De facto, luxury, when it comes to housing, does no longer mean what it traditionally stood for.
It is not limited anymore to the earlier definitions which necessitated prime location, good infrastructure, a swimming pool or a club only. The paradigm of luxury now includes the latest technological advancements made possible by Artificial Intelligence and an aesthetic appeal that grants a building the status of comfort and style. Luxury now extends to details, like a Tolstoy novel, and transcends the emphases on utility.
Luxury housing is one of the fastest growing segments in real estate. As goes the Knight Frank Wealth Report 2019, India witnessed a 116 per cent rise in billionaire population between 2013 and 2018 and the 39 per cent growth expected for the next five years defeats the global and regional average.
Nicholas Holt, the head of the research, speculates that India and the Philippines will deliver the strongest growth. This augurs well for the luxury housing projects which aim to cater to the buyers who see living and working environs as a powerful statement of their flamboyance.
"Super Luxury condos at DLF5 are at par with International living standards, which make them the first choice of HNIs who are accustomed to a global lifestyle. The golf course at DLF5 being one of the best in Asia, vouches for an ideal settlement for expats and HNIs like none other. The atmosphere created by its over 1,000 acres green lung is the basis for a healthy environment which is indispensable when it comes to offering super luxury. The luxurious lifestyle offered at The Aralias and The Magnolias makes it easy for the residents living here, to blend in the social fabric and become a part of the united and diverse community", said Aakash Ohri, Senior Executive Director, DLF Home Developers Ltd.
'Social status' is one of the leading factors that people consider while purchasing luxury property. While on the one hand, it provides the buyers with a chance to expand their social circle and connect with people from similar echelons, on the other it hand meets the demands of an increasing number of nuclear families in a society where traditional domestic structure is rapidly changing.
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"Owing to the various relaxation of business establishment procedures and the ease of doing business (EoDB), many foreign players and MNC's have been attracted to India. The current tempo being witnessed over the luxury real estate market in India is expected to continue as the demand for luxury houses is in upswing", said Li Qiongjia, Director, Risland (North India).
"In North India, Delhi NCR, Gurgaon and Noida have dominated the real estate market growth especially in high rise luxury condominium projects compared with Delhi. We believe that amongst different parts of Delhi, South Delhi has evolved over the past several years into an energetic mix of eclectic restaurants, private businesses and entertainment spaces, becoming the most sought after residential destination in NCR", he added.
"Our first project in North India - Sky Mansion is coming up in Chattarpur, South Delhi. It is a 100-meter tall ultra luxury residential condominium designed with cutting edge technologies offering a smart lifestyle with an attentive, high-quality luxurious experience", he further added.
The expected rise in the number of ultra HNI's and India's growing stature as an economic power promises much in the luxury product segment. This real estate category is expected to continue growing stronger and evolving further with increasing domestic applications of technological innovations and fusion of aesthetics with luxury, attracting national and international players to the market.
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