Rapid pace of urbanisation, influx of global lifestyle, surge in NRI demand and fast growing service industries nudging middle income groups into HNIs bracket are instrumental in driving the overall demand for luxury housing. Around 200 luxury residential projects were launched between 2008 and third quarter of 2012 across India’s top seven cities. Following the global financial crisis, the value of new luxury residential projects peaked at US $9.9 billion in 2010, according to Jones Lang LaSalle. However, the value fell to US $4.7 billion year-to-date due to developers being more focused on completing existing projects.
Among the cities, Delhi-NCR, Mumbai, Bangalore and Chennai had the greatest market share of these launches. While Bangalore had 21 per cent of the share during the first three quarters of this year, Chennai had 20 per cent. While Mumbai has been affected by global meltdown, Bangalore and Chennai markets are quite stable and growing significantly in the luxury housing domain, said NS Srinivasa Reddy, Assistant Vice-President, Research & REIS, Jones Lang LaSalle.
In Chennai, Akshaya Pvt Ltd. has recently launched an ultra-luxury smart home project and the tallest tower in the state built so far titled Abov on Kazhipattur road, OMR. The project which drew encouraging response from the HNIs and with 133 meters height, comprising 38 floors, 31 homes and 32 swimming pools of 6700 sq ft, each floor will have a deck of 360o view and sea view. Yet another city developer Real Value Promoters is planning to launch an ultra-luxury housing project in the city area. The unique project, involving an international architect, is now being given the final touches and will offer a wide range of ultra luxury products being imported from the European countries along with a plethora of amenities.
Green Tree Homes has launched an ultra-modern villa project inspired by Greek architecture with private elevators and swimming pools for each villa. One can customise his home to suit varied needs with over five types of floor plans to choose from, a home theatre, terrace garden, barbecue corner and a swimming pool on the ground floor.
With an increasing number of globetrotting Indians accustomed to leading varied lifestyle during their sojourn abroad, luxury housing is increasingly sought after by the affluent people and more developers may take the concept to a new high in the coming years, say industry sources.
V Nagarajan, Property Consultant