The Thought Leader Series | Real Estate: Luxury will be defined by sustainability, reverse migration to smaller cities, and smart homes

Lalit Makhijani, Chief Marketing Officer, Godrej Properties 

Redefining luxury real estate: Till just before the pandemic, large spaces, high ceilings and premium amenities defined luxury real estate. In the last year, people have redefined luxury. Increasingly, it is about well-thought-out spaces that allow them to work from home and offer enough flexibility for their children to study or them to spend some hours of leisure.

Lalit Makhijani.

People will also look at real estate projects that have healthcare facilities, either within the parameters of a township or close by, particularly for the elderly. There will be a higher demand for self-contained projects with amenities within the complex parameters—sports and fitness to maybe a restaurant, gardens, servant quarters, and more.

Godrej Aqua.

The future of realty: The real estate industry will see major transformation and breakthrough. I see a growing emphasis on sustainable projects. From construction to water management, creating infrastructure to recharging groundwater and preserving rainwater, particularly in water-starved cities such as Bengaluru, and adoption of eco-friendly construction methods. There will be a demand for lush green surroundings. Our Vikhroli project is centred around a lush green belt, within which it nestles.

I see a growing demand for wellness real estate, or properties with some sort of wellness facilities in the form of centres or spas providing naturopathy, Ayurveda, or other alternative wellness therapies. Wellness is a segment we are keenly exploring at Godrej Properties. Another big trend: the rise of smart homes or tech-enabled homes, rather than just spacious homes.

Godrej Reserve.

Gaining respectability: I come from the banking sector. The real estate industry is seen as an industry with a negative profile. But, over the last year, we have witnessed a slow shift, from negative to positive. I foresee this industry will become as respectable as, say, banking or IT. As more people realise they need to work from home for a long time to come, sales will pick up. The industry will also consolidate.

Expanding beyond the big cities: While Godrej Properties does not have any projects in Tier-2 and Tier-2 cities, many strong developers will expand into these markets as more people buy properties in their home towns, or cities/destinations they like and can work out of. A better lifestyle, cheaper prices and cleaner air will fuel reverse migration. I have been travelling quite a bit and while on the road, I have come across people who are investing in parcels of land in smaller towns and beautiful destinations to build a house for themselves from scratch.

Lincoln Bennet Rodrigues, Founder & Chairman, Bennet & Bernard Group

Balancing the elements: Luxury is incredibly unique to everyone. To me, it is informed by quality time spent with my dearest people, in luxuriant and comfortable surroundings. As a premium developer, we strive to build homes that balance between ample amount of space and modern amenities. There is a growing demand for properties that encompass convenience, privacy and oneness with nature.

Lincoln Bennet Rodrigues.

The pandemic has created a requirement for safe spaces. The notion of luxury has expanded to include aspects such as security, wellbeing, healing and wellness, especially in the current context. Home is the greatest luxury today and people are looking at expanding to bigger living spaces. There is a convergence between ‘luxury living’ and ‘quality of life’ and the two are now seen as synonymous. 

The rise and rise of holiday homes: The demand for luxury homes has always been high.

But we have witnessed an upsurge in demand for luxury holiday homes in less crowded destinations as the concept of remote working takes root. 2021 is poised to be a strong year for high-value home transactions.

Bennet & Bernard Custom Homes.

If we continue to work from home in flexible ways, a second home could very well become the permanent primary residence. The second-home market will continue to see an influx of clients as prospective buyers clamour for picturesque and self-contained properties in holiday destinations. Goa will attract investors because of its culture, lifestyle and the value for money it offers.

Sunlight-infused, well-designed smart homes: Health-driven lifestyle choices and remote working will continue to shape the luxury real estate market and fuel growth. Themed properties surrounded by nature; beautiful interiors customised to a person’s likes and whimsy; design that allows for the sunlight to stream into the house; and tech-integrated smart homes—there is likely to be a paradigm shift in preferences.

The paradigm shifts: Innovation, sustainability and exclusivity will be keys to a paradigm shift. Once luxurious amenities were the key demand. Now, consumers are asking about safety and privacy. Thoughtfully-designed outdoor spaces will function as an extension of your home or as an additional living area. We’re witnessing a healthy demand for standalone homes, with gardens and nearness to nature.

Reeza Sebastian, President - Residential Business, Embassy Group

Ready-to-move-in apartments: The real estate sector is diligently working towards the path of innovation and building a cohesive strategy for its business. Ready-to-move-in products in luxury gated communities, where there is no disruption in services, will sustain the interest of consumers.

Turnkey homes: The focus will be on amenities and features that address the consumer’s lifestyle choices, including turnkey homes, low-density spaces, managed residences, and concierge services. Luxury home buyers will be looking for projects by reputed developers with having an array of features which cater to preferences across age groups.

Reeza Sebastian.

More than an investment: We see an increased emphasis on buying homes that are meant to be lived in rather than just as an investment. Affluent buyers are asking for efficient design, sustainable developments, and a checklist of features such as technology, amenities, and the credibility of the brand. The home experience is no longer about the inner look and feels alone, but how the project is planned, developed and maintained.

Tech intervention: Adoption of digital technology will increase transparency and help boost the confidence of global investors in India’s real estate sector. Both the government and private developers need to implement the key attributes of blockchain technology to modernise real estate conveyance and improve processes for recording deeds.

Embassy Edge.

Emanda Vaz, Head - Ultra-Luxury Sales, Embassy Group

Fostering community living amidst a pandemic: The concept of luxury living has transformed over time, especially as customers expect a holistic experience. BLVD Club is a haven for connoisseurs looking for experiential luxury. Our members have access to a world of elevated services and benefits that transcend outside of the boundaries of the club.

We have been able to connect, communicate, and find new ways of engaging with our members throughout the pandemic, with ongoing curated events and workshops.

Emanda Vaz.

Karan Kumar, CMO, DLF Ltd.

The rise of green homes and condominiums: The pandemic has made people realise the importance of not just owning and living in their own homes, but also greener homes. The demand for a condominium is expected to be healthy in most of the metro cities. With home-loan rates at an all-time low, demand and inquiries have seen a steep jump and we expect this to continue.

Karan Kumar.

Global investment and the return of NRIs: India is a major investment destination for global corporations and we will see a rise in investment. We will also see several NRIs either moving back to India or looking at investment options here. This will boost the demand for homes, starting from mid-segment housing to luxury and super-luxury homes.