It is not just about luxurious property alone, but the lifestyle that is giving people the push to upgrade to luxury homes.
It is an undeniable fact that the luxury real estate market has performed exceptionally well in recent years. Luxury condominiums, luxury housing and villa projects are on a selling spree in the country. It is not only drawing interest from local buyers but with the introduction of RERA in the sector which has brought stricter regulatory measures, increased transparency and greater consolidation, more and more NRIs are also seeing it as a lucrative option to invest in.
While the sector did witness a slight slowdown due to the second wave of COVID-19 last year, it bounced back as the wave subsided and the reports suggest that it is expected to further grow rapidly in 2022. It is not just about luxurious property alone, but the lifestyle that is giving people the push to upgrade to luxury homes.
An ideal location that is well connected and in conjunction with a good ambience, keeping its dwellers near to the city centre, close to all the amenities as well as workplaces makes the location a key factor in the selection of a home. While people seek connectivity, open spaces within and outside living areas are considered very important by people especially after COVID-19 to maintain their physical and mental well-being. The health benefits of living in spacious homes surrounded by greenery and good ambience are attracting buyers to invest in luxury homes. Some of the well-travelled people are millennials who have experienced luxury so closely that they are willing to spend on luxury accommodations that provide them with a rich ambience.
Technologically-enabled properties with home automation systems that give the owner the control over everything providing ease and comfort and high-end security inside the building like CCTV, flash camera, biometric gates etc. at every corner including lifts, corridors and common areas also make luxury properties a preferred choice.
A crucial factor why people are opting for luxury homes is that they want to get a lifestyle that can seamlessly incorporate the work-from-home concept, while also enjoying the comfort of luxury living. With more and more organisations adopting hybrid or work from home models permanently, homes now need to have space to accommodate work-stations as well, making more and more people adopt luxury living.
Another contributing factor is that properties present the advantage of being an asset that rises in value as it is a performing asset, meaning that it serves a practical purpose even as it gains in value. Due to this people see them as the perfect investment that guarantees multiplied returns.
The booming startup culture is also propelling people to invest in luxury real estate. Employee stock ownership plan (ESOP) monetisation is at an all-time high in the startup ecosystem. Employees are diverting the monetised amount to purchase homes to make better utilisation of the funds with huge tax arbitrage.
Sustainability is the future and people are becoming more focused on aspects like building emotional connections and relishing the sense of doing their bit for the environment through energy efficiency, water conservation, fresh air, and buildings that are accredited with the highest level of eco-friendly certifications and are thus, upgrading to luxury homes.
(By Heena Sehrawat, Founder & CEO, Geetanjali Miracle Makers)