Trends Influencing Luxury Housing Market In India
The Indian luxury residential market has undergone a significant transformation over the last few years. Luxury homes are in demand due to rising disposable income, changing tastes in homeownership, evolving expectations of homeowners, and the integration of amenities, such as gyms, swimming pools, playgrounds, shopping malls, and healthcare centers, that contribute to a wholesome lifestyle. Due to the pandemic and its aftermath, there has been a marked increase in work-from-home (WFH) and reduced movement due to restrictions on movements.
A data analytics company specializing in real estate, reports a 21% increase in luxury housing sales in seven major Indian markets during February, compared to 6786 units in February last year. Pandemic-related factors contributed to an increase in open floor plans and bigger houses. Anarock, meanwhile, reported a 31% increase in the number of luxury homes that it launched in the first quarter of 2021, with approximately 5300 units across the top seven markets.
With a surge of luxury home demand, let's examine some of the trends that affect this market segment.
Larger Homes:
The demand for larger homes is one of the trends visible in the market. Since the pandemic is at the center, workers are increasingly working from home (WFH). The result is that people need to separate work and personal spaces at home. The focus on the overall quality of life is also evident, with a particular emphasis on health and comfort as we spend significant time at home due to the pandemic. Separate areas to relax and work out, as well as terraces with more space, are some of the features that are coveted. Families in the middle and upper-middle classes are increasingly moving into larger homes due to their aspiration for a better quality of life.
Second Homes:
The trend of consumers purchasing second homes is not new, but the epidemic has certainly accelerated it. As a result of travel restrictions, people have been buying homes on the outskirts of cities or in picturesque places, especially hill stations, both for use as vacation homes and to work out of them. This is in contrast to earlier times when the aim was mainly to convert them into rental properties. According to Knight Frank's Global Buyer Survey, this trend continues.
Moreover, with mortgage rates at current levels, competitive pricing by developers, and reduced stamp duties in several states, purchasing a second home has become significantly less expensive. Second homes typically start at around INR 1 - 2 crore and go up from there.
Integrated, Gated Homes:
Besides the luxury amenities, another aspect of luxury homes driving demand is their location. Security and safety are believed to be the most important factors, so most people buy luxury gated communities that do not require them to leave the community. Compared to luxury homes, gated communities offer a range of amenities, but some are basic to basic and some are bare-bones.
Gated communities of luxury provide a more holistic living experience, as they have a wide range of open spaces for walking and jogging. The other premium facilities on offer include drive-in movie theatres, medical care facilities, assisted living residences for the elderly, supermarkets, shopping centers, hotels, and schools.
Due to the continuing pandemic, Indian housing demand is expected to increase further as demand for luxury homes continues to rise.
Luxury house design in India is what high net worth home buyers seek out. In addition, they set the trends by having impeccable residences that are stylish and modern. Therefore, their distinctive features include their grandeur, their richness of color palettes, and their uniqueness. In addition to comfort and aesthetics, functionality and personal taste are also seamlessly integrated. Modern interior decorators and design firms influence global taste and creativity. A luxury house in India saw new trends emerging in its interior in 2022. These were the top trends that can inspire you for your own home:
1. Multipurpose rooms in your luxury Indian home
As a result of the pandemic, multifunctional spaces were created. Spaces that can perform dual functions will be popular as homeowners begin to spend more time inside their homes. Currently, luxury houses play a disproportionate role in Indian society. Now, we do more than just live in our homes; we also work, exercise, and vacation there. To be luxurious and comfortable, a home must be multifunctional and multifunctional. Recently, design firms have been creating smaller rooms within larger rooms with decorative screens. In addition to creating a sense of privacy, these screens add some glam to the room.
2. An office that speaks the high-end spacing
Increasing numbers of people are working from home, which makes a functional office space more important than ever. As these spaces have become more aesthetically pleasing, their function is increasingly secondary to ambiance and mood. To effectively utilize these spaces, architects are incorporating them into modern floor plans. The dedicated home office design combines a smart space that is presentable and stylish with the latest technology. Moreover, it is highly functional and fully equipped. The design is smart and comfortable as well as highly functional and fully equipped. Galleries and libraries inspire creative endeavors. In designing a luxury home in India, add textures for depth and interest.
3. Perfect background for zoom meetings in luxury homes
Zoom meetings are a common occurrence for most people these days. This is why choosing a visually pleasing backdrop has become so important. Statement art, color pops, and good lighting are some ways to do this. Besides making the home office a very enjoyable place to be in, this can help create a stylish setting for meetings.
4. Living spaces that are tranquil and informal
The dining and entertainment spaces in Indian luxury homes are moving away from traditional designs. It appears they are favoring more informal, more laidback environments. There is also a greater use of organic materials and fabrics resulting in more comfortable and durable living spaces. It is very important to have such corners in home where one can sit peacefully and enjoy the salacity.
In India, what is the average price of a luxury house?
It is not uncommon for luxury houses in India to cost over 4 crores. A home priced between 1 crore and 1.5 crore falls into the high-end or premium segment. There are luxury housing projects in Mumbai that cost between Rs 25,000 and Rs 1.10 lakh per square foot. It ranges from Rs 15,000 to Rs 65,000 per sq. ft for similar projects in south and central Delhi. Gurgaon is capable of bringing prices as high as Rs 30,000 per sq. ft, while Bangalore is between Rs 20,000 and Rs 30,000 per sq. ft. High rates per square foot, as well as the size of the apartment (typically more than 2,500 square feet), push up luxury house prices in India.
How luxurious is the most expensive house in India?
Mukesh Ambani, one of the richest men in India, owns the most expensive luxury home in the country. In India, the most opulent residence is Antilia, rumored to be worth over 12,000 crores and with 27 stories, is the most opulent residence in India. A movie theatre with 80 seats, a hair salon, an ice cream parlor, a swimming pool, a gym, etc. are among the amenities.
Shahrukh Khan's house is ranked as the second most luxurious in India. The Mannat residence is considered one of the most prestigious houses in India. Bandra is the location of this property worth 200 crores. Among the other items on this list is the JK house, which is valued at 6000 crores. This list also includes the Rs. 5000 crore home of Anil Ambani, which includes a helipad.
Summing it up….
Luxury housing is in good demand these days
Many of the wealthiest Indian families live in some of the most luxurious homes in the country. More and more people are looking to upgrade their living spaces as they spend more time at home. Modern homes that are luxurious and offer sustainable living are in great demand in India among homebuyers. Multipurpose spaces are available in these homes, which can be utilized as per residents' requirements. Beautiful interiors, as well as modern amenities, are also a focus.