The pandemic has been a wake-up call of sorts for most people. The fragility of life became a reality which hit one and all. People realized how precious time is and those with the means decided to live it up. ‘You live only once’ became the mantra, especially amongst the millennials. Starting with ‘Roti, Kapda aur Makaan’ the very basics, there has been a paradigm shift in every aspect of life.
Luxurious living has taken precedence and anyone who can afford it is choosing to invest in one, instead of putting one’s money in multiple medium-sized projects. Opulent homes with state-of-the-art amenities are becoming the first preference of the new tribe of investors who have high disposable income, are tech-savvy and have experienced fine living, thanks to overseas visits and 5-star stays during business trips. The significant savings made during the pandemic when consumption dropped, have also added up to make a decent kitty.
The work-from-home culture is yet another factor that has contributed towards this new trend. Luxury homes provide additional space which maybe converted into one’s personal office. Some properties even offer co-sharing workspaces, thus giving a feel of working in an office.
Gymnasiums, swimming pools and open outdoor spaces are other attractions drawing investors who have now made personal well-being a priority. In addition, banquet areas, and barbeque pits within the housing complex are value-for-money amenities to host private parties.
The current generation is also environment conscious. Properties offering sustainable amenities that cut carbon footprint, green belt areas, and community gardens are fast becoming the preferred choice. Air purification, natural lighting, automated thermostat control, rainwater harvesting protocols are some of the other sought-after features.
A sophisticated security system is yet another aspect high on the list of this target audience.
Thanks to the lessons imbibed during the pandemic, the inclination for a better lifestyle, ornate architecture implying opulence, high-end luxurious apartments are becoming the preferred choice for most discerning home-buyers in India. Encouraged by this shift, even developers are offering subsidies and attractive rates on luxurious homes. Various moves by the Government vis-à-vis tax benefits, reduction in stamp duty and property registration charges have also boosted sales in the luxury home segment. With easy home loans, and other attractive offerings, this segment is poised for better days in the future.