even the overall ambience feel.
Usually, the services offered in such homes will include medical consultation and concierge services. A few years ago, having a swimming pool was a symbol of luxury. Now the people require splash pools, plunge pools, and even Jacuzzi. Some apartment/ villa complexes also have spa and resort like salons which has luxury packages, private garden, and even steam therapy area.
Golf/ Polo courses: Well-maintained golf courses are one of the criteria when the buyers are looking to buy a property. It is a matter of social status and signifies their well-being. Apart from the stereotypes polo and golf grounds, they have developed houses right inside the polo ground and even offer services to residents which include leasing/hiring horses. This trend was developed by M3M India who entered a deal with Equisport, a very leading polo sport agency in order to give the very best to their residents.
Themed Villas: Apart from the many features which are catching up, theme based housing is also rapidly getting popular. The theme based villas are mainly to impress the buyers, and companies like DLF has gotten in touch with leading architects to bring in some interesting and innovative themes for their upcoming projects. The themes would be based on cultural elements and also architectural influence of the societies such as Spanish, Mexican, Arabic, etc. These types of luxury villas can be found in Gurgaon, Delhi, Chennai, Pune, Bangalore, and Mumbai and they majorly attract NRI buyers from Singapore, West Asia, and the Middle East.
Since possessing the land is a huge problem in central areas especially in the cities, luxury homes are focused on developing on the vertical side. Sometimes, in order to match with the space, a single apartment would be built over an entire floor. Luxury homes also come with an indoor swimming pool, terrace garden facilities, and even private lounges. The kitchen interiors and bathroom fittings are usually collaborated with bigger designer names and the finishes are excellent. Other things like automatic teller machine and uber-ultra-lift facilities with 24/7 generator back up is also provided.
The demand of the luxury homes in Mumbai which are priced in between Rs.4 crore to Rs.30 crore is highly increasing at the rate of 30% to 40%. According to the reports of Cushman & Wakefield (C & W), the luxury segment is continuing to grow even though there is a small dip in the economy.
Written by: Pravitha Rohit