10 Evolving Trends in the Luxury Housing Market in India (2022)
Have you been observing a shift in the pattern of?luxury home buying trends lately? As India's economy re-finds its way to a “new normal”, unprecedented luxury house owner trends are emerging in 2022 and beyond, which are proving to be divergent from the pre-pandemic days of the real-estate sector in India.?
As working from home became the new norm, the importance of having beautifully designed spacious homes that are uniquely suited to one’s needs became even more apparent for the upper-middle class to elite individuals or families who lived together.?
After all, there is no such thing as one-size-fits-all when it comes to the luxury housing market, and why should there be a cookie-cutter solution to owning a luxury home or investing in premium real estate when one is paying top dollar.?
Exposure to the latest global market trends in the premium housing sector also helps shape the choices of today's luxury homeowner.?
Realizing that India houses the fourth-largest number of Ultra High Net Individuals (U-HNI’s) as well as the growing financial status of many HNI’s in India, we decided to map out some of the market trends or patterns in the luxury real estate industry in India for 2022. Read on below.
Conventional 'luxury' properties still have to deal with the same issues that other city dwellings face as soon as one steps out of the boundaries of the place, for eg- Pollution, noise, or traffic.?Life outside urban limits comes with peace, serenity & quiet, which is increasingly being considered the highest desired quality in any modern-age luxury estate.?
As people started living at home more often, the need for larger spacious homes emerged as a priority for Indian luxury homeowners.?
2. Nature-infused Living:? Indian architects and property developers designed more luxury home properties with lawn areas, indoor greenery & vertical terraces, creating a naturalistic aesthetic in the homes of Indian premium house owners.
3. Use of Natural/Recycled Building Materials: Today's conscious luxury homeowner wants everything in the home to better represent their sustainable ethos. They often shun away materials that are not sustainable in nature. Green, recycled materials are in vogue, with explicit requests for the same by homeowners.
A case in point~the surge in ‘Green Building Blocks” over demand for the traditional Automated Aerated Concrete (AAC) material used in building homes.?
4. Smart home design: Buyers are explicitly asking for smart home design, which provides luxury homeowners security, comfort, convenience, and energy efficiency by allowing them to control smart devices, often by a smart home app on their smartphone or another networked device.?
5. Technological Advancements: New-age digital transformation tools and advanced enterprise technologies such as the internet of things (IoT), ERP, robotics process automation (RPA), analytics for decision making and mobility solutions, and data science are also helping developers with negotiations, prompt assets valuation, and increasing visibility and productivity help home buyers analyze properties better.?
With the advent of web 3.0, it was not long before the luxury real estate industry entered the metaverse to create virtual walkthrough experiences that have been augmented by various ways to view & purchase homes.?
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6. Luxury becomes a necessity: Amenities like swimming pools at property homes become must-haves or expected.?Homes built with an aesthetic focus are more in demand by the premium homeowners of today,?
7. Wellness Intertwines with Luxury (Crafted Bespoke Experiences): Premium homeowners anticipate curated experiences for them and their loved ones, tailored for preferences in adventure, wellness, or spirituality.?
Post-pandemic, there has been an increase in residence-based exercises, leading to more Yoga studios or fitness rooms propping up in luxurious properties recently.?
Increased interest in gardening, baking, cooking have also led to changes in the way architects approach building luxury homes today. At ‘Twilight in the Wilderness, we offer bespoke experiences like Birdwatching, fishing, trekking alongside the Shimsha river.?
8. Staying Closer to Nature (by moving towards Suburbs): Getting away from the big city life to staying closer to nature is a big trend amongst Indian CXOs, and executives, who have been saturated by a monotonous routine.?
The shift towards the suburbs happened when people realized that the COVID-19 virus was brutal in crowded high-rise properties, many of which were cordoned off in isolation during the peak of the virus. It was an inevitable situation due to the common areas of multi-complex societies like service lifts being prone to becoming contaminated easily.
Moving to smaller, exclusive properties in India away from metro cities like Mumbai, Delhi and Bangalore is now in vogue much more than shifting to a high society building complex.?
9. Enter A New-Age Luxury Homeowner: A healthy surge in disposable income, monetary compensation to people in leadership or management roles or ESOP monetization disruption amongst the startup ecosystem is another propelling factor pushing the demand for luxury real estate: for us to mark the dawn of a new kind of luxury home buyer.?
More young couples entitled more people to look at investing in premium real estate in India. ?
10. Working from Luxury Homes: A preference to invest in luxury real estate projects that allows one to lead an opulent working life, at home, is becoming mainstream. Remote jobs have changed the landscape of luxury home designing in India, with more homes allowing for office designs that incorporate the WFH lifestyle.?
Which of these trends do you think would most shape where the luxury real estate sector in India is heading? Share your thoughts with us here, we would love to hear what you think.?
Download the details of our maiden project 'Twilight in the Wilderness' here. Connect with our team at?+91 89519-27477 to schedule a one-on-one consultation if you're looking for options to invest in premium real estate in Karnataka.?
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