Axiom
Call Us - 91 33 4020 4020  
Sign In  I  Sitemap   
AxiomEstates - India Real Estate
     India Properties Worldwide
Axiom Banner
 
Bookmark and Share
E-mail Print Tell A Friend


Residential Properties

 
 
Indian Real Estate News : Jaipur
Location is key for ultra luxury homes
Source: The Economic Times Jul 21, 2014
Many developers are trying their best to create new zones and addresses across India that can appeal to HNI (High-net-worth individual) property buyers. This endeavour has met with varying degrees of success on the ground when it comes to swaying the ultra-rich clientele. Barring upgrades in design concepts and the addition of some new accoutrements to amplify a luxury lifestyle, the baseline concept of luxury homes has not materially changed in many cities.

Prominent addresses or 'pin code value' still matter, and the ultra-rich are willing to pay extra premiums to get them.

Cities like Delhi, Gurgaon, Bangalore and Pune have by now seen a high incidence of developers offering branded residences as alternatives to premium homes at the most sought-after locations within these cities. The success in swinging interest levels of the target clientele has varied markedly in tandem with the actual features being offered. While there is evidence of first-generation wealthy buyers evaluating and considering such options, the conversion rate among the historically rich has been negligible.

To begin with, deals conclude rapidly in sellers' markets where demand exceeds supply. Annual returns in such pockets are in the neighbourhood of 25 per cent.

Delhi

In Delhi, the preference of HNIs when it comes to established and high-value locations is more or less inflexible. South Delhi is still the micro-market of choice for ultra-rich clients from Delhi, Punjab and Uttar Pradesh with budgets ranging from Rs 50-300 crore.

Golf Links in Delhi is a more vibrant market in terms of demand when compared to even to Lutyens Zone. Shantiniketan and Vasant Vihar are two other key HNI destinations where demand exceeds supply.

Bangalore

Similarly in Bangalore, developers such as Total Environment and Chaitanya have provided the city with genuine luxury projects in brand-new premium locations. These developers have been instrumental in turning Whitefield into a high-value address and their completed projects command steep premiums.

The offering, product design, specifications and buyer profile are remarkable enough to make a difference. Total Environment's project in one of the best luxury offerings in India, and demand for such projects in Whitefield significantly exceeds supply. Ultra-rich buyers look at following parameters when it comes to buying a luxury residence:

Overall luxury experience

The definition of luxury has been extensively abused in Indian real estate, and is being closely scrutinised by ultra-rich buyers when it comes to evaluating offerings. Luxury goes beyond club houses and the quality of fittings used in a project's apartments. Multiple aspects of a project are evaluated to discern if the 'luxury' tag indeed applies.

 Leave your comments
  
Comments

Citywise News
    All India
    Kolkata
    Mumbai
    Delhi NCR
    Bangalore
    Goa
    Pune
    Chennai
    Other Cities
News Category
    Home Loans
    Announcements
    Tax and Legal
    Policy
    Commercial
    Infrastructure
    FDI
    Developer
    Others
Axiom