From time to time, Indian luxury houses have seen many turning points. The following article talks about changing times and with it, however, the definition of luxury has changed. Also, we have a tendency to perceive the current state of luxury real estate in India and some of the world famous Indian residences. There have been extraordinary changes in the way we tend to describe luxury today. Speaking of earlier times, luxury was only for the wealthy, however today builders have made it possible for the average person to afford it.
What is luxury? If we go by the book, luxury is a couple of things that define a state of excellent comfort and class, and it involves considerable expense. If we have a tendency to do without real estate, which means luxury suggests having access to amenities that give you a more exquisite life.
Today, the Indian real estate market considers luxury homes to be one of the fastest growing real estate sectors. The growing economy, rising aspirations, and ever-changing lifestyles are some of the factors that effectively contribute to the expansion of luxury real estate. Also, let us look at how luxury housing has changed its definition from the past up to this point and what is the current situation of luxury real estate in India?
The golden age of luxury
Previously, luxurious houses were outlined by palaces owned by the rajas and maharajas of our nation. They featured a variety of spacious rooms, impressive design, chandeliers, giant doors, and an area that would accommodate over a thousand people. These were the residences of royalty who lived there in luxury and grandeur. Today, the royal palaces are used as heritage buildings or some are restored as luxury hotels.
Glorious and spectacular royal palaces still have the feeling of luxury. The royal palaces that took years to complete had labyrinthine styles that embellished the appearance of the palaces. But today, luxury housing carries a totally different image.
The Luxury Housing Division of These Days
The luxury housing division is all the rage in the real estate market and the number of people choosing luxury is also growing rapidly. The definition of luxury remains constant, with the only distinction being that today it is within the reach of a non-royal person. Developers are building world-class projects that allow residents to live a luxurious life with access to any or all of the amenities one seeks. In fact, the state of affairs is such that luxury real estate these days forms a major part of the entire Indian property market.
Luxury houses in India these days range from Rs 1 crore to Rs 15 crores and are very demanding even when the market is facing a stiff condition. In fact, people looking for affordable housing were faced with the inflexibility of the market. The luxury real estate market was barely depressed by the market situation and actually turned out to be profitable for developers. There are a few reasons why there is a sudden shift towards luxury in today’s real estate market:
- Luxury and ultra-luxury projects have reported an appreciation of almost 10 times the launch value.
- Encourage pre-sale activities that led to the total sale of complete projects.
- The developers are ready to secure significant cash flows to capitalize on the completion of the project.
- The increased visibility and reliability of the builder’s name in the marketplace which translates into increased sales of the mid-range housing project by the builder.
Some luxury projects in India
Apart from these builders like Hiranandani, Lodha group and more are building reasonably priced houses for the high-end segment. To name a few projects, the ones that fall into the luxury category; Sikka Kingston Greens in Rajpur Road Dehradun, Emaar MGF’s Marbella, World Towers in Worli Mumbai and Panache Valley in Sahastradhara Dehradun by ABL Projects.