High End - Market Trends Location
Advantage In South India the IT and manufacturing sector is driving the market whereas in West and North it is the financial services and business com- munity. Primarily the globe- trotting Indian aspiring to experience the International standards of living is driving the need for luxury homes. “The trend of luxury homes is visible in faster growing cities like Bangalore, NCR, Pune, Chennai and Hyderabad as the
mobile, both in terms of wealth and aspirations. “These homes on offer range from the elegant and contemporary to the lav- ish and plush in their design and facilities. Features of such housing nowadays typically include landscaped settings, regal layouts, centrally air-con- ditioned buildings, high-quality floorings, electronic access control and en suite swimming pools, all packaged in sleek finishes,” opines Anuj Puri, Chairman & Country Head, Jones Lang LaSalle India. With the economy stabilizing and jobs beginning to pay higher, there are an increasing number of people who are looking for homes to make a style state- ment.
Anuj Puri, Chairman & Country Head, Jones Lang LaSalle India.
infrastructure in these places is improving significantly and the cities have witnessed a rapid pace of urbanization over the last one and a half decade. Bangalore, a cosmopolitan city with an increasing literate population, is a strong market for plush and quality residential projects,” says Sharma. Even though we are not talking of castles, the new breed of pre- mium and luxury homes offers a mix of grandeur and high- end contemporary facilities for those who are upwardly
The amenities that come with a luxury home are a lifestyle that people believe are worth paying for. “Exclusivity is the key factor with most of such luxury homes and therefore they always remain above the number games that prevail over other housing segments. Pricing and perception re- garding these homes varies according to the city and the location. For example a luxury home in South Mumbai would be in the Rs 50 crore where- as the same dimensions in Bangalore could be in the Rs 5 crore ranges. Despite which both are referred to as luxury housing,” says T.S. Sateesh, Managing Director, Hoysala Projects Private Limited. Opines Sumit Jain, Co-founder & CEO,
CommonFloor.com, “one other important factor that has favored growth in luxury home segment is im- proved infrastructure. People
Sumit Jain, Co-founder & CEO,
CommonFloor.com
have now realized that with growth in infrastructure and new and faster ways of trans- portation, the age-old desire of wanting to stay in the city confines is now slowly vanish- ing. The city limits are widening and buyers don’t seem to mind investing on peripheral areas, where they can get ultra- luxury properties for a grab.” Adds Ashwini Kumar, Execu- tive Director and COO, Nitesh Estates Ltd., ‘luxury home segments – in terms of loca- tion, are either in the CBD area or the very opposite, in the suburbs. Availability of area for development in the CBD is scarce and hence the address becomes a prized posses- sion. The attraction of having luxury homes in the suburbs is the availability of space. Large parcels of land are available with which one can conceive a richly landscaped resort like ambience – the right basics for building a great community.” Luxury homes are certainly here to stay.
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