Luxury LifeStyle – Crash or next boom in housing market: Rising demand for luxury homes and expectations from 2021
Authored by Manav Singh
The year 2020 had many highs and lows, especially with the pandemic and nationwide-lockdowns for the Indian real estate sector. With the entire world moving towards the new normal, the economic revival is expected to bounce back in 2021.
After, almost three-quarter prolonged break, the luxury homes segment is witnessing huge demand with festive offers, ready-to-move inventory and stable prices. The real estate segment is expected to rise significantly in 2021 as compared to the pre-covid demand. The living condition in pandemic has shifted the focus of the buyer to upgrade to bigger living spaces.
The upcoming trends that the luxury homes segment is expecting will be more towards the following:
1) Buyers seeking out managed residences, upgrading to a bigger living space will be another focus, however with kids and senior citizens at home, buyers will relook at the options available along with the living space.
The architecture and design of a luxury home should also integrate green areas, open landscape, etc. that creates a sense of positive living and a healthy lifestyle. The pandemic invoked healthy living into the minds of the people, which will influence every buying choice they make, be it for a house or furniture.
2) Another interesting thing that can be taken into consideration, is the lowest interest rates, the stamp duty reduction, and an increase in demand for ready to shift homes have opened new avenues for NRIs to invest in the upcoming New Year.
Along with NRIs even the High Net Worth Individuals in India are looking forward to making the safest investment in the luxury housing segment.
3) Amenities are also one of the important trends that the sector will be witnessing further. Every luxury home environment might have facilities like clubhouse, walking areas, etc but going the extra mile and including amenities like 24×7 medical emergency, Helicopter facility like Auramah Valley in Shimla, on-call security and maintenance assistance, health & wellness club with extra facilities will go a long way.
Pandemic has changed the perspective of people’s living conditions, facilities available at your doorstep, and adding to your convenience in all forms will help buyers in the long run.
4) Design and Décor will also be one of the driving factors for buyers as India is known for following certain practices while making the buying decision. Increasing awareness concerning the living standards and positive vibes through spacious design and the sunlight with accurate directions has brought about a paradigm shift in the preferences of the home buyers in the luxury segment.
With the world-class design and accentuating décor, the developers need to focus on certain other factors like enough sunlight and proper ventilation entering the house, open spaces to make the furniture setting uber-luxurious with international standards.
5) Apart from aesthetics, interiors, and luxurious décor, certain other factors will influence the buyer’s decision for luxury homes like
Smart Tech, which is yet another trend that is popular while buying a luxury home. Technology has been the most integral part of everyone’s life. From Gen X to Gen Z and millennial, smart tech homes are the top priority.
A luxury home is a perfect choice when it has top-notch security, smart home assistance, fire and gas leak detectors, etc. The hi-tech technology-enabled systems help in providing much-added convenience and comfort in the everyday life of the homeowners. It aims to incorporate security, mobility, comfort, and entertainment, providing occupants with connected solutions at all times.
6) Brand tie-ups will be another trend in 2021, associations with big brands, as well as, apps that add convenience, will help big developers stand out in the industry. For instance, the My Gate association not only helps vendors but also aims to help homeowners and families to shop while enjoying the comfort of their home.
People are looking forward to optioning where there is no need to walk a mile to stock-up on their favorite daily essential brands. This will help to increase the goodwill of the developer and add credibility for the buyer. This will be a visible change that buyers can witness and make an informed decision about the investment. Brand tie-ups can be for various facilities like sports, food, daily essentials, etc.
In the wake of the reviving state of the luxury homes segment in the country, these trends will gradually help the real estate developers to upgrade the premium inventory a notch higher and sustain in the competitive market in the long run.
Manav Singh is founder at Auramah Valley and Chairman Imperial holding group. Views are personal