Why is luxury housing witnessing high demand in the current scenario

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By Anjana Sastri, Director – Marketing, Sterling Developers

The premium housing segment in India has been witnessing a stellar rise in both significance and size in recent times. Developers are increasingly focusing on developing villas and luxury homes given the increased aspiration of today’s home buyers and the high demand of for an ever-evolving high-end lifestyle. The pandemic has considerably altered our living modes. The need for owning a safe and bigger haven has surfaced more than ever. As we progressively adapt to the ‘new normal’, the changing preferences of present-day home buyers has significantly influenced their purchase and investment decisions. The concept of villa living in gated communities promotes a holistic vision that is ideal for the entire family and thus is the ultimate choice for many homebuyers. As per a recent report, more than 10% of the respondents indicated that they would be willing to invest between Rs 3 – 5 crores for a luxury property, over 50% of Indian HNIs want to buy a luxury home and over 25 percent aspire for the same in the city peripheries.

BUYERS PREFER LUXURY ELEMENTS

What are the different luxurious elements that people now desire? Well firstly, Villa-living within a gated community that allows one to enjoy adequate space, beautiful views and luxurious amenities away from the hustle and bustle of the city tops the list. People now want to live in a community with open green spaces, state-of-the-art amenities, private eco-lake, tree-lined driveways to name a few features. Be it a private event, intimate family get together or a social engagement, a villa community offers a variety of options in terms of multipurpose spaces that can be used to create the perfect moment. Additionally, spurred by trends including remote working and community-living, villas are emerging as the preferred choice for affluent home buyers, who look for managed common amenities offering a serene and healthy lifestyle and a safe environment. These luxury elements seem to be at the top of a homebuyers checklist when they are looking for the perfect community to reside in. All these factors have resulted in the premium and luxury gated community segment seeing a higher growth when compared to the budget and affordable segments.

HIGH DEMAND OWING TO GLOBAL EXPOSURE

People now travel abroad widely and with this exposure comes the influence of global taste. When people travel abroad, they are introduced to different styles of living and would like to imbibe that culture in their own country. Keeping this in mind, developers are always elevating their design concepts and construction techniques to cater to the customers’ desires. Related to this is also the rise of High Networth Individuals (HNIs), who are a significant presence in the economy. HNI’s typically look for the luxury factor in the homes they purchase and luxury villas have been a very popular choice as they offer world class living.

THE ARCHITECTURE FACTOR

A striking feature of recent villa architecture is to blend living rooms into private gardens, giving residents the luxury not only of allowing nature to flow into their homes but also a larger space to host and entertain guests. Villas come with multiple lush green spaces and sprawling living spaces that give the feeling of an independent bungalow with the benefits of a gated community. This grandeur allows home buyers to realise their dream of a home with a long driveway and a courtyard amid a picturesque setting that is airy, scenic, spacious and landscaped. Villas are light-filled living, breathing abodes with striking visual elements and contemplative open spaces. The style factor is crucial and enables consumers to live an elevated and private lifestyle in a vibrant atmosphere. All these elements in the villas truly add value to the asset that one is investing in.

TREASURING QUIET MOMENTS AND TECH-BASED SECURITY

There is a need for peace and tranquillity after a busy work or travel filled day and nothing feels better than coming back home. A villa lets you live quiet moments, away from the noise of traffic and a busy neighbourhood and lets you unwind in a comfortable personal space. In addition to the luxurious amenities in a villa community, automation and technology is also of prime importance in making villas more attractive to end users. Home automation, digitized security and app controlled amenities have made villa communities more advanced, safer and integrated.

In conclusion, it can be said that villa living is highly preferred by those looking for luxurious comfort, community living, private spaces and quiet moments of living. Home buyers get to enjoy an exclusive life while being part of the larger community and this balance is achieved in a very aesthetic manner. Without doubt, villas certainly hold the promise of a good life forever.