Ul­tra Lux­ury Hous­ing in In­dia

Lux­ury hous­ing con­sti­tutes al­most 4-5 per­cent of the to­tal real estate mar­ket in In­dia and con­tin­ues to thrive within the spe­cific seg­ment of dis­cern­ing, af­flu­ent buy­ers who con­tinue to look for noth­ing but the best. Pra­teek Mantri, Di­rec­tor, Mantri Devel

Realty Plus - - Editor-In-Chief Note -

In­dia is ex­pected to see al­most a 105% growth in HNI pop­u­la­tion. Thus, the dy­nam­ics of real-estate are fast chang­ing in keep­ing with the buyer’s pref­er­ence that di­rectly com­pli­ment their spend­ing power and life­style.

Lux­ury was ear­lier per­ceived to be syn­ony­mous with loud and glaring fur­ni­ture, dé­cor and ar­chi­tec­ture. To­day’s lux­ury hous­ing can be seen as min­i­mal­is­tic, sleek and per­son­al­ized, cou­pled with high-tech se­cu­rity and app-based oper­a­tions. Theme based projects such as Span­ish and Euro­pean style of hous­ing is emerg­ing as one of the key trends and this has to be at­trib­uted to the glo­be­trot­ting high net worth In­di­ans height­ened travel ex­po­sure. Ameni­ties and over all ar­chi­tec­ture and struc­tures of homes are cus­tom­ized to suit the young, dual in­come earn­ing home buy­ers. This brings in the in­flu­ence of in­ter­na­tional ar­chi­tects, who are hired by In­dian builders to de­sign such prop­er­ties. World class landscaping also plays a vi­tal role in this seg­ment.

Young In­di­ans are in­vest­ing in lux­ury prop­er­ties across the coun­try that is di­rectly in re­la­tion to earn­ing ca­pac­ity of the in­di­vid­ual. This leads to the as­pi­ra­tions of the home buy­ers to seek more qual­ity in­ten­sive ameni­ties for their homes. Ameni­ties have now be­come a life­style state­ment. Owing to the ac­cel­er­ated con­sump­tion of land bank in cities, premium and lux­ury res­i­den­tial prop­er­ties are mostly grow­ing ver­ti­cally. Cities like Mum­bai, Delhi and Ban­ga­lore are now pro­vid­ing apart­ments that con­sti­tute an en­tire floor of a build­ing to one sin­gle apart­ment, giv­ing enough room to pro­vide land­scaped ter­race gar­dens, cen­tral air-con­di­tion­ing and pri­vate swim­ming pools.

Con­sumer Trends

Most of the con­sumers of such prop­er­ties are suc­cess­ful en­trepreneurs, soft­ware pro­fes­sion­als, scions of wealthy fam­i­lies, top cor­po­rate hon­chos etc. Ul­tra-lux­ury seg­ment of­fers lim­ited projects, which tar­gets a very niche set of buy­ers who are com­pletely un­af­fected by macro mar­ket dy­nam­ics.

Un­like the seg­ment of af­ford­able and mid-in­come hous­ing, the mar­ket for lux­ury homes is not driven by home loans but by per­sonal wealth. For high end projects, it is mostly word of mouth com­mu­ni­ca­tion amongst the core in­vestor fra­ter­nity. Send­ing di­rect mail­ers with per­son­al­ized com­mu­ni­ca­tion also helps to pro­mote the projects among prospec­tive buy­ers. Also ad­ver­tis­ing in pres­ti­gious life­style mag­a­zines is one of the ap­proaches used for pro­mo­tion. High end shop­ping cen­ters and air­ports lounges are sim­i­lar plat­forms used for pro­mot­ing projects. Typ­i­cally, end-users pay a premium for the lo­ca­tion, with the re­main­ing cost re­flect­ing aspirational life­style ac­com­pa­ni­ments. Lux­ury re­mains the fastest grow­ing seg­ment in res­i­den­tial hous­ing mar­ket. Ban­ga­lore city be­ing the hub of IT in­dus­try, whose top man­age­ment is the main buyer of lux­ury houses have seen good growth in this seg­ment. Com­pany’s projects in this seg­ment in­clude, in Ban­ga­lore Mantri Blos­som, Mantri Cen­trium, Mantri Es­pana, Mantri Pin­na­cle, Chennai - Mantri Sig­na­ture Villa, Hyderabad - Mantri Eu­pho­ria and in Pune – Mantri Em­po­rio.

as per in­dus­try re­ports close to 40% of in­dian lux­ury con­sumers are not from metro cities. how­ever, cities like mum­bai, Delhi and chennai are the key lo­ca­tions for the ul­tra-high lux­ury projects. ban­ga­lore and Pune are emerg­ing lo­ca­tions for this seg­ment. ban­ga­lore lead­ing with al­most 29% of sales in this seg­ment in fy 16

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