Luxury housing has emerged as a highly favored investment option for India’s affluent High-Net-Worth Individuals (HNIs). The annual Luxury Outlook Survey 2023 conducted by India Sotheby’s International Realty (ISIR) reveals that an impressive 75% of HNIs and UHNIs believe in the prosperity of the real estate sector over the next two to three years. Additionally, an overwhelming 74% of respondents consider real estate as a crucial asset for safeguarding against inflation.
Investment Preferences and Price Range
When it comes to investment preferences, high-rise apartments take the lead, with 34% of affluent investors expressing a strong interest in them. Following closely behind are farmhouses and holiday homes, favored by 30% of respondents. Notably, there is a growing demand for rent-yielding commercial real estate, as 23% of HNIs indicate their desire to invest in this sector.
“The survey also sheds light on the price range preferred by HNIs. Properties in the price range of INR 4 – 10 crore are the most sought after, with approximately 65% of HNIs inclined to invest within this range. Moreover, a significant portion of HNIs and UHNIs, comprising 33%, are willing to spend more than INR 10 crore to acquire the perfect luxury property.“
Rising High-Net-Worth Individual Population
The growing prominence of luxury housing as an investment option is further evidenced by a report published in The Indian Express, which highlights the increasing number of high-net-worth individuals (HNIs) in India. The HNI population, with assets valued at USD 1 million or more, has risen from 7,63,674 in 2021 to 7,97,714 in the past year. Projections indicate that this figure will reach 16,57,272 by 2027, indicating a thriving market for luxury real estate.
Demand Trends and Buyer Preferences
JLL India’s study reveals a remarkable 270% surge in sales for residential apartments priced at INR 1.5 crore or more, further indicating the robust demand for luxury housing. Moreover, the India Sotheby’s International Realty report highlights that 75% of surveyed HNIs express their intent to purchase properties in either metro cities or popular holiday destinations within the country.
Key Factors Influencing Luxury Housing Demand
In light of these developments, it becomes pertinent to understand the key features that attract potential buyers to luxury housing. While location, architecture, and design certainly play a role, several notable trends can be observed in this sector.
Safety and security, while not the primary concern for buyers, are increasingly important factors when considering luxury housing options. Features such as CCTV coverage, round-the-clock security personnel, and biometric access have become standard offerings in luxury apartments, providing peace of mind to residents.
One of the most significant factors that attract potential buyers to luxury housing is the inclusion of state-of-the-art wellness facilities along with Ayurveda centres and a wide range of leisure options. The modern affluent lifestyle places a premium on health, well-being, and an active lifestyle, and luxury housing developers have recognized the importance of catering to these needs.
State-of-the-art wellness and ayurveda facilities have become a hallmark of luxury housing projects. Buyers expect access to amenities that promote physical fitness, mental well-being, and relaxation. One of the most sought-after features is a well-equipped, air-conditioned gymnasium that offers a variety of exercise equipment, personal training services, and dedicated spaces for activities such as yoga and Pilates. Fitness enthusiasts appreciate the convenience and privacy of having a top-notch fitness centre within their residential complex.
Ayurvedic centres within luxury housing complexes provide a range of services and treatments rooted in the principles of Ayurveda. These centres are staffed by trained Ayurvedic practitioners who offer personalised consultations and therapies tailored to individual needs. Residents can benefit from rejuvenating massages, detoxification treatments, stress-relief therapies, and Ayurvedic lifestyle recommendations. Such centres often provide access to Ayurvedic medicines and herbal products, enabling residents to embrace a holistic approach to health and well-being.
The inclusion of Ayurveda and wellness facilities in luxury housing projects offers several advantages for potential buyers. It aligns with the growing global interest in holistic wellness and natural healing practices. Ayurveda, with its focus on preventive care and promoting balance in the body, mind, and spirit, resonates with individuals seeking a more holistic and sustainable approach to their well-being.
Swimming pools are another highly desirable feature in luxury housing. These pools are often designed with aesthetic appeal, featuring stylish architectural elements and offering a serene oasis for residents to unwind and engage in low-impact exercise. Some luxury projects go the extra mile by incorporating features like temperature control, jacuzzis, and infinity edges, elevating the swimming pool experience to new heights.
Clubhouses are an integral part of luxury housing developments, providing residents with a space for socializing, entertainment, and recreational activities. These clubhouses are designed to exude sophistication and provide a sense of exclusivity. They often feature elegant lounges, private party rooms, indoor games facilities, and even mini-theatres for private screenings. Residents can host gatherings, organize events, or simply relax in a luxurious setting.
To cater to the growing interest in holistic wellness, luxury housing projects are incorporating spa and wellness centres. These centres offer a range of indulgent treatments, such as massages, facials, and body therapies, provided by professional therapists. Residents can rejuvenate their senses and escape from the stresses of daily life without leaving the comfort of their residential complex.
Luxury housing projects also prioritize the provision of community halls or multipurpose rooms that serve as venues for social events, gatherings, and celebrations. These well-designed spaces can accommodate a large number of guests and are equipped with modern audiovisual facilities to enhance the overall experience.
Leading with example
In India, several luxury housing complexes have recognized the growing demand for wellness facilities and have integrated them into their projects. Here are a few notable examples:
Lodha Altamount, Mumbai
Situated in the upscale neighbourhood of Altamount Road, Lodha Altamount is a luxury residential project that features a dedicated wellness centre. The wellness centre offers a range of amenities, including a state-of-the-art fitness centre equipped with cutting-edge equipment, yoga and meditation rooms, and spa facilities. Residents can indulge in rejuvenating treatments, participate in wellness programs, and maintain a healthy lifestyle within the comforts of their own complex.
Sobha City, Gurugram
Sobha City, located in Sector 108 of Gurugram, is a sprawling luxury housing complex known for its focus on providing a holistic living experience. The project includes a well-appointed wellness center that boasts a fully equipped gymnasium, yoga and meditation rooms, steam rooms, and a dedicated spa. Residents can unwind and rejuvenate their senses after a long day, ensuring a balanced lifestyle within the confines of their residential community.
Brigade Exotica, Bengaluru
Brigade Exotica, a luxury residential project in Bengaluru, has incorporated an extensive wellness centre within its premises. The centre offers a range of facilities, including a modern gymnasium, aerobics and yoga studios, a dedicated meditation hall, and spa facilities. The project places a strong emphasis on promoting a healthy and active lifestyle for its residents, providing them with an array of wellness options to choose from.
Kalpataru Avana, Pune
Kalpataru Avana, located in Pimple Nilakh, Pune, is a luxury housing complex that prioritizes the well-being of its residents. The project features a well-equipped wellness center with a fully equipped gymnasium, yoga and meditation rooms, and dedicated spaces for aerobics and indoor games. Additionally, residents can enjoy the benefits of a swimming pool, jogging tracks, and landscaped gardens that contribute to an overall sense of tranquillity and well-being.
DLF Crest, Gurugram
DLF Crest, situated in Sector 54 of Gurugram, is a prestigious luxury housing complex that offers a range of wellness amenities to its residents. The project includes a dedicated wellness centre equipped with a modern gymnasium, yoga and meditation spaces, and spa facilities. Residents can avail themselves of specialized wellness programs, personalized fitness training, and therapeutic treatments to promote a healthy and balanced lifestyle.