Distinguished buyers are looking to upsize as they are getting to spend more time at home and looking to invest in services that bring them the quality of life without compromising on the luxury quotient. This consumer trend arises from the desire for a home experience that is larger than life in terms of everything. Right from bespoke experiences, multi-functional spaces, amenities, safety systems to strategic high-end locations.
During these volatile times, people have been seeking out stable assets, comfort as well as sustainability, and you don't get a better asset class than in real estate, especially luxury real estate. With work-from-home phenomena even among UHNIs buyers, there has been a robust demand for high-priced properties that can serve as catch-all compounds, live-work spaces and offer a resort-like living experience, catching the attention of real estate developers.
The luxury real estate market in India has therefore evolved over the years, making the developers introduce ready-to-move-in luxury condominiums that offer a wholesome lifestyle coupled with the best-in-class services, and a notable architecture supporting the buyers' vision of modern and luxurious living.
Be-spoke storytelling: Luxury home buyers are always in the quest for a home with an element that tells a story, creating a bespoke experience. Today, people are yearning for customised experiences basis their emotions, needs, and wants for an exclusive lifestyle.
Here, exclusivity is not only important to provide a touch of personalisation but to ensure that it sets the property apart not just today but, in the future, too. They value the authenticity of the products and services that have brought home automation, thoughtful designs, and cutting-edge technologies into special focus. While hospitality at every touchpoint runs on personalised experiences, there is an increasing demand for a be-spoke and well-connected living ecosystem curated with numerous choices to live, work, and play luxuriously.
One size doesn't fit all! Personalisation driving luxury: Luxury is all about offering unique and personalised experiences to customers. And you can't put a price tag on that. Today luxury is price inelastic, and conversations have moved beyond budget. Today's consumer is very demanding.
They want exclusivity and individuality as they seek ways to stand out from the crowd in a world where there is a danger of becoming overexposed. Product personalisation is going hand in hand with personalisation of both customers' individual experience and their relationship with the brand.
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Global benchmarks of luxurious living: Analysing consumer behaviour, developers are now providing projects at par with global standards not only for Indian buyers but catering to a renewed interest from high-net-worth individuals (HNIs) and NRIs. Another reason for this pent-up demand is due to the long-term investment and business prospects in the uber-luxury realty market of India. The need to incorporate resort-style luxuries into homes and a lifestyle that resonates with having travelled the world; the demand for such a super-luxurious setting at the doorstep has certainly gained momentum.
The unmatched infrastructure, hassle-free service, and opulent experience are gaining traction offered across corporate hubs like Gurugram, which is home to some of the most expensive commercial and residential real estate.
Also, the pandemic infused work-from-home phenomena has made most of the big-ticket transactions driven from major cities as UHNI buyers seek out spacious homes. Therefore, luxury home developers have their vision of building a product that is appreciated both commercially as well as a trusted brand.
Nurturing communities: One of the most important asks from buyers is a place where they can collaborate and engage with like-minded people. Therefore, developers ensure designing state-of-the-art spaces while ensuring to brew communities where consumers can feel a sense of belonging.
Think of magnificent clubs, fine-dining activities, mental well-being zones, art & cultural programmes, spa and other leisure offerings - they want it all for an indulgent lifestyle. This shift towards fostering communities as opposed to independent living has become crucial for long-term associations.
A self-sustaining paradise: Sustainability is driving the future of luxury with an inclination towards softer aspects like building emotional connections and relishing the sense of doing good for the environment as opposed to hard factors like price.
With a more conscious attitude, buyers want more in the form of amenities that emphasise on holistic health as well as environmental stewardship. This essentially captures energy efficiency, water conservation, fresh air, and buildings that are accredited with the highest level of eco-friendly certifications.
Moreover, buyers are increasingly looking to live in the middle of a green oasis in an urban set-up. For instance, homes opening into green stretches like Central Park in New York and Hyde Park in London are gaining more traction than others. The resulting boom in sustainable building is undoubtedly driving new levels of architectural innovation and design aesthetics.
As experiential luxury leads to a new age for the industry, the frontiers of bespoke are expanding daily. As more and more luxury home buyers are pivoting towards sustainability and conscious brands, more and more developers are repositioning themselves to embrace this transformation and construct sustainable luxury into their narrative.
(The author is Chief Marketing Officer, DLF Ltd.)
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