It has advanced from being synonymous solely with grandeur and magnificence, to now embodying a polished aesthetic characterized by matchless experiences, elite amenities, and unique services. The luxury real estate market is constantly evolving to meet growing consumer needs and their taste for a more upscale lifestyle. The new standard in luxe housing embraces additional layers of safety and comfort in addition to personalised services and thoughtfully crafted experiences. Consumer behaviour has changed intensely as a result of changing demographics, increased use of technology, and rising income levels. These have been the key enablers and motivators for the new way of living.
Millennials: Upping the luxury housing demand
The growing desire among millennials to own a premium house is an augmented demand that has surfaced in today’s time. As a result of rising disposable income, upper incomes, and growing urbanisation, millennials (people aged 25 to 35) have shown a strong interest in buying luxury homes. The modern millennial generation is wealthy, technologically savvy, and values a high standard of living. They prefer lavish home designs with the most modern conveniences, unparalleled experiences, safety, and wellbeing. Millennials tend to invest their resources in acquiring a dream abode that satisfies their aspirations. It is forecasted that the market will reach new zeniths as a result of this growing trend.
The Desire for Greater Spaces is being driven by Hybrid Work Culture
The evident emergence of work from home (WFH) has increased the demand for larger homes with workspaces. To create a comfortable and effective working atmosphere, buyers are exhibiting interest in homes with expansive amenities and extra office space. As a result, people now value investing in luxe housing.
Digitalisation: Driving the growth of Luxury Real Estate Market
Customers are drawn towards automated houses, especially in the luxury market, because they offer a blend of entertainment, security, wellness, and convenience without compromising the elegance, and comfort, of luxurious living. Technology has changed the perception among real estate buyers that larger homes in desirable neighbourhoods are “luxury.” Customers today want to use technology in addition to more traditional means to enhance their life experiences. It is anticipated that over the coming years, the luxury housing market will incorporate more smart home technology due to significant changes in the housing industry, new lifestyle concerns, and a growing emphasis on sustainability, health, and wellness.
Mixed-Use /Integrated Township: Offering Tailored Solutions
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. Aside from considering basic utilities, the integrated townships are expertly planned to meet the demands of all age groups and their convenience. This includes entertainment, malls, sports venues, and open spaces like parks, walking trails, etc. that are all within walking distance.
Favourable investment opportunity
The market’s growth has been further driven by the increased tendency of HNIs and NRIs to invest in luxury residences. NRI and new-age buyers have also significantly contributed to the growth of the country’s this segment of housing market. According to a recent survey by India Sotheby’s International Realty, more HNIs intend to buy luxury real estate in the next two years. On the other side, NRIs consider this a compelling opportunity to invest in bigger and better assets at home, made possible by their government’s support and substantially stronger purchasing power.
The aforementioned characteristics, along with a number of other variables, have all contributed to the tremendous expansion and growth of the luxury industry in recent years. It appears that Indian real estate sector will continue to experience strong and positive momentum in 2023 when compared to their worldwide peers because of the rising demand in the luxury housing market and buyers’ desire to invest.