The one distinctly compelling trend that Indian Real Estate Market has been experiencing currently is the fast-paced launch of luxury residential projects in urban developments. This unpredicted change was mostly facilitated by the preferences of non-resident Indian clients and well-heeled buyers.
New-fashioned home spaces come with a lot of impressive features that suits the desires of the dwellers who want their houses to be a reflection of their social and financial standing. Developers have assessed such demands for comfort and high-end living standards to upgrade their marketing to promote modern living spaces with a mix of technology and exclusivity.
Luxury homes come in different forms like apartments, penthouses, villas/bungalows, and they are often comprised of huge green spaces or a golf course. Site location has always been a key factor when a home seeker is looking for his dream home but in addition to that the premium branded residences are showing up as a fresh concept where the real estate developers collaborate with international luxury hospitality, lifestyle brands, or at times, celebrities. Oberoi Elysian, for instance, located at Goregaon East in Mumbai City offers luxurious residential projects with contemporary interior designs and amenities. Alongside advanced amenities and a premium address, luxury branded residences also offer first-rate project management. Developers are employing artificial intelligence to create smart living spaces through tech-bound gadgets like digital locks, electronic surveillance systems, temperature control, wireless internet connection, and in-house entertainment. Systems with sensors give power to the residents to control their ambiance, light, and temperature according to their preference using high-end pre-programmed machines that are intelligent enough to study the human presence and adjust the settings accordingly. Technology is also used for concierge services, medical consultation, private tutoring, and residence socializing.
The construction of luxury residential properties is mostly vertical due to the limited land availability in metropolitan cities like Mumbai. The apartment occupies the entire floor and comprises landscaped terrace gardens, central air-conditioning, private swimming pools, private lounges, and exclusive lifts. They are impressively spacious and come with first-class interiors, imported bathroom fittings, and kitchen decors. With the increase in the number of affluent individuals, luxury residences have gone beyond the urban sprawl.
Despite these rocketing growth projections, sales are still low and stagnant since it takes a lot of time for transactions to complete.
Today, the luxury home market in India is going through a slow phase which advantageously allows buyers to negotiate and luxuriate the space.