Luxury living in India is evolving faster than one would have thought. While sophistication, sustainability, bigger homes and bespoke amenities are widely being demanded by discerning homebuyers, low-density living with more outdoor space and greenery is an emerging trend in luxury.
In this highly-competitive market, developers are introducing new-age amenities and specifications, global ideas etc. to cater to the evolving needs of homebuyers with an objective to make living easy. They are changing the way projects are conceived and developed; and introducing newer aspects of life, lifestyle and convenience.
Opulence giving way to low density, open & green spaces
While opulence at one point was the unique selling proposition by the developers, it is slowing giving way to discerning homebuyers looking for low density living with greater open and green spaces. For example, in certain pockets of Gurugram, the spectacular unobstructed views of the Aravalli range offer inhabitants a life beyond the din and bustle of urban life. Ecologically-sensitive developers, while being mindful of the design and aesthetics, are launching projects that not just cater to homebuyers’ health but also the environment by blending the harmony, atmosphere and dense foliage outside with smart layouts and landscaping inside.
Low-density living helps in improving the quality of air in the project, thereby enhancing the productivity of the residents, a break from the chaotic city life. A personal sanctuary of tranquillity and serenity where the mornings begin with symphony of the nature, the sound of birds and rustling leaves and breathtaking view of the sunrise and the sunset.
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Rising investment in luxury housing
The rapid rise in the number of HNIs and UHNIs in the country, reflected by the growing economy and newer avenues by Indians to gain wealth, has found its outlet in luxurious spends across categories, including homes. To add to this, NRI investment has also grown manifold. Some estimates suggest that their contribution to Indian real estate is expected to rise to 20%.
According to The Wealth Report 2024 by Knight Frank, the country saw an annual rise of 6.1% in UHNI population in 2023 at 13,263 over the previous year. This count is expected to rise to 19,908 by 2028. A substantial chunk of this wealth will be directed into the residential real estate. The demand for luxury housing has matched the growth in wealth.
According to CBRE Research, in Q1 2024, Mumbai and Delhi-NCR accounted for 49% and 30% share respectively in overall luxury inventory. The number of new launches in Delhi NCR has risen from 705 units in 2010 to 6100 units in 2023, while in Mumbai, it has gone up from 860 units to 5700 units between 2010 and 2023.
Delhi-NCR has seen a significant increase in aspiration and affluence levels. Wealth creation and income generation have become the prime driver for their increased investment in luxury residential market. Some micro markets have witnessed remarkable appreciation and rental yield, one among them being Golf Course Road and Golf Course Extension Road in Gurugram. Similarly, Noida Expressway, too, has been witnessing faster appreciation.
Conclusion
The desire to live in the midst of nature while relishing the modern amenities is a new norm in luxury living and is here to stay. To add to it, wealth creation and income generation are complementary factors. Developers are realising the need to provide low-density living with more open and green spaces.
(By Sanjoo, MD, 4S Developers)
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