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High End - Market Trends

this trend. A city like Chennai does not exhibit too much of this trend as culturally the city has always exhibited simplic- ity,’ says Parthajeet Sarma, Director, Projectwell Manage- ment Pvt. Ltd.

Sandeep Pantvaidya, Vice President, Marketing Sales and CRM, SPR & RG Constructions.

what was once given as an amenity like swimming pool have now become a necessity in any decent size project. The new true luxury today is about large flats with an area of more than 5000 sq ft. High-end lux- ury has a niche market which drives the continuous demand irrespective of the market con- dition. Large spaces, design, specifications, placing your product such that it creates an address and location are factors that constitute a luxury product. “Even if their compa- nies are not doing well, such potential buyers have enough cash in hand, are well travelled and exposed to luxury.

This thus becomes a judicious combination that developers wish to tap. Majority of such developments are seen in central Mumbai, where most of such gentry reside, across Delhi and the NCR region, which has a large population of high net worth individuals. Besides this, a few other cities like Hyderabad and Bangalore are also beginning to witness

36 GIREM 101

India currently has 850000 high net-worth individuals in the country. The increasing number of HNIs has created a need for developers to cater to this segment of the popula- tion. “For example, Chennai has among the fastest grow- ing number of high net worth individuals in the world and real estate comprises approxi- mately 40% of their investment portfolio. It is, however, largely limited to Delhi, Mumbai, Bangalore and Chennai.

It is because major metros like these have adopted modern and luxurious life styles due to globalization. It has thereby become necessary for them to seek exclusivity that goes beyond luxury to suit their brand value. Urban families are increasingly looking for luxury homes that are loaded with global amenities,” says Sand- eep Pantvaidya, Vice President, Marketing Sales and CRM, SPR & RG Constructions. Adds Kamal Meattle, CEO of Paharpur Business Cen- tre, Nehru Place, New Delhi, “regular demand for luxurious lifestyle which includes luxury homes from a particular seg- ment is encouraging more and more developers to bet big on luxury segment. The urge of living in luxurious houses is not limited to the upper class anymore, in fact trend is that more and more people from

upper middle class are choos- ing luxury homes instead of normal flats.”

High-end specifications cou- pled with designer fit-outs and high-tech gadgets of global standards are the defining fac- tors.

“The luxury housing market is currently seeing a greater influx of end-user demand, in contrast to previous trend of the investment-driven pur- chases. There are a number of luxury/premium projects, some ready for occupancy and few more under construction in Mumbai, NCR, Bangalore, Pune, Chennai. Even in Tier I & II cities like Indore, Kochi, Goa, Amritsar, Nagpur, Jaipur have several luxury projects, as the business communities with vast disposable incomes match aspirations with their counterparts in metros,” says Manoj John- VP: Corporate Planning & strategy, RNA Corp.

Manoj John- VP: Corporate Planning & strategy, RNA Corp

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