According to various surveys done by financial institutions on India’s wealthiest people, it has been found that every year there are additions of the new billionaires. Our top billionaires are also ranked among the world’s wealthiest people.
With the rapid rise in the income of India’s wealthiest billionaires, HNIs and NRIs, the growing demand for luxury and super luxury homes is no big surprise. The luxury homes are pegged at 10 to 25 crores and this market segment is bound to constitute 5 percent of the total realty market in India.
The luxury homes in India are targeted to the needs of niche customer for whom spending a few crores is not a big deal. The developers are tying up with international luxury hospitality, lifestyle brands, famous personalities, and celebrities to boost the value of the property.
Mumbai based Lodha Group has tied up with Italian designer Giorgio Armani’s interior design studio, Armani Casa for the World Tower Residential Project in central Mumbai.
The demand for such luxurious properties are in demand to cater to the lifestyle needs of the globe tottering industrialist, entrepreneurs and executives who have lived abroad and acquired the taste of exclusive living.
Luxury is no longer about living in a big residence with comfort and convenience. It must speak to the resident. Residing in a luxury apartment is a symbol of their status in the elite circle.
They want things in life best described as ultra-luxurious and exclusive. They prefer to live in cities but insulated from the hustle and bustle of the city. The branded homes are more like a hotel than a house. They prefer their homes to have superlative features, branded interiors, hospitality services and signature décor and they are willing to pay any price.
A luxurious branded home would offer designer label, professionally designed interiors and exteriors, imported items, highly evolved international level facilities like that of resorts, features such as occupancy sensing, concierge service, electronic surveillance and security with valet parking etc.
Also, Read:
Real Estate Investment Tips For NRIs
Trends In Indian Property: NRI Investments
Main 8 Reasons Behind Real Estate Focusing In India
Conclusion
The real challenge for the luxury home developer is to get prime land in the heart of the city, tying up with an internationally renowned brand or signature label, the presence of infrastructure to supplement the overall luxury experience and limited buyer.
