Sunday, January 01, 2012: 07:19:40 PM

TJCD Guest Column

Luxury Housing – Setting new paradigms

The world class deluxe amenities in luxury housing help residents spend quality time with their family, which ultimately converts into complete customer satisfaction

With a bourgeoning economy and rising disposable income, ‘luxury’ has become the buzz word in India. The last few years have witnessed an increase in demand for sedan-class cars, diamond jewellery, designer watches, expensive perfume — the list is never ending. Surpassing all the aforementioned categories in competition, luxury or premium housing has reached an altogether different paradigm.

The real driving force behind the increasing demand for luxury housing is the neo-rich businessmen, jet-setting executives and NRIs looking for an investment in their homeland. The demand push has also come from 85,000 high net-worth individuals (HNI’s) in the country, whose numbers are increasing exponentially every year. They seek exclusivity that goes beyond luxury to suit their brand value. The most dynamic sector where this change is taking new forms is the real estate sector. Despite its highs and lows, the sector is most evolved in addressing the ever increasing specifications and requirements of its posh, elite customers.
Luxury living
A colossal house in the centre of New Delhi or an ultra-chic apartment in one of the world’s most happening cities is not what everyone thinks of when they imagine their vision of high living. Therefore luxury cannot be confined to a single definition. What just got added to the list are terrace houses, Italian marbles, Swarovski studded lightings and other such related aspects.
The idea of opulence is relative to people’s situations and for some the concept merely includes another bedroom — perhaps a back yard, a wide terrace and maybe a swimming pool for the kids. However, extravagant designs and adornments are some prime criteria for any luxury real estate space. 
Luxury amenities
Luxury housing allows buyers to get into specific details, ranging from colour of marble flooring to silk bed sheets to size of television screen. Not only amenities inside the house, but external facilities provided by developers also play a significant role in decision-making. Add-ons such as club houses, body care and spa units, day-care centres, mini golf course, centralised security systems, business centres are some of the attractive benefit that developers are using to allure customers into investing in the project.
These deluxe amenities help residents spend quality time with their family, which ultimately converts into complete customer satisfaction.
Luxury outlook
The market for high-end housing segment witnessed a slowdown during the recession, with several developers shifting their focus to affordable housing to sustain margins. Times have changed since then and the focus is back on the luxury housing segment. At present, the demand is robust and the market for luxury real estate is looking upwards, specifically the demand for luxury housing abounds in Delhi and suburbs such as Gurgaon and Noida.
The swiftly growing Indian real estate market and the country’s economic progress have made real estate the most alluring investment option. The domestic real estate market has undergone a makeover in the recent years. The upcoming towers with luxury amenities have created an interest among consumers to invest in the market. It is, therefore, apparent that the real estate market is taking giant leaps to cater to the mass segment of the society. The demand for luxury housing has surged significantly in Tier I and Tier II cities and has a long way to go in the years to come.

Prashant Solomon, joint managing director of Chintels India, a premier real estate group in the National Capital Region (NCR)

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