Owning a luxury home is the dream of every person and it is not merely a status symbol. Though status plays an important role in it, it is more about enjoying all the comforts that you could think of in your home. In India, the term ‘luxury’ is often misused by residential project developers, as you can see almost every second project being termed as a ‘luxury project’, while all they offer are basic amenities. So, before getting into the nitty-gritties of the entire ‘luxury’ scenario in India, let us first define what exactly classifies as a ‘luxury’ property.
It is a very important part of any luxury home. For a property to be branded as a luxury home, it needs to be at-least a 3Bhk with attached washrooms and balconies in every room. And, according to this rule, a 1 or 2Bhk residential unit howsoever big it might be, cannot qualify for the luxury tag. A large hall, a dining room and an expansive kitchen form an integral part of the entire setup. A store room and servant’s room is a recent addition to a luxurious residential unit.
A luxury property is located close to the heart of the city or important tourist places. Also, it should boast an excellent connectivity across the city. The physical infrastructure of the area should be characterized with the presence of wide roads with fewer or no traffic issues.
It might not sound an important feature but technically speaking, it is really important to determine whether a property is ‘luxury’ or not. The floor-to-ceiling height for a ‘luxury’ residence should be more than 12 feet. Whatever be the other facilities offered, if this specification is not met, then the ‘luxury’ component of the residence will not be fulfilled.
Luxury homes should have big and spacious elevator with a good carrying capacity.
Enhanced, state-of-the-art modern security facilities should be installed in the house. Besides human security in the form of round-the-clock security personnel, electronic surveillance units should be installed in each and every corner of the property.
The above mentioned points are some of the features of a luxury house. So, next time when you go searching for a luxury property, you should keep the above points in mind lest you might end up getting duped and lose your hard earned money.
Nowadays, demand for luxury houses is rising and developers are incorporating interesting technological innovations to their projects in order to attract a niche set of clientèle. Hence, the market of such luxury houses will only grow and get bigger in future.
The demand for luxury houses in Pune is rising and will continue to grow over the next few years. The major reason for rise in demand is that Pune is considerably cheaper than its immediate neighbor Mumbai, where buying a simple flat could cost you a bomb, leave alone purchasing luxury villas. Many professionals and financially well-to-do people are all set to buy a luxury house in Pune either as an investment or a second home.
Another reason for the rising demand for luxury homes in Pune is the climate. It is more pleasant than Mumbai and settling-wise it is also more spacious.
Prospective buyers of luxury homes in Pune are looking way beyond budgetary constraints. In fact, budget is almost a non-issue for them. Their primary focus is on luxury houses that ooze class, sophistication and luxury. Some of the features expected by buyers include gym, swimming pool, elevator, clubhouses and indoor and outdoor recreational facilities.
A paradigm shift has been observed in buyer’s preference for luxury homes in Pune in the recent times. Earlier, areas within the city were preferred by buyers of luxury houses due to the convenience, connectivity and facilities offered by them. These included areas like Koregaon Park, Boat Club Road, Prabhat Road, Kalyani Nagar etc. But now, buyers are preferring houses on the outskirts of the city in order to stay away from the busy hustle and bustle of the city life and yet enjoy connectivity to the major areas of Pune. Some of these areas include Baner, Kharadi, Belawadi, Aundh, Wakad, Ambegaon, Hinjewadi, Pimple and Nilakh. These areas are relatively more peaceful, pollution-free and tranquil, hence are given preference over areas in the city.
Luxury comes at a cost and it is not cheap, yet the prices in Pune are lower than Mumbai and Delhi. The luxury homes in Pune are mostly 3 or 4bhk and they cost around 1 crore-3 crores, and the rentals range from 50,000 – 1 lakh per month, which exclude maintenance charges in the case of apartments and villas. The annual rate of appreciation of these houses ranges between 3-7%.
Now let us have a look at Bangalore. Bangalore is another emerging market for luxury homes in the country. If you purchase a luxury apartment or villa in Bangalore, you get access to a number of exclusive amenities. Such amenities may include- completely air conditioned accommodation, private temperature-controlled swimming pool, elevator, backdrop, service staff, private garden, private gym, choice of green-view and helipad etc.
The luxury residential market in Bangalore has not remained static over the years. Infact, it has witnessed numerous transformations and has matured with time, all set to give a new edge to the real estate market in the city.
Bangalore boasts a pleasant weather all the year round, and unlike cities like Mumbai and Kolkata, there are lots of green spaces in Bangalore. This makes the first choice to have a luxury home. Bangalore is blessed with lush- green surroundings, natural lakes, forest area and a trouble free access to technology. All of this combined together makes Bangalore the best place to reside in the entire country.
The CBDs or the Central Business Districts of the city such as Whitefield, Koramangla, Indiranagar etc. are the most preferred locations for a luxury property. Some of the luxury projects presently at Bangalore’s CBD are:
Around 130 units in these luxury projects are priced at 5 crore and above, and are under construction. A luxury home in Bangalore would cost you anywhere from 5 – 15 crores or above depending on the area where the project is built and the amenities provided in that particular project.
The demand for luxury homes in Hyderabad city has caught up in recent times. Many areas of the city, particularly the IT hubs have witnessed high sale volumes of such residential units.
Dabbling in real estate could be risky if you are not too involved in the nitty-gritties of the market. But, Hyderabad has seen lesser market fluctuations as compared to other metro cities, which has encouraged buyers to invest in it. There has been a tremendous surge in demand for luxury houses in last 2 years. The city has seen the launch of many high-end residential projects, which either have been launched or are in the pre-launch stage. One of the prime reasons for this spurt in demand is due to the development of the Outer Ring Road (ORR). This has resulted in better connectivity and infrastructural facilities all around the city.
Earlier in Hyderabad, only villas and bungalows were qualified as luxury homes, but the current trend has witnessed a major paradigm shift towards luxury apartments featuring state-of-the-art infrastructure and all modern amenities such as swimming pool, gyms, theatres etc. The average size of luxury villas ranges between 4000-5000 sq ft, while for luxury apartments it is above 3,000 sq ft. The average cost of luxury apartments ranges between 1- 4 crore, while luxury villas cost above 2 crore.
The areas where luxury homes are sprouting in large numbers are Hitech city, Banjara Hills, Gachibowli, Madhapur, Nallagandla, Narsingi and the ORR stretch. Some of the major luxury villa projects in the city are Aparna Orchids by Aparna Constructions and Estates at Madhapur, Meenakshi Bamboos by Meenakshi Group at Gachibowli, The Trials by Koncept Ambience Group on Outer Ring Road etc. Major luxury apartment projects here are Legend Pranav by Legend Estates at Banjara Hills, Lodha Bellezza by Lodha Group at Kukatpally, Jayabheri Silicon Country by Jayabheri Group at Madhapur etc.
Other than the cities covered in this article, the demand for ultra-luxury and luxury homes is on the rise in metro cities.
An increase in the number of high networth individuals (HNIs), an increase in the number of NRIs, influx of global lifestyles, trends and rapid pace of urbanization - Ashutosh Limaye, JLL research head on growing demand.
Limaye says that the value of luxury homes will increase in future because of the presence of around 1.53 lakh HNIs and still growing, those who are new in rich segment and people who obtained wealth have aggressive lifestyles. In a report, it is said that 182 luxury residential apartments were launched with 25,570 units across the top seven cities of the country.
Some of the prominent developers in the field of luxury residential segment are Sobha, DLF, Lodha, Sunteck, Hiranandani, Kohinoor Developers, etc. One of the projects by Lodha Group, World One Tower in Central Mumbai has a price tag of up to Rs 50 crore.
So, if you are looking to buy or rent a luxurious villa or a house or a flat, you now know how to plan and what to expect!Loading Comments...