Increasing Demand for Luxury Apartments

Increasing Demand for Luxury Apartments
Luxury Apartments

The earning capacity of people is increasing and with the world getting more globalized, people are also becoming more aware of the finer things in life. After all, who wouldn’t want to live in the lap of luxury, if it’s easily available! And with banks bending over backward to offer home loans at attractive rates, the younger population isn’t waiting anymore to save a decent nest egg, but are going ahead by taking home loans and buying the homes of their choice and living in the moment.

Real estate builders are also aware of this demand for luxury apartments and are going out of their way to include more and more luxurious fittings and amenities to indulge their discerning clientele. There is no limit to luxuries a builder can include in their apartment complexes and have the customers satisfied. Traditionally, luxury had meant a prime location with good social infrastructure and amenities like swimming, and a kids corner. Currently, there are the super-luxury apartments for the millionaires, then the luxury apartments for the nouveau riche and finally luxury apartments for the IT-rich which are usually located around the IT parks.

To cope up, residential builders are bringing in the latest technologies, impressive architectural designs and increasing use of smart-home devices like light sensors, motion sensors, digital locks, video and audio door phones, etc. They are also into collaborating with internationally acclaimed, foreign architects and designers to boost the star status of their projects. A plethora of world-standard amenities that are at once exotic as well as very useful are now available; this is aside from the fact that staying in such luxurious apartments makes a statement about your own social standing in the society.

Some of the amazing amenities that you would find in modern-day luxury apartments include private swimming pools on apartment terraces, jogging tracks on the apartment rooftops, shopping centers and beauty parlors within the apartment complexes, piped gas, in-house mini theatres, concierge desks, air-conditioned gymnasiums, indoor gaming areas, in-house creche, etc. Living in luxury apartment homes that offer such fabulous amenities is almost akin to living in exclusive hotels for a lifetime.

These luxury apartments are usually very spacious and come fully loaded with top-quality branded interior fittings and decor that often use imported materials. You can find apartments with Italian marble flooring and luxurious European bathroom fittings that all work in tandem to increase the desirability of these exclusive projects, offering the lifestyle of the cream of the society.

Luxury home sales have been on a rise in India – with the country having the fourth largest population of millionaires and an estimated 2.36 lakh people living in the High Net Worth category. Aside from this, Forbes publication of the World’s Billionaires for 2017, shows that India has 101 billionaires too! With so much money available in the country and the GDP set to grow at a higher percentage for the next fiscal year too, it’s safe to assume that wealth creation is only set to rise further in the country over the next decade or so.

And since people spend more on luxury only when they are sure of their future earning potential, the outlook for luxury homes is only slated to go up higher. And India’s real estate builders need to be prepared for offering more homes in this segment in the near future.