By Mr. Sachin Sandhir, RICS South Asia
India's market for
luxury real estate is maturing, and a confirmation is the recent entry of
Sotheby's International Realty Af filiates, the USbased real estate broker that
specialises in selling exclusive homes.
Demand is high...!
While there is an
oversupply in some markets, projects in sought-after localities are often sold
out even before their official launch.One of the factors that keeps the market
hot is the changing customer profile the average age of luxury home buyers has
been falling and people as young as 35 are able to afford apartments worth
Rs.10 crore or / more.
Dynamics are
different in the luxury market. To sell projects, developers are offering amen
ities like private spas, concierge services, busi ness centres within the
complexes and ser viced residences. They are also increasingly tying up with
international luxury hospitality operators or lifestyle brands to create unique
offerings.
Cities such as Delhi,
Mumbai, Pune, Chandigarh, Bangalore, Kolkata and Mohali are the hotbeds of
luxury projects in India.
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| Sachin Sandhir, RICS South Asia |
In addition, there
are a number of pockets across smaller cities & state capitals that offer
boutique luxury properties. These cities have seen tremendous wealth creation
in the past decade & now boast of many millionaires.
Lifestyle change..!
Fuelled by their need
for a lifestyle change, major cities have witnessed twoto three-fold increase
in luxury and ultra luxury residential projects over the past few years.
The government's
smart-city project is expected to open up more opportunities. While these
cities will have a particular price band, it is natural for private players to
launch projects in close proximity of a developed area.
With a multitude of
offerings and the entry of foreign firms, competition is bound to grow in the
luxury real estate space. And, that is likely to benefit the consumer.
About the author
Mr. Sachin Sandhir is
at MD at RICS South Asia
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