| What exactly is luxury homes or luxury housing? | | | | management executives, people associated with the |
| Usually property developers now tend to label a | | | | entertainment industry, high net-worth individuals and |
| project upwards of Rs.1 crore as a luxury project, | | | | NRIs still express interest in such projects. |
| whereas it can only be loosely defined as such. Real | | | | Luxury Homes - Mixing it Wisely |
| luxury would mean a swank home in a premium zone | | | | A fact one has to accept is that luxury homes |
| in the heart of a metro – like Worli or Napean Sea | | | | don’t have many people clamouring to move in. |
| Road in Mumbai or Lodhi Road or Golf Links in Delhi. | | | | Real Estate Builders say potential luxury home buyers |
| There’s no doubt about the fact that the realty | | | | are still sitting on the fence on the lookout for good |
| market is emerging from its darkest period. Property | | | | deals in the market. |
| experts say that a look at recent overall pan - india | | | | This, of course, makes one wonder if the developers |
| sales revels that it is affordable residential homes, in | | | | are coming up with more supply in a segment that |
| the price bracket of Rs. 25 lakh to Rs 40 lakh, which | | | | hardly has any absorption capacity. To determine the |
| has accounted for more than 85 per cent of property | | | | next course of the market, say property experts, what |
| sales. | | | | the property developers need to do is offer a wise |
| Interestingly enough, these figures are making | | | | mix of mid-end and luxury property projects. |
| developers feel positive about the luxury sector – | | | | Luxury homes still lives in India |
| which has not seen many takers of late. It is believed | | | | In the recent months, Mumbai has seen more projects |
| that out of the total demand for residential property in | | | | launched in this projects launched in this segment than |
| India, almost 9 per cent is for properties carrying a | | | | Delhi. Delhi NCR, however, is seeing a lot of supply and |
| price tag of more than Rs. 1 crore. | | | | pent-up demand in the Rs.20 lakh to Rs.1crore price |
| Since the gold collar generation continues to earn | | | | range. “The upper end of this segment has a large |
| handsome salaries in jobs or businesses, it will always | | | | market, driven by the aspiration driven mid to senior |
| be on the hunt for luxury consumable items and luxury | | | | level corporate executives. |
| homes. As the Indian economy is doing much better | | | | About premium properties or luxury homes, though |
| than other major global economies, this generation is | | | | there are a number of projects, in Delhi NCR. These |
| expected to do better in the times ahead, which would | | | | are typically small and are sold quietly and privately. In |
| in turn lead to an increased demand for luxury homes | | | | mumbai, luxury projects are large developments, which |
| in India. | | | | are very visible when launched through large-scale |
| The latest development in the Indian residential | | | | marketing activities. Outside of Delhi, Gurgaon, Noida |
| property market is rather noteworthy – luxury | | | | and adjoining areas are predominantly seeing action in |
| homes or luxury housing (in the Rs 80 lakh to Rs.1 | | | | the Rs.20 lakh to Rs.1 crore price range. |
| crore plus bracket) which had taken an extreme | | | | Though affordable housing is the need of the hour, |
| backseat during the slowdown phase, is also making a | | | | there will always be a sustained demand for luxury |
| convincing comeback. Many large builders are | | | | homes in india. With more individuals moving up the |
| concentrating on getting volumes in this segment. | | | | corporate ladder, increased opportunities in India leading |
| Though business for luxury homes in India has been | | | | to an influx of the NRI populace and a perennial need |
| relatively slow in the current scenario, the demand still | | | | for aspiration-driven living luxury homes is here to stay. |
| exists. Business and industry magnates, top | | | | |