India is blessed with one of the fastest growing real estate markets in the world in which the luxury segment is emerging as one of the most vibrant and dynamic segments. Market analysts indicate that keeping in mind the high demand for luxury homes, India would require 1.5 million luxury homes over the next 15 years. And they are not wrong! As of today, luxury real estate is not only flourishing in cities like Delhi, Mumbai or Gurgaon, but the demand for luxury homes has increased even in the highly price sensitive Southern markets of the country like Bangalore, Kochi and Hyderabad.
Bangalore: The New Luxury Capital of India
As per the latest market reports, after Mumbai and NCR, Bangalore or the 'Silicon Valley of India' has become the third largest market for luxury homes. It is also believed to be the third largest real estate investment hub for HNIs. Many reasons can be attributed to this growth of luxury real estate in the city.
First, Bangalore accounts for an annual addition of about 1 lakh employees in the IT/ITeS sector alone. Of this, roughly 5 per cent constitute the senior management categories who aspire for a very lavish lifestyle and home. Second, pricing of luxury residential properties in Bangalore is far more reasonable and realistic than Mumbai and NCR i.e., the properties in Bangalore are 20 to 30 per cent cheaper. Third, many NRIs, especially those employed in the IT sector, prefer to invest in Bangalore due to convenient re-employment options, scope for entrepreneurial ventures and availability of skilled manpower. Hence, tapping in this demand for good homes, developers are offering exclusive amenities and services along with international brand associations to attract this prime set of buyers.
Hyderabad: Luxury Is Here To Stay
Like Bangalore, since the past few years, the real estate market of Hyderabad is also changing and showing unique trends. Living up to its identity of the 'Land of Nawabs', the real estate market in the city is seeing a good demand for luxury homes. The luxury homes in Hyderabad are facilitated to give the best of comfort and luxury of life to its residents. High-end houses, villas, high-rise apartments in prime developing localities are attracting many investors. Overall, given its improved socio-political and economic scenario, Hyderabad's luxury real estate market is growing at a relatively faster pace.
Kochi: An Emerging Luxury Real Estate Hub
Due to the development of IT/ITeS projects such as the Kochi Smart City and initiatives to channelise traffic and improve connectivity, Kochi, an emerging metropolis is seeing a major boom in the real estate sector, especially in the luxury segment. Today, there are a number of luxury or premium projects coming up in Kochi and most of them are of international standards.
South India Accents on Luxury Facilities
Having looked at the three prominent real estate markets of South India, we can easily deduce the fact that like the luxury buyers in Mumbai, Delhi or Gurgaon, buyers in South India are also seeking quality products and this is compelling developers to come up with luxury projects in conjunction with global property developers and architects. To attract buyers, developers are now trying out a variety of new products in the luxury housing segment, including international-styled apartments and homes that are similar to plush hotels and branded luxury residences. They are leaving no stone unturned to attract prospective customers and are offering the best of luxury to them. From innovative and next-gen homes to unique associations, they are doing it all. One such South Indian real estate giant is the Prestige Group from Bangalore.
Tapping the main markets of the South, they are coming up with three luxurious properties, Prestige Lakeside Habitat in Bangalore, Prestige High Fields in Hyderabad and Prestige Hillside Gateway in Kochi. What is unique is that for these properties, they have associated with Disney India. In this unique association, Disney India licenses the rights of its iconic characters and allows the developers to create various exterior and interior Disney theme palettes, as well as buy in to Disney home decor products and furnishings including fixtures, kitchenware, furniture, beddings, rugs, tableware, fans, wall coverings, ceiling paints and bath accessories. What more one could ask for in their luxurious dream abode?