TREND TOWARDS LUXURY LIVING IN INDIA
India is one of the fastest growing real estate markets in the world of which luxury housing is emerging as one of the most vibrant and dynamic segment. The rapid growth in the number of HNI’s, NRI’s, changing lifestyles and consumer demographics and increasing awareness among the consumers has led to demand for luxury and super luxury homes. Prices for projects in the super luxury segment have witnessed a steady appreciation over a last decade especially in the metro cities namely Mumbai, Delhi NCR and Bangalore implying a worthy return on investments. Of these Mumbai has made its mark as not just been the financial capital of India but also the ‘luxury capital’ of the country.
Branded residences targeted towards the uber rich, discerning and a choosy clientele are luxury homes designed, marketed and often managed by global hospitality or signature designers. The branded luxury residential property market has also been steadily growing not only in Mumbai but also globally. It is attracting developers, investors as well as fashion brands. The most powerful real estate developers are now cherry-picking micro markets in order to build iconic building comparable to international standards keeping in mind the lifestyle needs of the discerning customers who desire superlative luxury homes. These players are increasingly walking the extra mile to overcome barriers typically associated with operating in the luxury market which is governed more by a social status and lifestyle statement rather than the economic considerations. This is because the buyers in this category are successful entrepreneurs, business tycoons, and high net worth individuals of the corporate world whose financial appetite in not limited to or affected by the economic deliberations.
Understanding the new aspirations, developers are creating icon projects that are world class with respect to design, consultants on board, amenities and services provided etc. appeal to the uber rich segment of buyers. In luxury, barring not only amenities and design concepts, location and addresses gain a strong foothold to bring in the luxury tag. The definition of luxury is also being closely scrutinized by ultra-rich buyers when it comes to evaluating offerings. Luxury housing projects in the today’s era go beyond just offering club houses and quality fittings in the apartment. They are now enjoying a new look trying out different product offerings and superior level of services comparable to a home in Manhattan, Singapore, Hong Kong and exotic locations. Luxury buyers are looking for premium options that provide 24×7 services, mini theatre, spas, salon, concierge services, business centres, and a gated community experience as amplification on their experiences in stand-alone buildings in the premium areas. Luxury homes also focus on providing larger living spaces and artificial intelligence through latest gadgets and technologies, digital locks, electronic surveillance systems, private elevators and direct access to apartments, digital control systems and much more to delight and offer superior level of experience.
For example our super luxury offering Ahuja Towers – Worli is a testament of timeless designs, classic elegance and international lifestyle combined with practically efficient and sustainable real estate development. This iconic 53 storey residential tower caters to the aspirations of the new-age, globe-trotting, connoisseurs of the modern world who have experienced superior levels of services, and are willing to pay for the best. Each wing houses exclusive 4 BHK apartments and limited edition 6 BHK duplexes for its discerning clientele. With architecture design by Palmer & Turner, Singapore and interiors by Wilson Associates, New York, residents will enjoy 13 ft high-ceilinged apartments, a 270 degree sea and city view as well as a host of premium facilities like a business centre, mini theatre, wine cellar, private dining area spa and beauty salon together with other club amenities. Besides this, the building will be fully serviced and come replete with Concierge service by Quintessentially, Valet and even a chef on demand. This project which will soon be completed has already received immense recognition both nationally as well as internationally. The building is pre-certified with a Gold rating from LEED, received a 5 Star Rating from CRISIL for 3 years in a row and has won 11 international and 2 national awards.
These types of offerings have brought the crowd of investors and buyers into the luxury markets that were once looking outside the country for such good alternatives. This explains why the demand for luxury properties is increasing in cities like Mumbai, Bangalore and the NCR regions despite of inflated interest rates.
If one looks at the country’s financial capital, Mumbai the demand for superlative luxury which was earlier associated with locations like Malabar Hill, Cuffe Parade, Nepean Sea Road is gradually shifting towards locations like Worli, Prabhadevi & Lower Parel. This can largely be attributed to the limited land supply in the historically prized locations, the opening up of NTC mills which has led to the development of many luxury projects in this belt, the shift in the Central Business District (CBD) to BKC and the opening up of the Bandra-Worli Sea Link that connects the South Mumbai to the Western Suburbs.
Going forward, the regulatory provisions in Mumbai may be a far cry from what is desired for real estate. Yet, the city has an aura associated with luxury living. Moreover, one needs to understand the psyche of an investor. No market has given better returns on investment than Mumbai’s luxury real estate segment. With several upcoming and planned infrastructure projects as well as the push towards redevelopment and taller buildings, Mumbai seems set to retain its top position in India’s luxury real estate market.
Authored by Mr. Gautam Ahuja, Managing Director, Ahuja Constructions