LUXURY HOUSING
September 2015
A Pie of the Sky
Luxury housing has emerged to be a vibrant and fast growing segment of the real estate market in India thanks to the growing aspirations of both domestic and NRI buyers, says SHILPA VYAS
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ndia is one of the fastest growing real-estate markets in the world and is expected to grow to US$180 billion by year 2020. Luxury housing is emerging as one of the major segments, attracting not just domestic real estate developers but also foreign investors. The growth in the number of High Networth Individuals (HNIs), Non-Resident Indians (NRIs), changing lifestyles and consumer demographics and increasing awareness among the consumers has led to the demand for luxury and super luxury homes. This has been further fuelled by the growth in the propensity to buy / purchase, which has created a large demand for luxury homes in India. Ashwinder Raj Singh, CEO - Residential Services, JLL India says: "The number of millionaires is increasing in the entire country and Mumbai as a city is the business capital of the nation. With better lifestyle, charms of living at a worldrenowned address and future potential of the appreciation of the investment is drawing a lot of people to opt for luxury homes for themselves. India’s High Net Worth Individuals are expected to grow to almost 3,50,000 by 2018-19 and these very individuals are the ones whose 40 per cent of investment is in real estate. Catering to this client base, a lot of luxury projects are announced in Mumbai, Bengaluru, Pune, NCR, especially in Gurgaon, and in Chennai. Getting foreign brand names in construction as well as luxury segments are the next big thing not only in Mumbai, but across the country."
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Luxury projects today are vying with each other not just on superior specifications and design but also on the basis of the superlative living experience coming from the services and amenities they offer. Location, type of product envisaged design, concept, and amenities – all together bring in the luxury tag to a property.
LOCATION COUNTS Location is the foremost factor associated with luxury housing as a desirable address is bound to covet a superior price tag. Major developers are now cherry-picking micro markets in order to build iconic buildings comparable to international standards keeping in mind the lifestyle needs of the discerning customers who desire superlative luxury homes. Luxury real estate is witnessing growth in the entire country with Mumbai being the clear leader. Pune, Bengaluru, Delhi, Gurgaon and Chennai are the other most responsive markets for luxury housing in India today. Ahuja Towers, the flagship project of Ahuja Group in Worli, is a testament of timeless design, classic elegance and international lifestyle combined with practically efficient and sustainable real estate development. This iconic 53- storey residential tower caters to the aspirations of the new-age, globe-trotting, connoisseurs of the modern world who have experienced superior levels of services, and are willing to pay
for the best. Each wing houses exclusive 4 BHK apartments and limited edition 6 BHK duplexes for its discerning clientele. With architecture design by Palmer & Turner, Singapore and interiors by Wilson Associates, New York, residents will enjoy 13 ft high-ceiling apartments, a 270 degree sea and city view as well as a host of premium facilities like a business centre, mini theatre, wine cellar, private dining area spa and beauty salon together with other club amenities. Besides this, the building will be fully serviced and comes replete with a concierge service, valet and even a chef on demand. Gautam Ahuja, Managing Director, Ahuja Constructions says: "The branded luxury residential property market has been steadily growing not only globally but also in Mumbai. In Mumbai, there has been a trend of working with international brands, consultants and fashion houses to package in something more for the uber rich buyer. Developers are increasingly walking the extra mile to overcome boundaries typically associated with operating in the luxury market which is today governed more by a social status and lifestyle statement rather than the economic or need considerations. This is because the buyers in this category are successful entrepreneurs, business tycoons, and high net worth individuals of the corporate world whose financial appetite in not limited to or affected by the economic conditions." An aspirational lifestyle is fuelling the demand for luxury www.indiapropertyinsider.in | A
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