At any given point in time, and regardless of economic conditions, there will always be people who are not content with just any kind of home. As a result, the demand for luxury homes in India may rise and fall — but it never goes away.
It is driven by the rising standard of living and increasing disposable income among entrepreneurs, corporate executives, and software professionals, and the scions of traditionally wealthy families. They want more than just four walls and a parking slot.
Is it just a thirst for the good life, or perhaps a case of too much money in their hands? Not quite. Indian luxury home buyers have sound reasons for choosing to live in premium rather than ‘normal’ homes:
Buying a luxury home is a matter of prestige, and why not? After all, most luxury home owners have bought their pride and joy with hard-earned money.
They want to live in homes that announce their arrival, and offer a higher lifestyle rather than just a postal address.
Today’s luxury homes provide all modern comforts. They come with features like swimming pools, themed, landscaped gardens, gyms, meditation centres, manicured lawns, electronic security, touch-button responsive fixtures, and entertainment and shopping and contribute towards making the living experience more comfortable.
One important feature of luxury homes is that they have top-of-the-line security, both in terms of trained security personnel and security installation.
Further, accidents and medical emergencies can be quickly taken care of with immediate response triggered by technology, and the availability of hospitals and emergency rooms in proximity.
Technology and IT innovation have gone a long way towards making the living experience in high-end homes extraordinary. From solar generators to remote controlled window shutters, everything is directed at meeting the demands of homebuyers looking for an ultra-modern lifestyle.
The benefits of housing one’s family in a luxury apartment do not only extend to conveniences. Luxury housing projects are also seen as the perfect environment for one’s children to grow up in and the adults to socialise in. After all, such projects basically form a society with a certain degree of culture, education and beliefs.
The increasing demand for properties in India rivals that of gold. Real estate and gold are the most traditional forms of wealth investment. However, properties present the advantage of being an asset that rises in value at every instance — and it is also a ‘performing asset’, meaning that it serves a practical purpose even as it gains in value. Given the fact that luxury homes are always in demand even in the secondary market, high net worth individuals (HNIs) see them as the perfect investment opportunity that guarantees multiplied returns in the future.
The writer is chairman of Pharande Spaces, a construction and development firm