Welcome to the rapidly growing world of luxury. Today, everybody in India desires of a dream house and a luxurious living. Investment in luxury has become an emotion driven demand of social prestige and luxury has become the most prominent status symbol amongst the classes.
Luxury as a word has no clear definition, and therefore keeps crisscrossing between affordable luxury, super luxury and ultra-luxury. There are various factors on which the luxury quotient of a project can be assessed. Be it a great view or a prime location; low density of people living or high quality construction material and fittings; ultra-luxury amenities such as individual or roof top swimming pool, Jacuzzi and private gym or simply the brand name associated; luxury parameters vary for everybody. Evaluating the value for money with countless options has become challenging and therefore it is important to understand the important parameters.
Today the developers are constantly innovating and adopting exclusive design ideologies with enhanced financial viability to come up with novel ideas for the luxury residence segment. With the evolution of Indian upper middle class and its upgraded purchasing power, luxury projects have shifted their focus from the socially elite to the upcoming middle class. While large plot sizes may be considered ultra-luxurious; smaller plot sizes with lavish amenities such as swimming pools, clubs, gyms and open spaces, are the new affordable luxury units. Targeting the huge potential and growing demand, developers are now coming up with more and more affordable luxury projects.
Another upcoming trend in the luxury housing segment is the ‘branded residence’. The trend started with luxury residential developments associating with celebrity brands, movie stars and athletes as brand ambassadors. Featuring high-class services with exclusivity; association with a brand further added credibility, endorsement and identification to these projects. Few of the projects have also roped in hoteliers such as Four Seasons, Leela Kempinski, Radisson and Hyatt for developing and operating these branded residences in cities like Mumbai, Delhi, Bengaluru and Pune.
While everyone has his own perspective of luxurious living, it is an individual choice of preferences. It is important to identify your luxury quotient and if needed take professional assistance to assess the options available. Between the opulent choices, select wisely because in the end it’s all about picking the perfect habitat and living your luxurious dream.
About the author
Surabhi Arora, leads the research team in India and has more than 13 years of experience in carrying out multi-disciplinary research and analysis in the area of finance and real estate industry. Surabhi specialises in real estate economics, policies, commercial and residential real estate research with in-depth knowledge of market dynamics across major markets in India.