Luxury Residential Apartments Since the last couple of decades, the Indian reality scene has been on a rollercoaster ride, with more ups than downs. The speed with which this industry has grown has left all spellbound. With property rates almost doubling in a year at some instances, the real estate has attracted all and sundry. Although the mid size segment of 1 to 3 BHK apartments has seen the major chunk of activity, the luxury residential apartments have also not been far behind. They have in fact stood the test of time and although their sale volume is relatively less than the mid size segment, they have shown a consistent sales graph even in dire times. LUXURY APARTMENTS Although luxury is a relative term, which may mean different for different people, but luxury residential apartments can be defined as apartments which are big in area, provide world class facilities, with top of the line construction and which diminishes the difference between a hotel room and a house. Apartments are single unit blocks usually part of a building called an apartment building. When these apartments are made keeping the niche upper class in mind, catering to their opulent style and demands, they are called luxury residential apartments. An array of luxuries like concierge, exclusive pools, high end security, plush interiors, centralized weather control and other smart home features like Gas leak sensors and lighting sensors are some of the features which luxury residential apartments these days offer. THE DEMAND Relatively less in numbers than the regular apartments, these residencies have a separate sector to cater to. They have a limited but loaded clientele which feeds on the exclusivity factor. Since time immemorial, we have seen an income divide where the society is basically divided into haves and have not’s. The rich have always wanted to segregate themselves from the rest of the “junta”. This desire to remain exclusive and the mad rush of people to join this exclusivity brigade has fueled the demand for luxury residential apartments. The mid size segment is effected by the economy and the day to day fluctuations in factors like change in interest rates etc while the luxury apartments sale is not dependent on these factors. This has attracted not only national level developers but also foreign investments in this sector have gone up. Many luxury residential apartments have come up and been grabbed instantly. Luxury homes sale comprises just 5% to 7% of the total volume of residential property sold in our country, but that hasn’t stopped big names from entering the market. Mumbai based Lodha group for example, have hired the great Italian designer Giorgio Armani’s interior design studio, to design their World Towers residential project in Mumbai. No wonder the cost of these flats and villas starts upward of 12 crore. High price not only adds to the snob value of the product but also feeds the exclusivity tag which the rich and the famous so crave for. The 21st century has seen the luxury residential apartments market expand to Tier 2 cities as well. The builders have seen beyond the main 4 metros and heaped the rewards. Research firm RNCOS has brought out research figures, which peg the Luxury apartment market to growth at an annual compounded rate of almost 80%, between the period 2012-2014.
Further carrying the flag of the luxury residential market are boutique homes. Built for a very exclusive and niche segment, these are apartments are designed on personal demand and personal requirements of each client is taken into consideration while designing these apartments. Orbit group in Mumbai and Uppal group are some names whose luxury boutique apartment projects are underway. The builders usually donâ€™t target investors but direct end users to sell these luxury residential apartments.
Published on Jul 30, 2013
Published on Jul 30, 2013
Since the last couple of decades, the Indian reality scene has been on a rollercoaster ride, with more ups than downs. The speed with which...