The paradigm of luxury has surely evolved as it no longer restricted to good infrastructure, locality, and connectivity. With the rise in the population of HNI's, India is gaining stature as an economic power, thus encouraging higher stakes in the luxury housing segment. According to Knight Frank Wealth Report 2019, India has observed a sharp rise of 116 per cent in billionaire population between 2013 and 2018 and the 39 per cent growth is expected in the next five years. Also, due to various relaxation in business establishment procedures along with the ease of doing business (EoDB) in India, several international players and MNC's have been seen making their way in the Indian market. This development is one of the major reasons for the upswing in the demand of luxury houses.
Let's have a look at the changing dynamics and study some of the reasons leading to the rise of branded luxury residences in India.
Amalgamation of luxury with aesthetics
Technological advancement has paved way for ultra-luxe residences. Artificial Intelligence, be it in form of Alexa, Echo Dot, or other home security appliances, has Luxury apartments in Punechanged the cultural attitude of the expanding Indian consumers. Moreover, the incoming of international designers has changed the outlook the end-users have towards luxury. Branded luxury residences now include the finest accoutrements, wall artwork, luxe bathroom fittings, Italian flooring, and centrally air-conditioned towers with electronic access control, 24 X7 gymnasium, swimming pool, and dedicated concierge services.
Today's high-end consumers have started putting in efforts and money to decorate their homes with great design. They don't mind investing in a property that has all the functionalities well suited to lead a luxurious life. YooPune, flagship project of French designer Phillippe Starck, boasts of refined luxury for the elite class. These 228 luxury apartments in Pune have everything one needs to lead a luxurious life in the heart of the city. Every element in the house is a piece of art. Be it the trademark chandeliers or the creative wall papers, premium residences by this design maestro is a luxury in itself.
Makers of branded luxury residences now offer personal customization to their buyers. Premium buyers are on the lookout for a home that satisfies their fondness for luxury living. Yoo Villas, another project of Panchshil Reality in collaboration with famous interior designer Kelly Hoppen, are available in three interior style options; Urban, Vintage and the See Breeze Style to suit their individual tastes. Every design option stands true to its nature; the See Breeze style, for instance, has been designed to amplify the space by having white interiors. The floor to ceiling doors allows sun to light up the luxury space. The luxury villas in Pune also boast of high-end specifications and amenities comparable to finest 7-star hotels in the world.
Global status and brand value
The Indian consumer has become brand conscious. With more income in hand, buyers love to flaunt their style using luxury brands as a medium. Reputed real estate developers have well understood this need and dependency, and have started partnering with international designers to build dream homes suited to meet the demands of high-end users in Pune. Panchshil Realty has joined hands with several designers, including Italian designer Matteo Nunziati, to create luxury flats and luxury properties in Pune.
Going by the current trend, the fate of branded luxury residences seems positive. The growing demand is forcing top real estate developers to swiftly cater to this emerging trend by launching new housing projects in Pune that match international standards in relation to lifestyle, interior decoration and architectural aesthetics.