Ultra-luxury is a Way of Living
Since its inception in 1986, Ambience Pvt. Ltd. focus has been on premium developments primarily in the National Capital Region with in-house construction and development capabilities. Aman Singh Gehlot, Director, Ambience Group shares his insights on the ultra-luxury housing segment.
Ambience Group commenced its journey with developing premium residential apartments in South Delhi. It forayed into large real-estate development projects, after acquiring a landmark real-estate in Gurgaon on Delhi Border, NH-8 that contains a signature integrated township ‘Ambience Island’, comprising residential, commercial, retail, hotel and golfing facilities. The group has an array of ongoing and planned projects at strategic locations in Delhi NCR, Sonepat, Panipat, Udaipur and Visakhapatnam incorporating a mix of Townships, Residential, Commercial, SEZ, Hospitality and Education
How has the definition of luxury changed?
The definition of ultra-luxury varies from person to person such as having a branded residence to an exclusive concierge service. Customized personal space and privacy matters a lot to the UHNI buyers, so low density projects attract them. Five star hotels like services have become the prerequisite for ultra-luxury projects. For example, Ambience Caitriona project in Gurugram has 7-star super luxury condominiums exclusively for the elites. The residents have access to the Hotel Leela luxury amenities and membership. This is the first of its kind value addition given by any developer.
Distinguished by a 9-hole ‘Golf Greens’, Caitriona is a premium community in the 135 acre integrated township ‘Ambience Island’ on NH- 8. The project USP is its location on the border of Delhi-Gurugram and the expansive views of Rajokri Greens. An exclusive neighborhood of 10 towers comprises 240 super luxury 4 and 5 bedroom condominiums for like-minded luxury connoisseurs. The 16000 square feet penthouses are the biggest one can get in Delhi-NCR. Every tower consists of reception, waiting lounge, business center with powder room, three tier security systems and centrally air-conditioned apartments.
The market size of the ultra-luxury segment is only around 2-3 per cent of the total real-estate sector. With expected economic growth rate of 8 per cent, there will be a significant increase in the number of UNIs and HNIs in the country.
What are the growth drivers for the ultra-luxury residential segment?
The increasing number of UHNIs is creating demand surplus in this niche segment. The upsurge in economy and booming IT sector is attracting many international firms to set up businesses in the country and they require residences with global standards and world class amenities for their CEOs. The rising number of entrepreneurs too have aspirations of luxury living. Even the next generation entrepreneurs in tier-II cities of family owned business are investing in ultra-luxury projects in metro cities.
Location is the prime consideration for a UHNI customer. The residence should be near their work place, central business districts as well as the hubs of leisure, art and social activities. Prime locations in Delhi near commercial districts, Golf Course Road, Gurugram and some locations in Noida are the key for ultra-luxury development areas.