Luxury in the city is not a contained phenomenon. The high-end home segment is witnessing inclusion and growth with new areas emerging in pockets close to the existing ones.
Poes Garden, Boat Club Road, and Rutland Gate have been the prominent pockets in Chennai but the city is now witnessing the emergence of a new luxury ‘precinct’ – Alwarpet, Kotturpuram, Egmore, Bishop Garden, and Perumbur.
Analysis by real estate consultancy firm Jones Lang Lasalle (JLL) says these localities are witnessing the highest growth because they address the city’s new-found need for ‘affordable luxury.’
The market price of land in these places is almost on a par with Poes Garden or Boat Club Road. “Also, in their quest to address this burgeoning demand, Chennai’s builders are on an acquisition spree, buying land where defunct factories and mills in the northern and southern parts of the city stand, only to raze them and make way for premium properties,” it says.
For people with deep pockets and those who seek the best gadgets, home appliances, and accessories from across the world, most of which are available in the city, there is no limit on indulgence. A market analyst with a real estate consultancy firm says a luxury home cannot be defined in terms of conventional norms.
“A high level of customisation, design specifications, and personalisation; value-added services such as hospitality, branded food and beverage services; private swimming pools and elevators are important features of a luxury home. The list may include on-call spa, concierge services, and the use of international labels such as Poggenpohl,” he says. “Luxury buys are not driven by financial parameters. At the top of the pyramid, typical luxury residential purchases are based on a premium that can be accrued to an investor based on developments, pin code, product specifications, address, and value,” he says.
A luxury home in the heart of the Central Business District can cost anywhere between Rs.7.5 crore and Rs.10 crore, as quoted by builders developing high-end properties in the Egmore – Nungambakkam area. A similar home with matching features can come at a lower price elsewhere in the city. This is testimony to the importance that ‘location’ holds in the sector.
