In April 2017, the International Monetary Fund (IMF) pegged the growth rate for Indian economy at 7.2% and further speculated that it could increase to 7.9% in 2018-19. Rapid business growth, an exponentially growing startup ecosystem, and a surge in FDI is boosting the economy, hiking income levels, and thereby elevating the standards of living. And when there is an income surplus, we start spending on luxuries instead of just necessities. In this scenario, it’s no surprise that the luxury home segment has seen a surge in demand in a real estate market that’s on an uptick.
A lot of demand in the luxury homes market comes from affluent businessmen, established entrepreneurs, NRIs, wealthy corporate executives, and traditionally rich families and jewellery barons. What is it that they are looking for in a place they call home? Let’s take a look:
- Status Symbol
Nothing says, “I’ve arrived” like a luxury home. Entertaining friends, relatives, and business associates in a luxury home is a symbol of pride for many. These premium homes placed in the best of locations, aesthetically pleasing with unique architecture, and in proximity to well to do neighbours are definitely a status symbol for India’s urban elite.
- Unparalleled Comfort
Comfort is the cornerstone of luxury. Equipped with all modern amenities and the best of facilities, luxury homes are an epitome of comfortable living.
- Amenities in Luxury Homes:
- Swimming Pool
- Large, well-defined common areas
- Home Gym
- Home Bar
- Court for playing sports
- Indoor pool
- Bowling alley
- Wine cellar
- Home theatre
- ArtificialWater bodies
- Game rooms
- Fancy Driveways
- Exquisite home office spaces
- Sprawling indoor dining spaces
- Smart Technology for an uber modern lifestyle
From sensor-controlled, touch or voice activated ambience, security features, and even solar generators, luxury homes are deploying advanced technologies for uber modern living. The stuff of science fiction is becoming reality in these homes.
- Top of the Line Security
One of the top attractions of luxury homes is the detail with which security features are designed and periodically upgraded to stay top of the line. Comprising both skilled personnel and advanced installations these properties are equipped to deal with any emergency.
- A Good Investment
High-end amenities, great locations, and sophisticated, well-developed neighbourhoods make luxury homes a coveted investment option as performing assets. Quick absorption rate and high growth potential in the coming years is driving up the demand for these homes.
As of now, the Indian luxury housing market might be still at a nascent stage, but is quickly picking up pace. In FY16, approximately 45,000 luxury residential units were launched in the top 9 cities, constituting almost 21 percent of total residential launches. With the percentage of HNIs in India speculated to rise by 2025, the industry will see a major positive shift in the future as more and more Indians happily embark on the luxury home journey.