Each person has a definition of ‘luxury’ depending on his/her social status and lifestyle. For some it may be affordable luxury home while the same can be quite an expensive affair. Thus developers cater to a variety of demands, even within the luxury home segment. Luxury and ultra-luxury homes make a bold promise. They’ll turn your lifestyle upside down and people will envy you. Your address becomes your calling card, and most importantly like any true luxury product can be passed on to the next generation.
Across India, luxury homes have become the ultimate creation for developers who want to rise above the pack. They aim to have one showcase project -a trophy project- that can really standout and help them distinguish from the rest. Moreover these projects can help them bring in the money- for example in Mumbai these flats can cost you between 40-50 crore each. The ultra-luxury projects conceived by the developers have – the wide panoramic views, the high ceilings and the concierge services. All show the luxury at par with London or New York developers.
Rapidly growing high net worth individuals [NHI], increased aspirations and changing lifestyle are the factors that have redefined luxury living in India. Premium home boast of increasing demand because of rise in income and an affluent lifestyle required by young professionals. As buyers are demanding more luxury living experiences imbued in their residential abodes, developers are coming up with more premium luxury homes.
Affluent buyers want their homes to reflect their financial status and social standing. Accordingly, premium and luxury segment has seen unprecedented growth and rise, with developers catering in to their demands. Premium homes do not mean large homes which are centrally located, and which are expensive, but the concept of premium residences has changed.
Demand for luxury homes in India is growing and the premium segment has grown to a whole new dimension adorned with modern technologies. They have become a lifestyle statement for the affluent class. Luxury segment offers a range of homes to target the buyer – apartments, villas, row-houses/bungalows etc., they are often laced with open spaces, golf-courses or parks. Innovative techniques are being introduced in luxury segment by developers.
Branded residences are an important emerging concept in luxury housing, which are developed by developers in collaboration with international luxury or hospitality brand. Branded homes falls under super luxury segment. Theme based realty is a new concept in Indian luxury real estate sector. Theme based luxury villas in Mumbai, Bengaluru, Pune, Delhi, Gurgaon and Chennai, have attracted a lot of NRIs to invest in these ultra-luxury homes. Luxury homes are regarded to have immense investment potential not only by the domestic investors but also by NRIs and foreign investors.
Till few years ago, the luxury home buyers were content with location to boast about whatever extra facilities money could buy. Now times have changed so also the definition of luxury, which now means ultra-premium residences. Indian economy has taken a big leap and the modern man is well travelled and is tech savvy, so no compromises with his lifestyle and hence his address has well extended beyond just a fancy town-side address. Luxury for most is fulfilling their pursuit of having a superior standard of living and commendable private space.
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