By Mr. Arvind Jain, Managing Director - Pride
Group
Less than ten years ago, the concept of luxury homes was firmly tied to a city's most expensive inner locations. ‘Pin code value’ was the watchword, and developers focused on the luxury segment operated within those boundaries. The prices of homes in such locations were and continue to be exorbitantly high, but HNI buyers were willing to pay them for the privilege of an impressive address.
However, inner city areas do not have limitless capacity to accommodate such luxury offerings. Eventually, the most sought-after addresses became available only when an old building came up for redevelopment, or / on the resale market.
Less than ten years ago, the concept of luxury homes was firmly tied to a city's most expensive inner locations. ‘Pin code value’ was the watchword, and developers focused on the luxury segment operated within those boundaries. The prices of homes in such locations were and continue to be exorbitantly high, but HNI buyers were willing to pay them for the privilege of an impressive address.
However, inner city areas do not have limitless capacity to accommodate such luxury offerings. Eventually, the most sought-after addresses became available only when an old building came up for redevelopment, or / on the resale market.
But, the value proposition of resale properties in high-value locations has been
eroded by the fact that they are invariably in projects that lack the bells and
whistles of what spells luxury in today's context. This includes luxury-grade
spaciousness, contemporary common amenities, modern security, clubhouses and
swimming pools and smart home features.
This dynamic has made it necessary for the luxury homes domain to expand beyond its traditional boundaries, and into new locations.
This dynamic has made it necessary for the luxury homes domain to expand beyond its traditional boundaries, and into new locations.
Left with no alternative,
developers have begun exploring alternate precincts that can support modern
ultra-luxury housing projects. Market pundits prophesied that this can never
work - luxury which is not joined at the hip with a snob address is doomed to
failure. They were wrong for two reasons:
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| Mr. Arvind Jain, MD - Pride Group. |
1. They underestimated the degree to which the requirements and tastes of
luxury home buyers have evolved
2. They underestimated the ability of luxury homes developers to deliver an
entirely new luxury proposition.
More and more of India’s affluent home buyers are actively patronizing the new category of 'luxury without boundaries'. They no longer find a snob value address enough justification to put up with escalating inner city chaos.
More and more of India’s affluent home buyers are actively patronizing the new category of 'luxury without boundaries'. They no longer find a snob value address enough justification to put up with escalating inner city chaos.
Apart from the
sky-high property rates involved, traditional snob value addresses in central
areas have increasingly become associated with chronic traffic snarls and
pollution rather than a luxurious lifestyle. Luxury home buyers have, in fact,
been ready for a new deal for quite a long time - but their options were
limited.
Developers of luxury homes in new locations therefore focused on putting homes that provided spaciousness and modern amenities on the market. These projects target luxury home buyers who are now thinking beyond the confines of luxury based solely on address value. They are indeed a massive evolutionary step forward, since they provide a vastly superior degree of luxurious lifestyle.
Developers of luxury homes in new locations therefore focused on putting homes that provided spaciousness and modern amenities on the market. These projects target luxury home buyers who are now thinking beyond the confines of luxury based solely on address value. They are indeed a massive evolutionary step forward, since they provide a vastly superior degree of luxurious lifestyle.
Open spaces, landscaped green zones, seamless security and the community
experience that hyper-expensive properties in traditional luxury locations
lacked are now available.
The connectivity factor is not ignored. Developers of this new line of luxury homes ensure that their locations are accessible to the city's business hubs via new road networks. High end townships offer the highest level of convenience within their own perimeters, negating the need to travel to other areas for shopping, healthcare and entertainment.
The connectivity factor is not ignored. Developers of this new line of luxury homes ensure that their locations are accessible to the city's business hubs via new road networks. High end townships offer the highest level of convenience within their own perimeters, negating the need to travel to other areas for shopping, healthcare and entertainment.
Lack of infrastructure was
previously the hidden price that HNI buyers paid along with the inflated cost
of properties in traditional luxury areas. Today, modern social and civic
infrastructure is very much part of the deal.
Not surprisingly, the arrival of these New Age luxury projects is giving birth to new addresses that spell 'arrival'. The cramped, dusty, ageing flavour associated with traditional luxury locations in the inner city has given way to the freshness, spaciousness and with-it ethos associated with new high-value addresses.
Not surprisingly, the arrival of these New Age luxury projects is giving birth to new addresses that spell 'arrival'. The cramped, dusty, ageing flavour associated with traditional luxury locations in the inner city has given way to the freshness, spaciousness and with-it ethos associated with new high-value addresses.
The confines of homes without charm or view within crumbling
buildings with no distinguishing features have given way to large, tastefully
appointed, ultra-modern flats surrounded by greenery.
Nor is it just the nouveau riche who are buying such homes. So marked is the contrast and so superior is the experience that these new luxury projects offer that even die-hard HNI aficionados of traditional pin code value are now beginning to be wooed by the New Deal. As a result, we will definitely witness the steady erosion of the monopoly of the luxury locations of yesteryear.
About The Author..!
Arvind Jain is Managing Director of The Pride Group, a world-class property development conglomerate that is changing the cityscapes of Pune, Mumbai and Bangalore. Established in 1996, Pride Group has built and delivered over 10 million sq.ft. of constructed area. Pride Group has recently launched Pride World City, the 400-acre luxury mega-township at Charholi, Pune.
Nor is it just the nouveau riche who are buying such homes. So marked is the contrast and so superior is the experience that these new luxury projects offer that even die-hard HNI aficionados of traditional pin code value are now beginning to be wooed by the New Deal. As a result, we will definitely witness the steady erosion of the monopoly of the luxury locations of yesteryear.
About The Author..!
Arvind Jain is Managing Director of The Pride Group, a world-class property development conglomerate that is changing the cityscapes of Pune, Mumbai and Bangalore. Established in 1996, Pride Group has built and delivered over 10 million sq.ft. of constructed area. Pride Group has recently launched Pride World City, the 400-acre luxury mega-township at Charholi, Pune.
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Jay Kalghatgi
Client Interface - CopyConnect
Mobile: 9320142248
Jay Kalghatgi
Client Interface - CopyConnect
Mobile: 9320142248
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