The Indian real estate industry is undergoing an unprecedented transformation. The ever-evolving aspirations of insightful homebuyers and increasing disposable income due to favourable economic conditions has made homebuyers more inclined towards luxury housing. The need for expansive homes with better modern facilities in renowned residential properties have led to surging demand for luxury segments in major markets and micro-markets of India. Homebuyers are becoming more sophisticated and distinctive. They prefer expansive, contemporary homes with updated technologies over opulent apartments. The size of the home has become a key aspect in generating robust demand for luxury homes. Homebuyers are unwilling to compromise on the space and thus, are more inclined towards spacious homes with proper lifestyle facilities and modern technologies.
The realm of luxury real estate in India is evolving with several dynamic trends:
Customers’ Aspirations – Homebuyers’ preferences constantly change with the changing times. Post-pandemic tenure has led to the homestay model among homebuyers. Privacy and personalized spaces are preferred by homebuyers. Premium homes come with several convenience aspects. Homebuyers look for experiential homes where they can be able to work efficiently.
Tier 2 and 3 cities – Homebuyers are getting away from the metro cities considering its chaotic lifestyle and compact spaces. Metro cities offer expensive homes with restricted spaces. The demand for homes in Tier 2 and 3 cities is deliberately growing. These cities comparatively provide spacious and affordable housing options as compared to metropolitan cities like Mumbai, Bangalore and Delhi. Tier 2 cities are witnessing major luxury housing developments owing to their better infrastructure, lower property prices, sustainable environment and augmenting living quotient. Homebuyers are attracted towards these cities considering their scope of growth and return on investments in the coming time.
Dynamic Architectural Preferences – Architecture in luxury real estate comprises sophistication. Luxury real estate developers are adopting contemporary architecture which is a sleek blend of aesthetics and modern designs. Such exceptional design allows for a meaningful living space and adds essence to everyday living experience. There is a growing focus on expansive balconies, open spaces, natural light, proper ventilation, etc.
Premium lifestyle amenities – Affluent homebuyers in India are increasingly aspiring for a high-state lifestyle that goes beyond the walls of homes. Exceptional amenities set the property apart from others. Homebuyers prefer gardens, children’s play areas, sports turfs, swimming pools, spa facilities, etc. within their residential premises. These amenities upscale their living standards and property value. Developers are integrating these recreational amenities to entice modern homebuyers. Clubhouse has become a prominent aspect of any luxury residential project.
Policy Changes and NRI Support – Due to government regulations such as RERA (Real Estate Regulatory Authority) have led to increased transparency and accountability in the real estate sector. Due to this, investors can easily make informed decisions on investment in luxury properties. This has instilled great confidence among homebuyers. Apart from this, the government’s relaxation of the regulations over FDI (Foreign Direct Investment) has enabled international investors to invest in Indian luxury properties. Moreover, the Indian economy is experiencing a steady growth despite global disruptions. NRIs who are investing in Indian luxury properties can benefit from the stability of the Indian economy.
All these factors are contributing to the significant growth of the Indian luxury housing market. A stable economy and supporting policies make luxury housing investment a compelling option for domestic as well as international homebuyers. Belmac Residences offers luxury apartments that provide convenience beyond the confines of the home. It boasts expansive open spaces, unhindered privacy, high-tech and energy-efficient fittings, stunning interiors and the finest lifestyle amenities. Based in the prime location of Pune, Belmac Residences is an opulent landmark at par with the evolving aspirations of consumers. Whether it’s lavish interiors, customized spaces, smart homes or exceptional amenities, Belmac Residences is poised to cater to the needs of affluent homebuyers.
