(2016 October) Architect & Interiors India - Lurxury Housing

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FEATURE LUXURY HOUSING

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LIVING LARGE WITH ITS MYRIAD FEATURES AND AMENITIES, LUXURY HOUSING WANTS TO PUT MORE THAN A ROOF ABOVE OUR HEADS BY CAROL FERRAO

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1. Transcon Triumph is an award-winning project by ARK at Andheri, Mumbai.

e learn immensely about human civilisation by studying their settlements and architecture, and we have indeed come a long way from finding shelter under a rock to seeking gated communities with endless amenities including a pet salon. For many, it’s not just about fulfilling a basic necessity – but finding that perfect abode of comfort and beauty. Today, luxury housing (sign of our developing economy or a polarising term?) has established its own little niche in the real estate sector with a diverse demographic of buyers. “The economic growth of the country has created a new generation of consumers as diverse as senior corporate professionals, young working women who live with their families and are big spenders, successful entrepreneurs and farmers who have sold their land to developers,” explains Samujjwal Ghosh, deputy CEO-Pune and executive vice president-Marketing, Lodha. Given the diversity of buyers, Ghosh admits that the word ‘luxury’ itself has different shades of meaning for each segment – traditional family business owners, the global Indian, first-generation entrepreneurs and business tycoons. For developers like Lodha, each of these segments constitutes a potential luxury consumer group with distinctive behavioural characteristics. “So, what got accepted as luxury (earlier) is not the case today. The Indian consumer is able to distinguish between true luxury, premium and high street brands, and the same is being witnessed in real estate as well,” he points out.

ARCHITECT and INTERIORS INDIA | OCTOBER 2016 | www.architectandinteriorsindia.com

Buyers are excited to own one-of-a-kind homes, in some cases designed by international firms (whom they have most likely not heard of before) and bursting with lifestyle amenities that will be conveniently accessible to them. “Customers, these days, are drawn towards novel concepts of living like resorts, global townships with new technologies, impressive designs and latest architecture,” asserts Amarjit Bakshi, MD, Central Park. While location, lavishness in space and exquisite materials defined the luxury housing of the previous decade, today much more is desired from a premium residential development. “Emphasis on greater personal space, comfort, technology and amenities has evolved and transformed the concept of luxury real estate. The demand of luxury housing is not only prevalent in metros, but is also growing popular in tier II and tier III cities,” explains Ashok Mohanani, CMD, Ekta World. Lack of space in metropolitan cities and the huge potential of upcoming cities has meant that luxury is finding new addresses. And it is ascertaining its value by providing exclusive facilities for entertainment, leisure, security and relaxation. However, it’s not necessary that developers see luxury housing as simply packing ‘as much’ in one project. Sanjeev Dhingra, MD of Turtle Group and Dhingra Projects Private Limited, sees luxury as understated elegance. “An ultra luxury residence is not restricted to just putting together high-end fittings, fixtures, finishes and furniture into a space, but should go beyond in terms of understanding the user and his lifestyle and enabling a space to perform


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