LUXURY HOMES REFLECT CHANGING LIFESTYLE PREFERENCES
What are the reasons for the recent surge in demand for luxury homes in India? There are a number of reasons for the recent surge in demand for luxury homes in India. Some of the most common factors include: The growing economy: India's economy is growing rapidly, and this has led to an increase in disposable income among many households. This has given more people the ability to afford luxury homes. The rise of a new affluent class: India is seeing the rise of a new affluent class, made up of young professionals, entrepreneurs, and high-income earners. These individuals are looking for luxury homes that reflect their status and lifestyle. Infact with the economy slowing down in the United States and Europe, many NRI families are considering moving back home with the wealth they have made abroad. The increasing urbanization: India is undergoing rapid urbanization, and this is leading to a demand for luxury homes in urban areas. Many people are moving to cities for work or education, and they are looking for homes that offer a high standard of living. The changing lifestyle preferences: The way people live in India is changing, and this is also driving demand for luxury homes. More and more people are looking for homes with features such as spacious layouts, modern amenities, and access to green spaces. With the influx of wealthy families looking to buy bigger and better living space, the luxury residential market in India is seeing an upswing. Families want to live well with all the modern aristocracies in their home. Luxury of more space, luxury of living areas integrated with nature, luxury of using the highest quality fixtures and fittings, and the luxury of having all the possible amenities at their doorstep. Today the definition of luxury is changing and it is evolving to be more mindful. Conscious and quiet luxury are the new mantras where the flashy extravagance is evolving into a more sustainable providence which promotes the well-being of its residents as well as nature. It is becoming and AND world where luxury in real estate is all about large and impeccably designed living spaces AND inclusion and integration with nature. So we must cater to the new age demanding and tasteful customer who has travelled around the world and perhaps seeking to replicate that lifestyle back home in India. What is the average ticket size (bracket) for luxury homes? Prices vary from city to city. Pune’s luxury residential market is between 1.5 Crore to about 8 Crore. How important is the discerning Address for a luxury home buyer? A discerning address is very important for a luxury home buyer. For many luxury home buyers, the address is a status symbol. It shows that they have achieved a certain level of success and can afford to live in a prestigious neighbourhood. The address can also be a way to network with other wealthy individuals and families. In addition to the status symbol, a luxury address can also offer a number of other benefits exclusivity and heightened sense of security. An elite address is an important factor in the decision-making process of luxury home buyers. Apart from just a luxury home, they also seek an entire ecosystem of elite and like-lifestyle families around them. What are the top 5 trends in luxury home projects? The top trends in luxury homes we are seeing this year are: Extraordinary & Mindful Luxury - The pandemic has changed the way people live and work, and luxury homebuyers are looking for homes that can adapt to their changing needs. Product designers must be cognizant of how lifestyles are evolving and in a world of hybrd work places, we must thoughtfully create features that allow for both work-from-home and social gatherings, such as dedicated workspaces, home theatres, common meeting rooms with Wifi etc. Crafting experiences that truly enrich the lives of the residents rather than remain superficial and flashy. Integrated with Nature - Luxury homebuyers want homes that integrate nature within. In the growing cities nature is seldom experienced and the younger generation is losing the proximity to nature. So they want to have as much open and green spaces as possible. Tech Enabled - Luxury homes are increasingly being equipped with the latest technology, such as smart home systems, security systems, and entertainment systems. This technology can make life easier and more enjoyable, and it can also add to the value of a home. Sustainability - Luxury homebuyers are increasingly demanding sustainable features, such as solar panels, energy-efficient living spaces, and water-saving fixtures. This trend is being driven by a number of factors, including concerns about climate change, rising energy costs, and a desire to live a more eco-friendly lifestyle. Wellness - Luxury homebuyers are increasingly looking for homes that promote wellness. This means homes with features such as spa-like bathrooms, meditation spaces, and healthy homes with lots of natural and ventilation.
Tags : luxury homes reflect changing lifestyle preferences Sachin Bhandari Executive Director & CEO VTP Realty demand India young professionals entrepreneurs and high-income earners United States Europe