| Unlike more developed countries, India is a growing | | | | South Mumbai tends to be held by institutions rather |
| economy. Lifestyle aspirations are high, and earning | | | | than individuals, who release their holdings at certain |
| capacities are increasingly matching these aspirations. | | | | times. |
| The Unique Indian Scenario | | | | Interestingly, luxury projects in India are now going |
| Akin to other emerging markets, work and leisure are | | | | vertical. While this is a function of the city and |
| rarely divorced from each other in India. The fulfillment | | | | micromarket rather than of the popularity of a |
| of lifestyle aspirations is not viewed as separate from | | | | configuration (for instance, in Delhi's Lutyen's Zone, |
| the source of the revenue that enables it - be it driven | | | | bungalows are the only option) going vertical is the only |
| by salaries or business turnover. | | | | option in cities like Mumbai. |
| This has led to a rather unique concept of luxury | | | | High rise luxury projects optimize the limited space |
| housing in India - homes with high lifestyle quotients as | | | | available, and also bring with them a sense of |
| close as possible to the workplace. This naturally brings | | | | modernity; therefore, they wield their own kind of |
| with it some limitations in terms of locational ambiance, | | | | aspirational value. |
| especially in business-driven cities like Mumbai and | | | | Infrastructure Is Cause For Concern |
| Delhi. | | | | There are issues that will need to be addressed in |
| There is less scope for large estate settings, and the | | | | terms of infrastructure. Unlike in developed countries, |
| onus is on the aspirational quotient and inherent | | | | enforcing strict norms with regards to structural safety, |
| importance of the location, apart from the luxurious | | | | disaster, environment and fire safety in high rises |
| specifications of the homes themselves. Because such | | | | presents quite a challenge in India. |
| luxury homes are invariably centrally located, real | | | | If we take the intense urban sprawl of financial capital |
| estate prices tend to be rather high. | | | | of Mumbai as a reference point, it becomes evident |
| The Action Is In Mumbai And Delhi | | | | that such parameters cannot be over-emphasized. |
| Mumbai and Delhi are currently the only cities with a | | | | The same can be said for other large cities, albeit to |
| real and sustainable demand for genuine luxury | | | | varying degrees. |
| housing. In other cities, HNIs tend to buy land and build | | | | Apart from the fact that support infrastructure is a |
| their own extravagant residences, but this does not fall | | | | huge challenge in most cities, we do not have the |
| under the purview of luxury home development. | | | | benefit of facilities such a helicopter evacuation in India. |
| As of now, the luxury housing market in Tier 2-3 cities | | | | Another factor affecting the increase of high-rise |
| is insignificant in market terms. In terms of both pricing | | | | buildings in India are the FAR (Floor Area Ratio) norms. |
| and quality of offerings, Mumbai's luxury home market | | | | FAR parameters vary from state to state and are |
| certainly holds its own with these cities - and even | | | | governed by the respective city development |
| surpasses some of them. | | | | authorities. |
| In Delhi, residential colonies can be classified according | | | | Allowing high-rises indiscriminately in certain city areas |
| to their geographical placement and prestige, which is | | | | is definitely asking for trouble, and will result in an |
| gauged by the inhabitants of the area. By that coin, the | | | | infrastructure deadlock and eventual fall in prices. |
| city's elite - comprising of politicians, bureaucrats and | | | | Tips For Luxury Home Buyers |
| wealthy business families, restrict themselves to | | | | Determine whether you are buying for self use or |
| Lutyen's Zone, central and South Delhi. | | | | investment |
| Even there, supply is now extremely limited. One of the | | | | Calibrate you budget according to your actual |
| last premium offerings now available in the Lutyens | | | | need and long-term spending power |
| Zone is at Kasturba Gandhi Marg. | | | | Reduce your dependence on a bank loan for such |
| Current Trends In Luxury Housing | | | | high-ticket real estate by using your own resources as |
| Location continues to be the key factor for luxury | | | | far as possible |
| housing in India. This creates considerable and focused | | | | Determine both the existing and future importance |
| demand for luxury housing in certain areas, leading to | | | | and inherent value of the location |
| scarcity of available supply in geographically limited | | | | Pay only for what you get, not what you are |
| cities like Mumbai. | | | | promised. |
| The supply that exists in high-profile locations such as | | | | |