The era of luxury projects in India

Are you bored of the generic homes and would like to invest in something big like a luxury home? Most citizens who are looking for property investment in the current date are expecting something different and new to live in. Due to the fast pace of the IT sector and other industries which pay quite a heavy salary to their employers, most of them have deep pockets and are eager to invest in more than one property in India. The demand and the emergence of luxury homes have given a new face to the housing concepts in India. Most of the realtors are betting on the luxury projects and are launching an array of luxury projects all over India. These projects are not only in demand in metro areas but also in other peripheral areas. Luxury homes start with a price of about 1 crore; based on their location, features, amenities and other facilities. The demand for the luxury homes is increasing day by day in cities like Bangalore, Delhi, Chennai, Kolkata, Mumbai and others.

The concept of luxury housing:

The reason for the demand of luxury housing in India is due to the changing demographics of the country and the rising aspirations among people. Luxury homes are homes which are similar to plush hotels and are in great demand. They are exclusive as they have special features based on their location, structure and functionality. Likewise a villa on the coast of Mumbai with a speedboat pickup facility is a luxury home, a home with a nine-hole golf course designed by famous architects are termed as luxury homes.

The main aspect of a luxury home is its location as most of the luxury homes are built away from the hustle and bustle of the city, perhaps the ideal location to have a luxury home can be within the heart of the city with no disturbances around. Apparently, most cities are witnessing the growth of ‘super luxury’ homes which have additional facilities and extravagances when compared to the luxury homes.

Also most of the realtors are developing ambitious pipeline of high-end shopping malls which can cater to the retailers and buyers with the luxury brands. A large number of home buyers are demanding for luxury housing with an array of amenities.

The demand for luxury projects in India:

As mentioned earlier, there is an increasing demand for luxury housing all over the country. This demand can be credited to the increasing rate of High Net worth Individuals (HNI) and rapid pace of urbanization. One of the key aspects of the demand for the luxury projects in India is the presence of the increasing number of HNIs in India.

At present, the country has a growth rate of more than 20% and it also has the fastest growing number of high net worth individuals in the world. Apparently, the realty sector of India embraces of about 40% of their investment portfolio.
The second main aspect for the demand of luxury projects in India can be the rapid pace of urbanisation. There are various new families preferring for a luxury home which are fully loaded with global amenities similar to that of any foreign countries. Various NRIs are also seeking an option out of luxury homes. Basically the luxury homes are catering to the high-end investors and consumers. Naturally, this type of housing has become a requisite for the urban families in the current date.

Luxury homes in Tier II and Tier III cities:

There are various builders who are now exploring and initiating luxury and high end projects in not just metro cities but also in Tier II and Tier III cities. There are various studio apartments and super luxury homes which are coming up in cities like Bhopal, Indore, Dehradun and Amritsar and so on. Due to the advancement of more number of NRIs investing in Indian properties, there is an increased demand for luxury homes. Also there are various leisure locations wherein there are ultra -rich projects coming up. Places like Lonavala, Goa, Kerala, Kasauli and Shimla have these types of projects. The price range of these projects are up to 5 crore and above with attractive amenities. Also there are projects like a villa which is beach based or has a sea view, a river front, a hill based projects and so on which cater to the super rich citizens. All of these projects are embedded with sixth sense electronic fittings and fixtures along with a healthy environment. Apart from just the spread of residential projects in the Tier II and Tier III cities, there is also an equivalent demand for the commercial property in these areas. As witnessed the retail real estate in India is on an upsurge and there is an array of retail markets and shops which are coming up in these areas on a fast pace. Also there is an increased change in the lifestyle of people and they have adopted the mall culture.

Owing to all these aspects the developers find these cities more lucrative and also have various options for construction with better returns. Also the developers are witnessing greater investments in these areas when compared to metro cities. Most of the investors prefer investing in these areas because of the lesser time each project takes for construction and they also get better returns. The labour is cheap with safer markets along with a higher yield.

The NRI real estate trends in India:

Apart from just the increase in the Indian investors, there are also various NRI real estate investors. India which considers property investment as a real asset has changed the definition. The realtors have portrayed the property investment as an element of lifestyle and a splurge of luxurious apartments with beautiful commercial complexes and extraordinary retail ventures. This in turn has attracted the NRI potential property buyers. There is an increase in the number of NRI property buyers in India who are planning to settle down in India as well. Ever since the real estate sector underwent a rapid upsurge, people from various countries have been relocating here. As mentioned earlier, the implying of FDI is one of the major reasons.

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