India's real estate market has evolved from houses with great location to a fresh and vibrant concept of branded homes. These branded houses make up this emerging luxury housing concept where houses cost more than $300,000 for 2000 square feet as with starter size for apartments, and into larger and bigger sizes depending on the category that the project is going for. It is currently considered as the fasting growing cluster in residential housing and based on studies, it would take 1.5 million luxury homes to be able to cater to the demand in the coming 15 years, Business World reports.
For the past ten years, India has undergone rapid globalization which paved the way for employment opportunities with income earned in the uppermost level also at record high. These high-earning individuals are those who are exposed to world-class amenities who love to read and travel, and this lifestyle reflects on how they want their homes to look like. Real estate developers are taking advantage of this opportunity by catering to the housing needs while also getting high incentives. They target the uber rich of the city who are willing to pay for a property that is luxurious enough to indicate their social and financial place in the hierarchy.
There is also a sudden influx of investments on bespoke properties with the emerging trend of owning more than one luxury property in the upper segment of the society.
By investing in premium properties, one diversifies their assets which can be fueled by several reasons ranging from practicality, passionate inclination, or for investment purposes. Owning more than one property is a common aspiration for the higher class, with 79% of them invest on at least 2 properties while the balance 53% stake on three or even more.
The Indian market is also attracting international developers to invest on customized possessions to cater for the wealthy who want to be at par with their peers' or surpass their luxury lifestyle. Rising aspirations of affluent young professionals are also the target market of developers for their premium constructions.
Luxury residential real estate is definitely looking promising for India as the trend gain momentum that could even surpass that of traditional real estate.
