Want a luxury home? You might want to check this out!

Want a luxury home? You might want to
check this out!
The fancy villas with infinity pool or a private gymnasium in Gurgaon or those luxury apartments in the Pune that boast of a big closet, mahogany furniture and Italian floorings, luxury homes across the country has certainly been able to beat the slump in the Indian realty market. Catering the crème de la crème of the country, the luxury homes segment has ‘surpassed expectations, which were modest at best this year”.

“The times have changed more and more Indians are now travelling abroad regularly, and getting a taste of what the high life means in other countries. Consequently, their expectations now extend quite a bit beyond just a fancy town-side address. Though the address is still important, luxury home buyers now also expect to buy into a lifestyle that, by definition, only a few in the world can afford to have,” says Ashwinder Raj Singh, CEO of Residential Services at JLL India.

The growing desire to live in fancy houses with the best in comfort has divided this segment in sub categories. BI India takes a look at them.

Super luxury

This category of homes is for uber-rich buyers who want nothing but the best. Mediterranean architecture- style interiors, a private gym, swimming pools, gardens and home automation are just a few things that this class of buyers wants.

“Whether or not half of the facilities and technological embellishments they seek are available in the country or not is immaterial - today's Indian luxury home buyers are willing and able to pay for having them imported, and builders are happy to comply. The desire to stand out and be 'a cut above the rest' is creating a demand for super-luxurious homes wherein price is not a constraint,” say Singh.

The prices of these properties vary from city to city, depending upon the average income levels of the buyers.

Price tags: Anywhere between Rs 40 crore and Rs 100 crore in mega cities such as Delhi and Mumbai to Rs 2 crore to Rs 5 crore in Hyderabad and Kolkata.

Branded Homes

These are typically built by developers who expertise in building projects for the masses. But since, luxury homes are the hot cakes, hence, they too want a share of the pie. The developer ties-up with global realty builders who have experience in building luxury homes.

“Apart from the knowhow, such brands also bring with them an aspirational value that immediately connects with the super-rich. The experience and brand equity advantage inherent in associating with major brands gives a developer's luxury project an extra edge,” notes Singh.

And what do buyers get? Well, they are getting the rich international experience of luxury with an exotic label at an extravagant location!

Out of the entire lot of luxury homes, branded luxury homes have been the most profitable proposition for both buyers and developers.

“Branded luxury homes are especially in vogue with NRIs and PIO HNI investors, who prefer such properties for the simple reason that they get an assurance of the quality of services which they are used to in their adopted countries. Also, with the backing of a well-known brand, they can expect better returns on their investments which are better than the prevailing market rates,” says Singh.

Price tags: Anywhere between Rs 12 crore to Rs 25 crore in Delhi and Mumbai to Rs 1 crore- Rs 4 crore in Hyderabad and Kolkata.

Affordable Luxury

These are for the cattle class people who are rising above the line and are now viewed as ‘the aspiring luxury home buyers’. Singh tells us home buyers in this segment get most of the amenities that any super luxury home buyer gets; however, the spin is that they are shared.

“The 'a class above' ethos still comes through, but the residents of such affordable luxury projects are definitely not rubbing shoulders with the city's richest and most influential people at 'snob value' addresses,” he says.

A high salaried professional who belongs to the upper middle class and has never had any prior experience of luxury generally forms the core target audience of this segment. Hence, the onus of giving them the luxury experience lies on the developers.

“In the considerably rarefied stratosphere of super-luxury, everything takes place at a more languid pace befitting of the 'idle rich' ethos. Exclusive super-luxury homes take longer to be built and also to be sold. This is a high investment arena wherein exclusive customizations are the norm, and both developers and buyers take their time to ensure that the deal results in complete satisfaction to all involved,” he adds.

Price tags: Anywhere between Rs 10 crore to Rs 25 crore in Delhi and Mumbai to Rs 60 lakh- Rs 2 crore in Kolkata and Hyderabad.

So the next time you scout for your perfect luxury home, you know where exactly you are!

Image Credit: www.luxurious-estates.com