Space upgrade: Premium living in cities comes in diverse shapes
From horse stables in Ahmedabad and golf courses in Bengaluru to designer flats in Mumbai, the definition of luxury homes is changing.real estate Updated: Oct 08, 2018 17:43 IST
The term luxury is beginning to mean different things across the country. Most regions have moved beyond landscaped gardens and swimming pools. New rich Indians are investing in homes that are not just status symbols but tech-savvy and comfortable.
India is home to the fourth largest population of millionaires in the Asia Pacific region with 2,19,000 ultra-rich individuals, with a combined wealth of $ 877 billion, according to the 2017 Asia-Pacific Wealth Report (APWR). They are changing the way luxury homes are designed, built and sold across the country.
Despite the downturn in India’s real-estate market, the luxury sector has managed to see steady appreciation of prices. “We have embraced global luxury, homes now come with complete automation, club memberships, personal gyms and computerised parking,” says Rajat Johar, head of residential services-India at realty consultancy CBRE. “Buyers are seeking exclusivity. Traditionally prominent addresses are no longer as important, we are moving to pay a premium for emerging luxe addresses in tier-2 and tier-3 cities if they offer world-class amenities and connectivity.” aren’t just in the golden triangle of south-west Mumbai – they’re also in Bandra, Juhu and Bandra-Kurla Complex (BKC). In Chennai, elite markets include Nungambakkam, Shastri Nagar, Adyar, Poes Garden and Bishop Garden. And in Delhi, it’s Malcha marg and Shantiniketan. “The demand in Alipore and Ballygunge in Kolkata is driven by luxury-loving high-net-worth individuals (HNIs) and non-resident Indians,” says Aditya Kedia, managing director at Transcon Developers.
What do premium homes look like in different cities? In Bengaluru and Delhi-NCR, traditionally, luxury homes were spacious villas with landscaped gardens,” says Reshmi Panicker, president of business development and customer relations management at Piramal Realty, a real-estate development firm. “Branded residences and designer flats have taken their place. The luxury aspect here now means state-of-art security systems, concierge services and wellness centres.”
The luxury real-estate market in Chennai still remains a little traditional. “The location and space continue to be important to buyers,” says Panicker. “In some parts of the city, private pools and elevators and terrace gardens are getting the attention of the luxury buyers.” She adds that in some tier-2 and tier-3 cities, having an automated door lock and efficient fire detectors are enough to qualify a home as premium. “While the buyers in Bengaluru want golf courses and jacuzzis, homes in Ahmedabad now come with horse stables and dog houses,” says Jaimin Desai, design head, Mahindra Lifespace Developers Limited.
The scenario is different in Mumbai. “Soaring prices and scarcity of land have led to the demand for affordable luxury and so-called perfectly sized homes,” adds Panicker. These homes are planned well, smallsized and come with basic amenities such as community centres, club memberships and landscaped gardens. Also available are bespoke homes designed by architects from around the world and green luxury homes. “These homes are resource-conscious, environmentally sensitive and yet, indulgent,” says Desai.
The luxury property sector has got a push in the last couple of years, the prices, however, vary widely across the country. The prices for affordable luxury homes in Mumbai are still higher than those of luxury homes in many other cities. “In Worli, for instance, the prices range around Rs 18 crore whereas a premium home in Chennai will cost you not more than Rs 10 crore,” says Kedia. “The home prices in premium pockets of Indore including Omaxe hills and Anchal Nagar are around Rs 2 crore. In Ahmedabad, prices range between Rs 5 crore and Rs 8 crore.”
Experts add that the luxury buyers are willing to move beyond the conventional locations. “If a smaller builder offers world-class amenities in the outskirts of a city, he gets buyers,” says Santhosh Kumar, vicechairman at Anarock property consultants. “It’s all about the experience that he offers to the residents.”
First Published: Oct 08, 2018 17:42 IST