Six reasons why people buy luxury homesAt a given point in time, and regardless of economic conditions and other market variables, there will always be people who are not content with just any kind of home. As a result, the demand
At a given point in time, and regardless of economic conditions and other market variables, there will always be people who are not content with just any kind of home. As a result, the demand for luxury homes in India may rise and fall - but it never goes entirely away.
It is driven by the rising standard of living and increasing disposable income among successful entrepreneurs, high-flying corporate executives and software professionals, and the wealthy scions of traditionally wealthy families. They want more than just four walls and a parking slot.
What lies beneath? Is it just the thirst for the good life, or perhaps nothing more than the play of people who have too much money in their hands? Not quite. Indian luxury home buyers have sound reasons for why they want to live in premium rather than ‘normal' homes:
* Status Aspiration
Buying a luxury home is a matter of prestige - and why not? After all, most luxury home owners have bought their pride and joy with hard-earned money. They want to live in homes that announce their arrival, and offer a higher lifestyle rather than just a postal address.
The very latest of today's luxury homes provide all the modern comforts – and an ideal environment for living and raising a happy family. These homes are built to take care of the needs of a comfortable lifestyle. Features like swimming pools, themed, landscaped gardens, gyms, meditation centers, manicured lawns, electronic security, touch-button responsive fixtures, and entertainment and shopping available at close hand all contribute towards making the living experience more comfortable and enjoyable.
One important feature of luxury homes is that they have very high security. They have top-of-the-line security, both in terms of trained security personnel and security installation that guarantee safety. Further, accidents and medical emergencies can be quickly taken care of with immediate response triggered by technology, and the availability of hospitals and emergency rooms close at hand.
* Technological Enablement
Technology and IT innovation have gone a long way to make the living experience in high-end luxury homes extraordinary. From solar generators to remote controlled window shutters, everything is directed towards meeting the demands of homebuyers looking for an ultra-modern lifestyle.
* Better Neighbors
The benefits of housing one's family in a luxury apartment do not only extend to conveniences. Luxury housing projects are also seen as the perfect environment for one's children to grow up in and the adults to socialize in. After all, such projects basically form a society with a certain degree of culture, education and beliefs – in short, better neighbours.
* Investment Value
The increasing demand for properties in India rivals that of gold. Real estate and gold are the most traditional forms of wealth investment in India. However, properties present the advantage of being an asset that rises in value at every instance – and it is also a ‘performing asset', meaning that it serves a practical purpose even as it gains in value. Given the fact that luxury homes are always in demand even on the secondary market, HNIs correctly see them as the perfect investment opportunity that guarantees multiplied returns in the future.
(Anil Pharande is Chairman – Pharande Spaces)