In the past decade, the concept of luxury has experienced an evolution from something that was symbolized merely by grandeur and opulence, to a more understated elegance that is now defined by bespoke experiences, rarity, and finest services. Against the backdrop of owning a home becoming paramount during the pandemic, the luxury real estate landscape continues to transform to suit the changing needs of homebuyers and their inclination towards upgraded lifestyles. Along with the personalized services and curated experiences, the new hallmark in luxury housing also imbues added layers of safety and comfort.
People are now acknowledging that their home can flexibly be the sole center of all activities, be it work, study, or recreation. This has accentuated the demand for spacious homes and homebuyers are looking for bigger configurations that can accommodate all the necessary requisites – whether it is a comfortable workstation for your Zoom meetings, a workout arena for your fitness regime, a large balcony to enjoy your hot cup of coffee, or just to play around with your kids – you have it all! Luxury homebuyers today aspire for holistic living experiences in gated integrated developments that provide a secured ecosystem, world-class amenities, accessibility and are well-managed to address any and every requirement of the elite residents. With health and safety becoming key, low-density living has emerged as an important preference, giving a true sense to ‘luxury of safety.’
Harboring a desire to lead an aspirational lifestyle and driven by the sentimental value of leaving behind an impressive inheritance for generations to come, the discerning few look for exclusivity, personalized attention & tailor-made facilities to stand apart from the rest, and proudly live in uniquely crafted marvels of architecture. This urge for an indulgent lifestyle has elevated the demand for amenities like concierge services, curated events, fine-dining activities, magnificent clubs, mental well-being zones, art & cultural programs, spa, and other leisure offerings. Co-working spaces and specifically designed state-of-the-art networking areas within developments are also seeing interest as platforms for engagement with like-minded people, which instills a sense of belongingness among the residents. For instance, Lodha Luxury’s Club Saint Amand offers an amazing workplace away from work along with a host of other recreational avenues, while the in-house hospitality service Saint Amand caters to the residents’ requests, from the routine to the most whimsical.
Another remarkable trend that has surfaced, is the increasing interest from the millennials to own a luxury home, a phenomenon that was not observed earlier. Today’s millennials are tech-savvy, appreciative of fine living, high-income individuals who have a penchant for a luxe concoction of grandeur house designs, smart facilities, unparalleled experiences, safety, and well-being. With millennials, the dream house is not substandard or tawdry; they want to invest in a house that matches or even surpasses the level of their desires. And evidently, they are eyeing luxury homes that meet all their requirements.
In terms of design and décor, luxury homebuyers look for homes that convey their story and thus yearn for personalized spaces basis their emotions and personalities. Simple, minimal, and aesthetic interiors are the popular choice for a luxe homebuyer today. Coupled with the same, there is a high demand for thoughtfully designed multi-functional spaces to cater to evolving needs. A blend of traditional and modern elements in architecture has also up ticked. Collaborations with globally acclaimed architects, designers, and engineers are also an emerging trend to offer the finest living experiences to luxury patrons. Additionally, sustainability plays a pivotal role for present-day consumers, and hence there is a growing interest among developers to prioritize the use of green technologies and biophilic designs when curating dream homes.
Moreover, digitization has enabled developers to introduce many tech-led premium features that aid customer preferences and enhance engagement. Tools like augmented and virtual reality assist in property walkthroughs, virtual showcases, 3D viewing that help in narrowing down choices before the physical interface and final decision. Usage and integration of digital technologies will certainly maximize in luxury real estate in the forthcoming times.
Considering the current scenario, luxury home buyers are looking for projects by reputed Grade A developers which have multiple features that cater to consumer preferences across age groups and interests. A home experience is no more about the inner look and feel alone, but also how the project is planned, developed, and maintained, which is why the surging preference for branded developers who are constantly innovating to suit the homebuyer requirements.
An ideal luxury home mirrors the habitant’s uniqueness, and this thought is prevalent among modern luxury homebuyers. It is up to the developers now to continue searching for creative ways of targeting this valued class and reinventing luxury housing.
Published in Times of India
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