The Indian real estate sector has experienced a change in trajectory during the last year. This was due to several changes in the reforms and housing laws. In the present scenario, change in consumer preferences has led to a rise in the demand for luxury housing.
Global aspirational lifestyles have today conditioned the typical Indian homeowner to look for practicality infused luxury. Consequently, several developers have come up with luxurious projects. Every luxury home offering is now incorporation of comfort, accessibility, technology and innovation. Additionally, it is a paradise for the homeowners. Some of the main trends making their mark in the realty sector are:
Owing to the persistent technological advancements, the concept of smart homes has become increasingly popular and holds tremendous potential to grow in the future. Smart homes are not just a luxurious option anymore, but a necessity for the people who are looking to buy a house in this segment. The buyers expect the hi-tech systems to incorporate ease, entertainment, security and mobility in their homes.
Gone are the days when high-end homes were nestled in the isolated areas of the city, with a row of independent houses surrounded only by trees.
Homeowners nowadays look for an ideal location in the heart of the city to ease their commute along with social amenities to ensure that their children have access to play areas, friends and proximity to the city’s hotspots. Owing to the dramatic change in consumer preferences, most luxurious homes are now apartment complexes, with well-planned amenities for all ages.
While play areas and clubhouse are common amenities expected from most mid-segment gated communities, luxurious offerings like mini theatres and infinity pools attract customers who want a lifestyle experience from their homes.
Just incorporating Feng Shui into the model of the building is a thing of the past. With smart homes and other additions driving luxury housing to a higher plane, it is now crucial for the developers to incorporate sustainable and eco-friendly practices so as to ensure efficiency in the usage of resources.
During modern times, expansive rooms and grand swirling staircases can be considered as the epitome of luxury. Moreover, multiple floor villas with a lift that opens into the living room have become a popular choice among the homebuyers. In India, multi-storey villas have multiple generations residing within them. With lifts gaining popularity, it has become less exhausting to commute around the house.
The demand for home lifts has increased extensively. These do not rank high on electricity consumption and affordability while contributing to the ultra-luxurious aesthetic appeal of the house.
In a house that exudes luxury, washroom is the icing on the cake. These are prioritised, keeping in mind the likes and dislikes of the customer in terms of aesthetic appeal, luxurious furnishings, seat warmers, automated bath functions and luxurious shower fittings.
The developers are starting to incorporate well-defined elevations, glass facades, unique and expansive balconies to give houses a more open feel. The concept has been received well as customers not only find it aesthetically appealing, but it also provides the illusion of living in a larger space.
The recent trend in furnishings and fittings are to fuse the outdoors with the indoors. Terracotta, pebbles, polished timbers and other earthy elements are fused with the walls, and overall fixtures to create a home that complements the nature, rather than following an industrial approach.
While luxurious offerings once belonged to a very niche group of customers, the segment has gained a lot of attention from the middle-income buyers as well.
Owing to the increase in High Networth Individuals (HNI), the market now has buyers who are willing to stretch their budgets to make a lifestyle statement.