Luxury living is no longer associated with exclusive amenities and a multitude of activities alone. In recent years, its definition has evolved and stands on a par with changing customers’ preferences and architectural trends.
What used to be a demonstration of a property developer’s product offering is now being defined on the basis of a customer’s experience journey. Earlier, a gymnasium in an apartment complex, a rooftop infinity pool, Italian marble floorings, and upscale German kitchen designs were considered the hallmark of luxury housing. With time, this trend of extravagant displays of wealth has changed to understated expressions of a holistic lifestyle.
The thought of having a personal retreat to escape from the humdrum of city life and strike a work-life balance has encouraged the country’s ultra-high-net-worth individuals to increasingly opt for housing projects in the premium segment.
If reports are to be considered, the first quarter of 2023 reported a total sale of 4,000 luxury housing units across India’s seven premium residential markets, as compared to 1,600 units in 2022. From among these top cities, including Mumbai, Pune, Bengaluru, Kolkata, Chennai, Hyderabad, and Delhi-NCR, the latter has emerged as the leader in premium housing sales, with a growth rate of 216%. These numbers are a clear indicator of the promising opportunity that the luxury residential segment presents to real estate stakeholders.
Role of developers
Recognising the rising affluence of the elite class and their unrivalled power to drive the demand for high-end properties, developers specialising in luxury residential and commercial properties are gearing up to meet the existing and future requirements. By combining exceptional design, leading-edge technology, and safe environmental practices, the key players in the chain — developers, architects, and designers are working hand-in-hand to offer the highest standards of luxury.
Mumbai’s limited land availability has led to a vertical revolution in luxury real estate. The city’s skyline is dominated by architectural marvels that reach unprecedented heights, offering breathtaking views of the Arabian Sea and the cityscape. According to recent market reports, the demand for luxury apartments in Mumbai has led to a significant increase in the number of skyscrapers exceeding 50 floors.
Array of amenities
Luxury extends to an unparalleled array of amenities that redefine opulence. From private movie theatres and temperature-controlled swimming pools to indoor golf simulators and personal concierge services, developers are leaving no stone unturned in catering to the desires of discerning buyers.
Besides providing effortless access to services epitomising sophistication such as splash pools, private gardens, wellness centre, steam/ hydrotherapy area, meditation room, state-of-the-art security system, private cinema room, recreation area, sports court, and open deck, developers are going a step further in choosing locations that can facilitate the best of both worlds — exquisite urban realities and harmonious picturesque retreats. Imagine coming home to a large attached porch lending a scenic view of expansive hills and clear blue skies beyond remote-controlled sliders, and a fully-equipped modernised kitchen and bar counter in the adjacent room.
The integration of cutting-edge technology is redefining luxury living. Smart homes equipped with AI-driven automation, biometric security systems, and virtual concierge services are becoming increasingly common, enhancing both convenience and security.
The writer is Joint Managing Director, Supreme Universal.