‘Practical luxury’ is the new trend in Indian realty: ‘Luxury’ in India’s property market, is no longer associated with the quality of amenities on offer alone. We look at how its definition has changed, in line with consumers’ expectations
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25 December 2018 - 10:00, by , in Property Trends, No comments

The meaning of ‘luxury’ in Indian real estate, is witnessing a major shift – from referring to a brand’s ‘product offering’ to now being defined by a customer’s ‘experiential journey.’ Today, luxury is linked with a sense of indulgence, exclusivity, refinement & quality. Customers seek distinctive design features and sophistication that offer an unmatched living. However, value for money, facilities, and accessibility that enrich one’s lifestyle, also play a key role in influencing investment decisions. The trend is now turning, from loud and lavish displays of one’s wealth to exact expressions of understated elegance. Consumers today seek projects that offer practical luxury.

What is the practical luxury in Real Estate?

Consumers are well-aware of international standards in design and development. Property buyers, who evaluate high-end events, seek value for money. What matters to this group of consumers, are developments with good project layouts, more open space and green space, natural lighting and ventilation and a trove of lifestyle facilities. To meet the rising expectations, brands are competing with each other, to provide innovative concepts and unique facilities for home buyers. Consequently, features such as game rooms, swimming pools, balconies with expansive views, gymnasium, recreational spaces, etc., are now a part of the property being offered to buyers. While affordability is a certain factor, a well-designed home offering these tends to excite customers that find merit in stretching their budget for a more posh experience. Such a scene works well for real estate developers that aspire to build world-class spaces.

Privacy is increasingly becoming an essential factor for luxury home buyers. Today’s buyers seek out security features that allow remote monitoring of their homes. Automation to adjust light settings, control room temperature and audio-video systems within the house, remotely control air-conditioners by setting a pre-defined time for cooling, etc., all enhance security and lifestyle.

Biophilic design

A ‘biophilic design principle’ is one that looks to connect nature and human life, integrating natural elements of ventilation and light, to create a harmonious environment that promotes happy living. Practical luxury projects that follow this principle have a strong connection with the neighboring landscape, which is applied through into materials, palette, and patterns, as well as the concept of incorporating outdoor living into the interiors.

The practice of using defined elevations, aesthetic terracotta panels, and glass façades, levels up the overall look & feel of the development, conserve energy and also build an innate connection with the exterior world. Polished stones, along with rough one, textured timbers, help in creating a contrast between natural beauty and refinement. Also, a project that adopts the beauty of its surroundings and promises a modern lifestyle adds to the ‘luxury experience’ for customers.

Nowadays, developers are increasingly adopting stronger customer-centric approaches, to cater to the dynamic real estate industry. Innovation and newer experiences in product offerings that are in tandem with customers’ demands are the new norms.

See Also: Should you invest in a retirement home

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