A larger part of the luxury housing segment in India is targeted at the High Net worth Individuals (HNI) and the upper middle class. The extremely high prices of these plush properties located in sophisticated areas makes it almost impossible for the middle income group to reach out there and buy the home they always dream of. In order to Buy Property in Mumbai, Noida or Bangalore, they have to spend a fortune. However, a new concept has been witnessed in the Indian real estate market known as ‘Affordable Luxury’. Developers have come up with this idea to help the middle class buyers achieve their aspirations of living in a luxury home.
Why Affordable Luxury Homes?
India is a vast country with innumerable diversities in terms of class and financial standing. Developers cannot focus only on the ultra-rich segment and therefore they are slowly moving towards the upper middle class who sure have aspirations to live in plush houses but might not be financially ready for it. These buyers are fairly high-salaried but do not rub shoulders with the ultra-rich class.
What does Affordable Luxury mean?
These homes offer a luxury living experience to the middle income group without compromising their premium positioning. One important differentiators is the location of the project. Luxury homes often enjoy a central location which adds a considerable lot to its cost. But affordable luxury will be located in suburbs or far-off locations, thus reducing the price. Instead of offering separate amenities to individual buyers, developers offer shared amenities in their affordable luxury schemes. Launching affordable luxury homes in township project is also a tried method of attracting more buyers.
Why is it a Growing Segment?
Not only in the real estate sector, but also in other fields affordable luxury has always received buyer’s attention. For example, in the cell phone industry, Apple can be considered an ultra-luxury brand. But the most popular ones are the affordable luxury brands like Samsung and Motorola.
Similarly, in the realty sector the middle class buyers want to give a bigger and more comfortable home to their families. Such homes can cost them a fortune. But with affordable luxury homes they just have to compromise with a few things and they can get almost the same lifestyle in a lesser price.
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