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Affordable Luxury Homes: Is it win-win situation in current market?

Saturday, October 13, 2018

By Parth Mehta, Managing Director at Paradigm Realty

Financially approachable homes bundled with extravagant amenities is gaining popularity as ‘Affordable Luxury Homes’ in the real estate sector. Luxury homes are catered to HNIs as it demands premium price for offering the taste of ultra-modern facilities and use of superlative finishing materials in the wealthy locality which makes it unaffordable for mid-income buyers. The highest demand in the real estate sector is witnessed by mid-income buyers who seeks luxury lifestyle at reasonable price. Rapidly increasing demand from this segment cannot be ignored, hence developers are making an effort to reach out to a wider segment by constructing homes with luxury features at affordable rates. The prospect of enjoying high-end facilities without stretching the budget is the key attraction for such projects.

Developers have to compromise on high margins to get into this segment, however it helps them to sustain in the tough market as it is a fast moving product increasing the client base and churning cash flow thus managing the negative impact of market risk due to dynamic policy changes in a developing country like India. On the other hand, buyers in this segment also have to compromise on certain aspects to own pocket friendly homes with the experience of luxury living hence these projects are not necessarily built in the posh neighbourhood that offers extra spacious apartments with branded furniture and fixtures. Developers in this segment ensures to incorporate luxury amenities in the convenient location with minimal wastage of area. Buyers in this segment are mostly young couples, nuclear families or small business owners who prefer EMI over rent.

Developers have come up with various concepts like smart & compact homes, eco-friendly planning resulting in lower maintenance and energy cost etc to build luxury homes at lower cost. As they cannot compromise on the décor and basic amenities, developers manage the cost by sourcing fixtures & building material of good quality at reasonable pricing , deciding on the choice of amenities.

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