Rishad Khergamwala, director, developments, MAIA Estates, on how developers are catering to this demand
Luxury real estate continues to soar as the demand for exclusive properties reach unprecedented heights. Whether it is a majestic mansion perched on a cliff, a sprawling estate surrounded by lush greenery, or a chic penthouse with breath-taking skyline views, these properties represent the pinnacle of high-end living. They offer an unparalleled lifestyle that goes beyond just the physical space, serving as an extension of the owner’s unique personality and preferences. With exclusive amenities and bespoke interiors, every element is designed to provide an experience that is both indulgent and aspirational. Moreover, the demand for luxury real estate is driven by a desire for security, privacy, comfort and convenience, especially in a world that is constantly changing.
The demand for luxury properties in India has experienced a notable upswing in recent years, driven by a variety of factors including expanding affluence, rapid urbanisation, and rising incomes. Additionally, the pandemic has underscored the vital importance of having a comfortable and secure home environment. Recent research reveals that roughly 18 percent of the total 3.65 lakh units sold in the top seven cities during 2022, consisted of high-end real estate units.
In the first quarter of 2023, at least 25% of the total 1.14 lakh units sold across these cities were priced at a minimum of Rs 1.5 crore. More than 60% of the UHNIs and HNIs surveyed in the study declared their intent to purchase a property, indicating that the demand for luxury real estate will continue.
Real estate developers cater to this demand by creating exceptional homes that embody the very essence of the residents’ lifestyle, and are constantly pushing the boundaries of what is possible. Below are a few ways of how we cater to this ever-growing demand:
Specifications: Premium brands and exquisite quality
To meet the discerning preferences of HNI’s and UHNI’s, developers dedicate efforts towards the various features of the properties they build. This entails using only reputed brands and ensuring that each residence conforms to the most elevated standards of excellence. Rather than simply prioritizing aesthetic charm, developers, like us, place a premium on substance by meticulously selecting materials to ensure that each property represents a sense of exclusivity, quality, and longevity.
Detailing: Functional, durable and beautiful designs
Real estate developers have raised the standards of architectural excellence by seamlessly blending practicality and beauty to create homes that are nothing short of spectacular. Every facet of these residences exemplifies meticulous attention to detail, encompassing both exceptional design and robust structural integrity. All homes are thoughtfully planned to optimise the utilisation of space, ensuring that they can withstand the relentless wear and tear of fast-paced lifestyles.
Progressive & versatile: Floor plans designed for customisation
Developers, including us, understand that discerning homebuyers seek more than just ordinary floor plans. This is why we offer high-end properties with flexible designs such as columnless living area and collapsible walls for greater flexibility and personalization of floor plans. Thoughtful space planning and tailored customization options ensure that homes are not only visually stunning but also highly functional, accommodating a wide range of lifestyles.
Inclusive amenities: Comfort for all
Inclusivity is paramount, with amenities thoughtfully designed to enhance the lives of all residents, including pets. Luxury developments feature cutting-edge technology that provide access to the latest facilities and features. A wide offering of amenities including rooftop infinity pools, spas, gyms, multipurpose courts, sprawling lawns amongst others showcase the developers’ unwavering commitment to building homes that symbolise luxury while prioritizing the overall well-being of everyone who calls them home.
Forward-thinking expansion: Future ready homes
As the technology landscape continues to evolve, real estate developers recognize the importance of staying at the forefront of innovation. To meet the needs of our clients, our properties are designed with an expandable services architecture that incorporates conduits allowing for seamless integration of new technology. Furthermore, ease of serviceability and retrofitting capability are considered during the planning phase to ensure that our homes remain technologically relevant for years to come. These forward-thinking properties are particularly attractive to UHNIs who value convenience and simplicity in their lifestyles.
Sustainable luxury: Designing for a greener future
Most real estate developers understand the significance of environmental sustainability in today’s world. To address this, homes are designed with a focus on eco-friendliness, utilizing materials like performance glass, implementing effective waste management plans, and ensuring proper water disposal to reduce carbon footprint. These homes also prioritize energy efficiency by maximizing natural light and ventilation. By embodying the buyer’s dedication to a greener future, these homes not only offer luxury but also provide a sense of environmental responsibility.
It is safe to say that luxury real estate developers have cemented their position at the forefront of the global real estate market by consistently raising the bar in their pursuit of excellence. From a strong focus on specifications, to the artful detailing and flexible floor plans, every aspect of their work is designed to cater to this audience.