From times then to times now, Indian luxury homes have seen a lot of turning points. The following article talks about the changing times and with it how the definition of luxury has changed. Also, we understand the current scenario of luxury real estate in India and some of the Indian residencies that are famous globally.
There has been phenomenal change in the way we define luxury today. Talking about earlier times, luxury was only for the rich but today the builders are making it possible for the common man to afford luxury. What is luxury? If we go by the dictionary definition, luxury is something that defines a state to great comfort and elegance and involves great expense. If we go by real estate meaning, luxury means having access to amenities that give you a better living.
Today, the Indian real estate market sees luxury housing as one of the vibrant and fastest growing sector of real estate. Rapid growth of high net worth individuals, increased aspirations and changing lifestyles are some factors that effectively contribute towards the growth of luxury real estate.
Going below, let us understand how luxury housing has changed its meaning from the past to the present and what is the current scenario of luxury real estate in India?
The Golden Era of Luxury
Earlier, luxurious houses were defined by palaces that the rajas and maharajas of India owned. They featured beautiful architecture, a number of spacious rooms, chandeliers, huge doors and a place that could fit in more than a thousand people. These were the houses to royal families that lived there in luxury and high lifestyle. Today the royal palaces are either used as a heritage building or some have been converted to luxurious hotels.
The magnificent and marvelous royal palaces still have the luxurious feel. The royal palaces that took years to get complete had intricate designs that beautified the looks of the palaces. But, today luxury housing has a completely different picture.
The Luxury Housing Segment of Today
The luxury housing segment is the in trend of the real estate market and the numbers of people opting for luxury are increasing. The definition of luxury remains the same, only difference that today it is affordable by a person not belonging to the raja family. The builders are constructing top notch projects that allow the resident to live a luxurious with the access to all amenities that one aspire. In fact the scenario is such, that today luxury real estate today forms a major part of the total real estate market of India.
Luxury homes in India today range between Rs. 1 crore to Rs. 15 crores and are in great demand even when the market is facing a stiff condition. In fact people looking out for affordable housing faced the stiffness in the market. The luxury market was hardly affected by the market scenario and in fact came out to be profitable for the developers. There are a few reasons why there is a sudden shift towards luxury in the real estate market today:
- Luxury and ultra-luxury projects have witnessed almost ten times appreciation from the launch price
- Encouraging pre sale activities that led to complete selling out of entire projects
- Developers are able to secure significant fund flows to capitalize the completion of projects
- The increased visibility and credibility of the builder name among the market which leads to better sales of mid segment housing projects by the builder
What is Luxury according to real estate experts?
Luxury in terms of real estate has very different opinions when experts come into picture. According to Ramesh Jogani, Managing Director, Indian property advisors; luxury homes are basically large houses with a lot of amenities such as swimming pools and club houses and with some about which one has not heard before.
According to a developer, luxury houses show a lot of space; as if the space is wasted as price does not matter for the one looking for luxury.
Rubi Arya, director at Milestone (a real estate private equity fund) states that luxury is a lifestyle statement that defines social and financial standings by amenities that it has.
The Globally Famous Luxurious Houses in India
The rich and famous businessman of India own homes that are a complete statement of luxury. Following are the luxurious Indian homes that are globally famous.
Mukesh Ambani mansion in the heart of Mumbai is one of the most expensive homes around the globe. The 27 floor building has reshaped the skyline of Mumbai. This 400,000 square feet house has some of the amenities that a common man just cannot think of. It is also titled as India’s first billion dollar home. Antilla has no two similar floors implying that every floor in the Ambani house is different.
Ratan Tata’s Mumbai Mansion
An elegant sea facing house in colaba, the business tycoon plans to this home as a retirement house. The house with number of rooms and living rooms, a sun deck, swimming pool, personal gym and media room is also referred as to the luxury retirement pad of Ratan Tata.
Mallya’s White House in the sky
Located in the heart of Bangalore city, the Kingfisher tower residencies belong to the liquor baron of India, Vijay Malya. The towers have 82 apartments spilt in three blocks. The tower has reserved parking space that can accommodate almost 100 cars and a separate space where he can showcase his collection of vintage cars.
Some Luxurious Projects in India
The above talked luxury is no different than the luxury of the golden times. But other than these builders like DLF, Lodha group and more are constructing homes that are affordable by the high end segment. To name a few projects those falls into the luxury category; Emaar MGF’s Marbella, World Towers in Worli Mumbai, Adarsh Group’s Palm Meadows in Whitefield Bangalore and Nirvana by Unitech in Gurgaon.
Akansha Arora is a professional writer and blogger. She is happy to pen down her views for various domains like career advice, real estate and more that interest her. Follow her at email@example.com