Changing times have witnessed a conscious shift in the way luxury was perceived in Indian real estate. Till about 20 years ago a palatial house with plush amenities at a popular address was considered luxury. Not anymore! Coming up of high-end technologies, international brand associations and customized offerings have brought about a paradigm shift in the way luxury housing was perceived in India. Have a read.
Location No Longer Holds the Key
Prominent addresses and prized ZIP codes no longer define the concept of luxury homes. Consumers today are pushing the envelope and do not hesitate to pay a premium in emerging luxury areas if the amenities and lifestyle offerings match up to their standards. The trend is most visible in the young, affluent buyers who do not hesitate to opt for non-traditional areas where new developments are offering high-quality services and amenities.
Technological Innovations
Technological innovations and advancements play a significant role in elevating our living standards and homeownership is no different. Young buyers today have shown a marked preference for sophisticated automation systems and advanced features that would be effective in energy consumption, waste management and safety and security. Moreover, technology also plays a part in cost reduction and therefore a smart home of the future would be the benchmark in luxury housing in the country.
Global Impact
Homes developed by international architects, interior designers and collaboration with prominent developers from around the world will continue to rule the market.
Affordable Luxury
Changing market dynamics owing to the policy reforms have paved the way for affordable luxury amidst the mid-income sections which would keep the suburban markets on the radar of developers as homes with luxurious features and amenities would help people meet their lifestyle aspirations. For tier 1 cities like Bengaluru, Gurugram, Noida and Navi Mumbai, affordable luxury would be the buzzword in the coming years.
