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Growth Of Luxury Living In Mumbai

Saturday, December 15, 2018

By Bobby Mukherji of Bobby Mukherji & Associates

Luxury housing has witnessed a steady growth in Indian realty. Also, rapid globalization and evolved consumer tastes has led to a seamless inflow of global lifestyle trends. The definition of luxury homes has changed in recent times. The buyers see their homes as a calling card and want the homes to reflect their financial and social status. Till early 2001, luxury was perceived to be the pin code or prime location but, in the last few years’ luxury has seen a transition and advent of high end technologies, international brand associations and boutique or customized homes. The city is home to multinationals and HNI’s who are willing to pay big bucks for a spacious apartment that comes with intelligent technology, landscaped terraced gardens and private lounges

The last decade has seen a complete transition in buyer’s perception while investing in property. The luxury homes come with a combination of top-quality imported interiors, international designer bathroom fittings and semi-equipped kitchens. Other aspects that cater to the growing appetite of the super luxury home include, Olympiad and infinite swimming pools, water bodies, hanging gardens and meditation centers, digital locks, home automation and electronic surveillance system to name a few.

The amenities provided by a developer in an ultra-luxury residential are world class and effectively come at a high monthly out-going as they are effectively maintained like 5-star hotels by a reputed facility management.

The amenities and features which were a luxury a few years back are considered a necessity today. With the growth of the economy, changing lifestyle and demand for a project with aspiration value every developer is propelled to include more of premium lifestyle amenities in his project. The future of luxury market is going to change with the new trends coming up driven by the aspirational young entrepreneurs but the economic fluctuation also plays a key role in deciding the fate of luxury houses.

Moreover, every luxury home buyer in Mumbai wants a piece of location which offers all the facilities in the heart of the city. This in turn has created shortage of space in specific localities. Still, from the investment point of view, luxury homes segment is where developers and investors alike can look at for profit margins. The coming years will see a significant demand for luxury living spaces amongst HNI’s and NRI’s as they also consider it an apt investment opportunity with multiple returns in the future.

With the reviving economy having infused a renewed sense of confidence among wealthy individual home buyers, there has been a significant surge in demand for the luxury homes asset class in the metropolitan cities of India

Many more developers are now venturing into the premium segment, which has resulted in a massive spurt of luxury projects. In fact, many of these properties are being touted as so exclusive that sales are by invitation only

Besides, the non-resident Indians are also driving growth in this segment. Those NRIs who wish to return to the country look for homes that include all the amenities and luxury they need. Thus, it goes without saying that the expectations of luxury buyers are also growing with changing dynamics and rising aspirations.

Builders, on their part, are often seen reinventing themselves so as to oblige the demands of their discerning customers. As a result, the Indian realty market has been going through a major transformation in trends over the last few years. From theme-based homes to smart homes to state-of-art amenities to associating with ultra-luxury brands such as Armani, builders are trying their best to lure customers with extra features.

Clubhouses, health facilities, rainwater harvesting, butlers and private jet services are among the elements that developers are adding to their properties to appeal to wealthy home buyers in India.

Tthe desire to own a home that matches their lavish lifestyles with state-of-the-art amenities, grander living spaces and exclusivity is driving a boom in luxury home buying in India.

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