Be it Ambani’s Antilla or John Abraham’s sky villa, luxury living is no stranger to Indian elite. And while affordable living has been topping charts recently due to several government schemes, the demand for high-end apartments is soaring too. And it’s not just celebrities who are opting to literally live in the clouds – a large market of HNIs in India is crazy about heavenly abodes too!
Sky Villas: promising best of both the worlds
Imagine an amazing living space with best, handpicked features of both a penthouse and a villa. That’s a sky villa for you! A huge apartment with 2-3 floors, including luxury amenities such as gyms, private pools, coffee shops, play area etc., these sky villas command premium pricing that can go up to INR 40 crore. The moderate built-up area of sky villas in cities like Bangalore, Mumbai, and Delhi varies from 5576 to 11388 square feet. The emphasis in sky villas is usually on the uniqueness and the individuality of the buyer, but every member of the building holding the sky villas shares the services and facilities.
Exquisite luxury, and a worthy investment
To make sky villas an attractive investment and living option, builders offer a plethora of amenities. These include private gardens, crystal pools, sundecks, private elevators, home theatre lounges, mini gyms, master suites with walk-in closets, advanced electronic surveillance, concierge on call, stepped terraces, coffee shops, private play area and so on. The facilities differ from developer to developer and also on the premium pricing that the sky villa comes at.
Some prominent players in the industry offering beautiful sky villas are Prestige Group, Confident Group, Bhartiya Group, and Shriram Properties.
Hitting the perfect target
Even though the contribution of luxury home segment in highly developed markets account for about 7-8 per cent of the total real estate, it’s still at a minimal 2 percent in India. The target clientele for this kind of property is very niche in India, but the growth of the sector is quite intense. According to recent reports, India holds the 4th biggest chunk of millionaires within the Asia Pacific region, including around quarter of a million individuals who are in the high net worth category. Here, let’s also remember that Indian HNIs are speculated to jump above 3.5 lakh by 2018-19 owing to increase in salaries and progress in economy. Considering the pace of development in this niche area, luxury-housing market is speculated to grow considerably and sky villas has star value in the sector.
According to the data by PropTiger, the share of luxury residential units (those priced above Rs.75 lakhs a piece) in total sales increased to 29 percent in second of FY16 from 26 percent in first half of FY16. Multiple factors might have affected this shift, varying from attractive pricing, high value proposition, and easy payment options introduced by developers in addition to the superior quality supply by the builders.
Given the trend, sky villas are a great investment option and there is already increasing investor interest in these properties.