Liv­abil­ity De­fines Lux­ury

Realty Plus - - Editor-In-Chief Note -

Lux­ury has now trick­led down to mid­dle class buy­ers. The growth driver is the gen­er­a­tion next con­sumers who are ed­u­cated, tech-savvy and well-trav­elled. Their as­pi­ra­tion for high liv­ing stan­dards, bet­ter pay-pack­ets & pur­chas­ing power as well as the ease of get­ting fi­nances is fu­elling the de­mand for lux­ury ameni­ties in real-estate. HNIS (high net worth in­di­vid­u­als) too are al­lo­cat­ing part of their in­vest­ment port­fo­lios to lux­ury re­alty. Im­ple­men­ta­tion of the RERA will help im­prove con­fi­dence of NRIS to in­vest in the In­dian res­i­den­tial mar­ket and lux­ury res­i­den­tial is in sync with the kind of life­style they are lead­ing in for­eign coun­tries.

Cen­tral Park is an ul­tra-lux­ury re­alty brand with an es­tab­lished pres­ence in Na­tional Cap­i­tal Re­gion over the past 16 years. Amar­jit Bakshi, Chair­man and Manag­ing Di­rec­tor, Cen­tral Park talks to Re­alty Plus about var­i­ous as­pects of lux­ury real-estate. Ac­cord­ing to Global Wealth Re­port by Knight Frank, In­dia will add about 1000 ul­tra-high net worth in­di­vid­u­als (UHNIS) each year for the next ten years. With the Lux­ury Real Estate grow­ing at a CAGR of about 25% and es­ti­mated to reach a whop­ping $ 180 Bil­lion by 2025, th­ese are pos­i­tive fig­ures for real-estate play­ers in the ul­tra-lux­ury hous­ing seg­ment.

Q What de­fines ul­tra­lux­ury res­i­den­tial in In­dia?

The mar­ket for lux­ury homes con­tin­ues to thrive within the spe­cific seg­ment of dis­cern­ing, af­flu­ent buy­ers who con­tinue to look for noth­ing but the best. Ear­lier, the ad­dress was the de­ter­min­ing fac­tor; to­day it is the world-class ex­pe­ri­ences and ex­clu­sive liv­ing that is the bench­mark of ul­tra-lux­ury.

The metropoli­tan cities such as Delhi, Mum­bai, Ban­ga­lore and Chennai are the top hubs of ul­tra­lux­ury prop­er­ties. Emerg­ing cities and small towns such as Ludhiana, Am­rit­sar, Su­rat and In­dore con­tinue to cre­ate new ul­tra HNIS who are also pro­pel­ling the de­mand fur­ther.

The UHNIS and HNIS are at­tracted to ‘ex­clu­siv­ity’ tag. De­vel­op­ers are re­sort­ing to ex­pe­ri­en­tial mar­ket­ing such as ex­clu­sive din­ner in­vi­ta­tions with cui­sine crafted by Miche­lin Star Chefs, a pri­vate gath­er­ing of finest art con­nois­seurs and pre­view of vin­tage watches or pens.

Q What is REITS po­ten­tial in bring­ing in­vest­ments to re­alty sec­tor?

The un­der­ly­ing strat­egy for REIT is to in­vest in rent-yield­ing as­sets and gen­er­ate rental in­come for in­vestors. That is why com­mer­cial real-estate is seen as po­ten­tial for REITS but in­vest­ing in res­i­den­tial as­sets via rental hous­ing schemes is yet not vi­able as rental hous­ing schemes in In­dia are still not preva­lent. The res­i­den­tial projects in met­ros giv­ing re­turns of 11 to 12 per­cent might see some in­vest­ment due to re­turn po­ten­tial but that is yet to hap­pen.

Q What are some of the new con­cepts in­tro­duced?

Flower Val­ley is a global town­ship, The Room is a fully main­tained lux­ury suites and apart­ments (700 to 1300 square feet) com­plex. Soon to be launched ‘My Room’ is a mi­cro liv­ing con­cept with small size ser­vice res­i­dences of 400 – 600sqft in Gu­ru­gram. Sky Vil­las in Gu­ru­gram are the ul­tra-lux­ury prop­er­ties com­pris­ing pent­houses of 5612 – 8750sqft area. Cel­e­bra­tion Home is a con­cept around se­nior liv­ing.

amar­jit Bakshi

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