The definition of luxury in India is as diverse as its culture. Same is the case with the term ‘luxury housing’. Every developer offers a different set of facilities and amenities to market his project as ‘luxury home’. They go for regular design upgradation and use innovative construction technology to add to the lavish features of the project. But there is need for a definite set of parameters that would qualify a project as ‘luxury’.
Along with the amenities, the location and size of the home also matter a lot for an average Indian homebuyer. According to the polls conducted by Magicbricks.com, an Indian buyer is also inclined towards the open space his home offers. Private lawns and open gardens are highly demanded by the buyers. This pretty much explains why developers are increasingly offering terrace gardens, private lawns and porches in their luxury projects.
The research also revealed buyers’ tendency to go for ultra-modern amenities like personalized sports facilities, home automation, etc. About 47 percent of the buyers wanted to have private swimming pools or infinity pools in their homes. Other facilities demanded by the buyers include private bars and sky lounges. Since these modern facilities were not available few decades back, they have now become synonymous with the term luxury.
Location is also a major player when it comes to luxury housing. Buyers are ready to pay extra amount to get home in posh localities. For example, Golf Course Road in Gurgaon is one of the most sought-after localities. Builder floors and independent houses in certains parts of South Delhi, such as Aurangzeb Road and Lutyens Delhi, are available at exorbitantly high prices. Given that the ultra-rich buyers are highly inclined towards ultimate addresses, the premium charged by the builders is properly justified.
Ultra-rich of our country have traveled across nations and have seen varied definitions of luxury. In India, a bigger space in a flourishing city is itself a luxury. And now the buyers are evolving and asking for higher standards of lavishness. It is interesting to know that luxury housing market and affordable housing market are going hand in hand in our country.