Premium living in cities comes in diverse shapes
The term luxury is beginning to mean different things across the country. Most regions have moved beyond landscaped gardens and swimming pools. New rich Indians are investing in homes that are not just status symbols but tech-savvy and comfortable.
India is home to the fourth largest population of millionaires in the Asia Pacific region with 2,19,000 ultra-rich individuals, with a combined wealth of $ 877 billion, according to the 2017 Asia-Pacific Wealth Report (APWR). They are changing the way luxury homes are designed, built and sold across the country.
Despite the downturn in India’s real-estate market, the luxury sector has managed to see steady appreciation of prices. “We have embraced global luxury, homes now come with complete automation, club memberships, personal gyms and computerised parking,” says Rajat Johar, head of residential services-India at realty consultancy CBRE. “Buyers are seeking exclusivity. Traditionally prominent addresses are no longer as important, we are moving to pay a premium for emerging luxe addresses in tier-2 and tier-3 cities if they offer world-class amenities and connectivity.” aren’t just in the golden triangle of south-west Mumbai – they’re also in Bandra, Juhu and Bandra-Kurla Complex (BKC). In Chennai, elite markets include Nungam bakkam, Shastri Nagar, Adyar, Poes Garden and Bishop Garden. And in Delhi, it’s Malchamarg and Shanti niketan. “The demand in Alipore and Ballygunge in Kolkata is driven by luxury-loving high-net-worth individuals (HNIs) and non-resident Indians,” says Aditya Kedia, managing director at Transcon Developers.