The definition of luxury has changed in the present time; luxury is in the details, it is more than just the prime location of the property.
Millennials are a globetrotting generation, well travelled and exposed to the best-in-class international innovative concepts. This new generation aspires to remodel their lives to achieve similar lifestyle principles which define luxury. As it is often said, aspiration is the precursor to luxury, a niche segment of aspirational homes is now emerging across the sub-continent in recent years. Millennials have often been observed as a new generation whose aspirations are changing the world as we know it. They choose homes and work environments that have amenities and facilities with an international appeal. These next generation spaces are redefining the established parameters of luxury and comfort across the urban fabric of India’s affluent metro cities.
The last two decades have witnessed a rapid growth and led to maturing of Indian realty sector. There are multiple factors behind this growth. The first and foremost is the rise of the Indian economy. During the recent budget presentation, Honourable Minister of Finance & Corporate affairs, Ms Nirmala Sitharaman highlighted that the Indian economy has gone up to $2.7 trillion, which was earlier at approx $1.85 trillion in 2014. This rapid growth of the Indian economy has deeply impacted the standard of life and disposable income across the country.
The economic growth has been possible due to several pertinent reasons; foremost among them is the ease of doing business (EoDB). Many foreign players and MNCs have been attracted to India because of the relaxation of business establishment procedures. These international giants have made India the home of many expatriates, who along with the growing prowess of affluent millennials account for the transformation of the luxury homes sector in the country.
The definition of luxury has changed in the present time; luxury is in the details, it is more than just the prime location of the property. Today, the best-designed homes offer high degree of automation and technologies synonymous to luxury. Technological interventions are at peak and Artifical Intelligence (AI) is rapidly finding its way into several areas of our modern-day lifestyle. The real estate sector is not left untouched and is also adapting equally to embrace the advent of modern technology. Realtors are trying for home automation through biometric locks and remote security etc.
Unlike the previous generation, today, the focus has shifted from mere utilitarian features and functional design to flamboyance and embellishment of details. Branded luxury homes being developed by international luxury hospitality brands offer a unique lifestyle of global standards catering to the demands of aspirational buyers.
A leading banking services aggregator conducted a survey called ‘Aspiration Index’, where opinions were collected from 12 metro and non-metro cities. The survey found out that when it comes to accommodation, the millennials consider buying a home as their biggest aspiration. The National Capital Region and Delhi, in particular, have always led the luxury real estate segment. Delhi was listed in the top ten cities of the world in Knight Frank’s Prime Global Cities Index, Q1 2019. Amongst different parts of Delhi, South Delhi has evolved over the past several years into an energetic mix of eclectic restaurants, private businesses and entertainment spaces, becoming the most sought-after residential destination in NCR.
Considering the bourgeoning demand, real estate developers are leaving no stones unturned to cater to this emerging trend in the Indian real estate market. Most established real estate developers across the country are launching projects that match international standards in relation to lifestyle, interior decoration and architectural aesthetics. Many theme-based projects provide exquisite amenities that make their projects stand out compared to other competitors. Such next generation ultra luxury properties are proving to be attractive and aspirational for the exclusivity they offer to prospective home buyers.
The current tempo being witnessed over the luxury real estate market in India is expected to continue with aspirational homes being designed and developed, and is setting the course for healthy and sustainable growth in the real estate sector.
(By Li Qiongjia, Director, Risland (North India)