Indian Luxury Real Estate - Then and Now: How has it changed over the years?
Speaking of earlier times, luxury was only for the rich but nowadays manufacturers have made luxury possible for the common man.
Furthermore, let's see how luxury housing has changed its definition from past to present and what is the current status of luxury realty in India?
Indian luxury homes have seen many twists and turns from time to time. The next article addresses the ever-changing times and revises the definition of luxury with it. Moreover, we present the current state of luxury realty in India and some Indian residences which are very famous worldwide. There has been a tremendous shift in the way we define luxury these days. Speaking of earlier times, luxury was only for the rich but nowadays manufacturers have made luxury possible for the common man.
What is luxury?
If we look at the book, luxury is something that defines a state as exquisite comfort and class and involves heavy expenditure. If we tend to extrapolate from reality, luxury means having access to amenities that give you a more perfect life.
Today, the Indian realtor market sees luxury housing as one of the fastest growing segments of real estate. Growing economy, growing aspirations and ever-changing lifestyles are some of the factors that effectively contribute to the expansion of luxury realty. Furthermore, let's see how luxury housing has changed its definition from past to present and what is the current status of luxury realty in India?
The golden age of luxury
Earlier, the palaces owned by the kings and maharajas of our country were shadowed by luxurious houses. They had various spacious rooms, stunning designs, chandeliers, huge doors and an area that could seat more than a thousand people. These were the residences of the royals who lived there with splendour and magnificence. Nowadays the royal palaces are either used as heritage buildings or have been restored into some luxury hotels.
Even today glimpses of grandeur can be found in the majestic and majestic palace. The royal palaces that took years to complete had intricate styles that enhanced the look of the palace. But, luxury housing these days involves a completely different picture.
These days the luxury housing segment
The luxury housing segment is trending in the realty market and the number of people opting for luxury is also increasing rapidly. The definition of luxury remains the same, the only difference being that these days it is affordable by anyone not related to royalty. Developers are building high-end projects that enable residents to live a luxurious life with any or all amenities. In fact, the situation is such that luxury real estate has become a serious part of the overall real estate market in India these days.
Luxury home prices in India these days vary between Rs 1 crore to Rs 15 crore and is in high demand despite facing a tough market situation. Indeed those looking for affordable housing face inflexibility within the market. The luxury real estate market hardly kept pace with market conditions and, in fact, proved lucrative for developers. Some of the reasons behind the sudden rise in luxury in the realty market today are:
Luxury and ultra-luxury projects have appreciated nearly 10 times the launch price.
Promotion of pre-sale activities lead to complete sale of the entire project.
The developers are set to secure significant funding inflows to capitalize on the project's completion.
Increased visibility and credibility of the builder's name within the market resulted in high sales of mid-range housing projects by the builder.
Some luxury projects in India
Apart from these builders Hiranandani, Lodhi Group and many others are building houses that are priced reasonably by the high-end. To name a few projects that fall into the luxury category; Sika Kingston Greens at Rajpur Road Dehradun by ABL Project, Marbella by Emaar MGF, World Towers at Worley Mumbai and Panache Valley at Sahasrathara Dehradun.
