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Indian Real Estate News : Roha
Luxury housing catches home buyers’ fancy
Source: The Times of India Jul 13, 2014
One of the richest among immigrants today, Indians spread over 200 countries have travelled widely, assessed choices and thanks to their experiences, such tastes have enriched and encouraged local real estate developers to replicate constructional and technological improvements in the Indian scenario.

Check out luxury properties in India

Today, more and more home buyers in the upper middle class are fancying the idea of larger, luxurious and enviable lifestyle.

In an insightful webinar session, Magicbricks engaged Yash Joshi, managing director, RMZ Corp to mark the trends in the luxury real estate market in India. Here are some of the valuable takeaways:

Why luxury

As per data with the Ministry of Overseas Affairs and Assocham, the switch towards luxury housing in India has been determined by factors such as urbanisation, changing lifestyles, rural to urban migration, conducive demographics, sufficient disposable income and a large population opting for a nuclear family set up.

One of the most "vibrant and dynamic segments of the Indian real estate industry," Joshi says luxury lifestyle is becoming a popular choice for the buyers. As also, the shift from "speculation based to demand based" choices have redefined patterns of investment.

As for the scope of appreciation, Joshi says, "it necessarily gives you higher returns on lower risk."

Buyers' profile

Apart from Delhi and Mumbai, Bangalore, Chennai and Hyderabad also have sizeable luxury consumers. The southern cities mentioned go in for varied choices - apartments to penthouses and villas. The senior management of IT/ITeS companies, large-scale tradesmen and business magnates opt for luxury, whereas Bangalore happens to be the niche choice of several US-based NRIs.

The luxury market in India is growing and has trickled to secondary cities as well. "There are more end users than investors in this segment. If the sales are going up, it means disposable income has increased," says Joshi.

Such is the pricing of properties in the market that usually developers do not give discounts at the launch stage. The market moves quicker at the completion stage and buyers want to assess the 'feel' of the property. Responsible developers go in for green standards in terms of water harvesting and solar energy. Though not certified, these have a quality.

Are you sitting on a pile of cash? Invest in a luxury property!

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