Recently, the perception of luxury homes in India has changed. Evolving from being synonymous with grandeur and magnificence, it embodies a sophisticated aesthetic characterized by unparalleled experiences, world-class amenities and unparalleled service. The luxury real estate market is constantly evolving to meet the growing needs and tastes of consumers for a more upscale lifestyle. The new standard of luxury accommodation includes personalized service and carefully designed experiences, plus an extra layer of safety and comfort. Consumer behavior has changed significantly due to changing demographics, increased use of technology, and rising income levels. These were the most important prerequisites and motivations for the new way of life.
Millennials’ growing desire to own luxury homes is an increase in demand that has surfaced during this time. Rising disposable incomes, rising incomes, and increasing urbanization have led millennials (people aged 25-35) to show a strong interest in purchasing luxury properties. Modern millennials are wealthy, tech-savvy, and appreciate a high standard of living. They prefer spacious living designs with modern comforts, unparalleled experiences, safety and well-being. Millennials tend to invest resources to get their dream homes that fulfill their desires. With this growth trend, the market is projected to reach new heights.
The apparent emergence of work from home (WFH) has increased the demand for larger apartments with work areas. To create a comfortable and effective working environment, buyers are interested in apartments with extensive equipment and additional office space. As a result, people are now focusing on investing in luxury homes.
Mixed-use/Integrated townships are designed and built to be self-sufficient in terms of daily needs. Planning and governance are crucial elements in building a township; as a result, it is decisive to integrate technology infrastructure and processes effectively to best serve the residents. The development, which is based on the Live-Work-Learn-Play philosophy, is structured in such a way that one can “walk from home” to obtain access to all necessary services, including as grocery stores, hospitals, schools, and places of employment. Beyond considering basic services, the integrated townships are expertly planned to meet the needs and comforts of all ages. This includes entertainment venues, shopping malls, sports venues, open spaces such as parks and hiking trails, all within walking distance.
Market growth is further accelerated by HNI and NRI’s growing trend to invest in luxury homes. NRIs and New Age buyers are also contributing significantly to the growth of this segment of the country’s housing market. According to a recent study by India Sotheby’s International Realty, more HNIs will buy luxury properties in the next two years. NRI, on the other hand, sees this as an attractive opportunity to invest in bigger and better assets domestically, made possible by government support and significant purchasing power.
The above characteristics, along with many other variables, have all contributed to the tremendous expansion and growth of the luxury goods industry in recent years.India’s real estate sector is experiencing increasing demand in the luxury housing market and buyers’ willingness to invest. should continue its strong positive momentum in 2023 relative to its global peers.