The luxury housing segment is an important, vast part of the market. It is not only drawing interest from local buyers, but also from foreign investors, especially the NRI homeowners.
A large part of this demand generation can be attributed to large HNI communities, growing awareness in international design & aesthetics, and lifestyles directed heavily by global cultural influences. Not the least, is the influence of location. Locations chosen for luxury developments see a spur of growth in infrastructure and urbanization.
There is great diversity within the luxury segment as well. From high-rises to duplexes and independent construction or even gated communities; developers across the country are now offering high-end features and specifications not just in design and interiors, but also in construction methods, and amenities.
Here 3 prime reasons why Luxury Housing is Achieving High Demand In India.
A. Problem of Plenty
The real estate market is flooded today with choices even in the luxury segment. Developers, to attract gentry clientele, are now developing several luxury projects at the same time. A typical developer’s portfolio will see at least 2-3 luxury or high-end projects. With elegant facilities like concierge, home automation, smart interiors, outdoor decks, temperature-controlled pools, and even Olympic-grade sporting facilities, developers are trying to outdo each other. This problem of plenty bodes well for aspiring homeowners and investors.
B. Index of Cost
Pricing continues to be the single largest front where the war for consumers is being fought. Pricing across the luxury segment is subject to variables such as location, amenities offered, brand value, and also, in few cases, availability. As trend, Delhi NCR continues to command more attention, but newer luxury residential capitals like Pune are also serious locations to consider. Pune, in particular, has seen the luxury real estate segment boom. With Panchshil’s first Trump-branded residences – Trump Towers Pune, and also Philippe Starck’s (of yoo studio) entry with the lavish yoopune property, Pune real estate remains to be more desirable simply because the value offered outweighs the cost.
C. A Matter of Class
Ultimately, luxury residences are about the standard of living. With growing consumer expectation, developers are offering more and more world-class amenities and international standards in construction. Panchshil, for example, is building brand equity by offering the ultimate in luxury living by tying up with international luxury brands to bring the same range of living to India. Associations with Trump brand, Philippe Starck, Jon Hitchcox, Kelly Hoppen and other luxury living giants means that homeowners get to experience a global standard hitherto not available in India.
When looked at carefully this triad of reasons, in its various permutations and combinations, adds to the growth of the luxury living segment in India. The most important factor, of course, is the ability and willingness of Indian consumers to demand and pay for world-class luxury living standards. And when supply can meet demand, it is invariably beneficial to all parties.