Residential Realty Riding High on High-end Living

Luxury living trends in India are evolving rapidly, reflecting the changing aspirations and preferences of HNIs. The desire for opulent homes now extends beyond aesthetics – emphasising well-being, sustainability, and cutting-edge technology. As we look into 2024-25, luxury homebuyers are seeking residences that offer both exclusivity and holistic living – driving the demand for opulent residences.

Evolving Luxury Landscape

• The luxury housing market in India continues to thrive, experiencing sustained growth across major cities. Such has been the traction gained by luxury housing that 61 percent of new residential projects in the first quarter of 2024 were in the luxury segment, as per Cushman & wakefield Report . The phenomenal rise of opulent housing can also be judged from a CBRE report which says that in the first nine months of 2024, luxury homes priced above Rs 4 crore have seen 37.8% year-on-year growth . In Q3 2024, luxury housing in top cities recorded 82% year-on-year increase in sales, with Delhi-NCR and Mumbai together accounting for 90% of luxury housing sales.
• There is heightened demand in the high-end and premium segments, as mid-range markets including Bengaluru, Chennai, Pune and Noida are shifting towards luxury developments. With market shifting from bungalows to swanky modern apartments, the premiumization of lifestyle amenities has become a key differentiator. This upsurge in luxury housing is driven by rising aspiration for spacious living amidst changing lifestyle preferences, rising disposable income among HNIs, and growing interest from NRIs. Increasingly, HNIs & UHNIs home buyers have been preferring to buy luxury homes from big branded developers. The key cities of Delhi-NCR, Mumbai, Bengaluru, Pune, Hyderabad and Chennai are witnessing rise in both new launches and absorption rates of luxury homes, driven by the demand for expansive , well-designed homes with premium amenities.
• Tier II cities like Pune and Hyderabad are emerging as key players in the luxury housing market in India, supported by rapid urbanisation and infrastructure development. The segment has evolved beyond traditional luxury offerings, incorporating features such as smart home technologies, private terraces, and eco-friendly amenities. Factors like improved connectivity, government incentives for sustainable development, and the development of business districts have further fuelled demand.

The trend towards luxury homes that integrate comfort, exclusivity, and sustainability is evident in the growing popularity of gated communities, villa developments, and mixed-use luxury projects. The market has become more resilient, as it remains less susceptible to interest rate fluctuations compared to the mid-range segment – making it a stable investment choice for affluent buyers.

Luxury Living Trends

The luxury living trends in India for 2024-25 reflect a shift towards a more holistic and personalised approach to opulence. Buyers are now prioritising residences that offer wellness-centric designs, advanced technology, and low-density living. One of the most significant trends is low-density living, where developments are designed with fewer units per acre, providing residents with more privacy, green spaces, and tranquillity. This trend is driven by the desire for exclusivity and enhanced safety, as well as a growing focus on wellness. Low-density projects often feature larger plots, private gardens, and expansive balconies – catering to buyers who seek both comfort and spaciousness.

Today, smart home technology has become a standard feature in luxury residences. Developers are now offering homes equipped with IoT-enabled systems that allow residents to remotely control lighting, temperature, and security. Voice-activated systems, app-controlled appliances, and AI-enhanced security systems are key components of these smart homes. Buyers see this as essential, aligning with modern luxury living trends in India – where convenience and safety are top priorities.

Focus on well-being has become integral to the luxury living trends in India. New developments now offer wellness-centric features like meditation rooms, spa-like bathrooms, jogging tracks, yoga decks, and open green spaces. Additionally, many luxury projects incorporate eco-friendly materials, energy-efficient designs, and water-saving solutions – catering to the increasing demand for sustainable living.

Amidst the luxury housing boom, branded residences are in great demand by HNIs, NRIs and expats. These bespoke homes in upscale localities are getting increasingly popular among the elite as they provide exclusive curated living experience in an evolving urban living. According to a report by Skye Hospitality, branded residences market is pegged at Rs 27000 crore , enjoying more than 40% volume share and over 48% value share in luxury housing . Big global realty and hospitality brands are tying up with prominent Indian developers for realty developments housing branded residences and hotels housing residential suites. The branded residences market is dominated by leading global brands including Four Seasons, Versace, Trump Towers, Yoo .

Today’s luxury buyers are looking for homes that reflect their personal tastes and preferences. Developers are responding with tailor-made options – allowing buyers to choose bespoke fittings, customise interiors, and even personalise layouts. This trend is not just about aesthetics, but also about functionality, as luxury buyers demand flexible spaces that can serve multiple purposes – like home offices, personal gyms, or private cinemas.

The luxury housing market is also seeing the rise of mixed-use developments that combine residential, commercial, and retail spaces in one project. These offer the convenience of living close to workspaces, high-end shopping avenues, and fine dining destinations – making them highly attractive to luxury buyers. They cater to the trend of convenience-focused living, where residents can access a host of services without stepping out of their gated communities.

A luxurious home is today characterised by the perfect blend of sophisticated design, premium materials, and thoughtful amenities. Spacious layouts with high ceilings, expansive windows, and natural light create an inviting, opulent atmosphere. The use of high-quality materials such as Italian marble, hardwood flooring, and bespoke fittings adds to the grandeur. Additionally, features like private pools, landscaped gardens, home theatres, and wine cellars elevate the sense of exclusivity. Integrating advanced smart home technology and bespoke interior design elements further enhances the luxurious feel, making the home not just visually appealing but also functionally superior.

Developers Make Most of the Luxury Boom

Several large branded real estate developers like Sobha, DLF, Prestige, Lodha, Godrej etc are in the forefront ,meeting the evolving needs of elite home buyers by offering exclusive, high-quality developments, shaping the luxury housing market in India. These real estate companies have set benchmarks , with projects that blend sophistication, innovation, and sustainability. They have consistently introduced projects that offer world-class quality, thoughtful designs, extensive green spaces, and a focus on wellness features like meditation zones, yoga decks, and spa-inspired facilities.

These developers are not only creating opulent residences, but also integrating advanced technologies like IoT-enabled smart homes, voice-controlled lighting systems, and energy-efficient infrastructure. The emphasis is on eco-friendly materials, rainwater harvesting, and waste management systems – aligning with luxury living trends in India that promote sustainable living.

Additionally, luxury real estate companies are enhancing the buying experience through virtual reality property tours, personalised concierge services, and flexible floor plans that allow customisation. This adaptability reflects their commitment to providing a seamless blend of luxury and functionality, catering to the discerning tastes of HNIs, NRIs, expats, and senior professionals.Focus on wellness-centric living has pushed buyers to seek properties with private outdoor spaces, swimming pools, home offices, and gyms. The demand for smart homes equipped with automation, voice-activated systems, and advanced security is also on the rise. These preferences align with the luxury living trends in India, making high-end properties more appealing than ever.

Looking Ahead

In this scenario, the luxury home market forecast in India remains positive, with expectations of sustained growth driven by increased demand for high-value residences in major cities. Despite inflation and economic uncertainties, the luxury housing market in India remains resilient. As wealthy buyers increasingly opt for investments in opulent homes as a hedge against inflation, luxury living is set to grow exponentially, with double digit growth in 2024-2025.