Luxury Real Estate In India – Then And Now: How Has It Changed Over The Years?
From time to time, Indian luxury homes have experienced many tipping points. The following article talks about the changing times and with it, however, the definition of luxury has changed. Also, we have a tendency to perceive the current state of luxury real estate in India and some of the Indian residences that are world famous. There has been an extraordinary amendment in the approach that we tend to delineate luxury today. Speaking of earlier times, luxury was only for the rich, yet today builders have made it possible for the average person to afford luxury.
What is luxury? If you stick to the book, luxury is some of the things that define a state of excellent comfort and class and involve considerable expense. If we have a tendency to overlook real estate, which means that luxury suggests that we have access to the comforts that give you a more exquisite life.
Today, the Indian real estate market considers luxury housing to be one of the fastest growing real estate sectors. The growing economy, growing aspirations, and ever-changing lifestyles are some of the factors that effectively contribute to the expansion of luxury real estate. Also, let us look at how luxury housing has changed its definition from the past to this point and what is the current situation of luxury real estate in India.
The golden age of luxury
Formerly, luxurious houses were outlined by palaces owned by the rajas and maharajas of our nation. They featured a variety of spacious rooms, impressive design, chandeliers, giant doors, and an area that would accommodate over a thousand people. These were the residences of royalty who lived there in luxury and grandeur. Today, the royal palaces are used as a heritage building or some are restored to become luxury hotels.
The glorious and spectacular royal palaces still have the feeling of luxury. Royal palaces that took years to complete had labyrinthine styles that embellished the appearance of the palaces. But, today the luxury home includes a totally different image.
The Luxury Housing Division these days
The luxury housing division is the trend in the real estate market and the number of people choosing luxury is also growing rapidly. The definition of luxury remains constant, with the only distinction being that these days it is affordable for a non-royal individual. Developers are building world-class projects that allow residents to live luxurious lives with access to any or all of the amenities one aims for. In fact, the situation is such that luxury real estate these days is a major part of the entire Indian property market.
Luxury homes in India these days range from Rs. 1 crore to Rs. 15 crores and they are very demanding even when the market faces a tough condition. In fact, people looking for affordable housing faced the inflexibility of the market. The luxury real estate market was hardly affected by the market situation and, in fact, it proved profitable for developers. There are a few reasons why there is a sudden shift towards luxury in today’s real estate market:
- The luxury and ultra-luxury projects have reported an appreciation of almost 10 times the launch value.
- Encourage pre-sale activities that led to the complete sale of complete projects.
- The developers are ready to secure significant cash flows to capitalize on the completion of the project.
- The highest visibility and reliability of the builder name in the market resulting in higher sales of the mid-range housing project by the builder.
Some luxury projects in India
Apart from these, builders like Hiranandani, Lodha group and more are building reasonably priced houses for the high-end segment. To name a few projects, those that fall into the luxury category; Sikka Kingston Greens in Rajpur Road Dehradun, Emaar MGF in Marbella, World Towers in Worli Mumbai and Panache Valley in Sahastradhara Dehradun by ABL Projects.