<p>Bangalore seems to be the top choice among HNIs, both Indian and global, for luxury homes,writes Ruth DSouza Prabhu <br /></p>.<p>It was recently reported that the Global Initiative for Restructuring Environment and Management (GIREM), an independent body that mainly focused on urban planning as well as development and corporate realty, had found that Bangalore’s luxury realty market seems to be going full steam ahead.</p>.<p><br /> This demand is largely being fuelled by the IT sector. In fact, the report also said that the luxury home market potential is slated to grow at a CAGR of around 28 per cent till 2013. For people looking for an apartment or a villa over the three-crore mark, Bangalore seems to be a popular destination. </p>.<p><br />Surging ahead</p>.<p><br />With the kind of economic ups and downs the country has been facing recently, one would assume that realty has been placed on the backburner. But what often tends to happen in the luxury market is that the demand is from a niche sector of people such as HNIs who remain unaffected by the vagaries of the economy. Anuj Puri, Chairman & Country Head, Jones Lang LaSalle India says, “Despite the cautious economic climate, there is actually still a lot of wealth generation happening among India’s HNIs. </p>.<p>The luxury homes segment is not a huge contributor to the overall real estate demand in the country, but it has a definite, though limited, clientele and developers who are catering to it. Bangalore has one of the highest demand ratios for luxury housing in the country; this is partly because of the relative affluence of its IT denizens. Another reason is that, thanks to better amenities and less exotic land prices, the concept of ‘luxury housing’ has a truer meaning in Bangalore than in a city like Mumbai, where location value is a significant component of the luxury price tag.” </p>.<p><br />So the demand stems from the IT world – no surprises there since it was the advent of IT that changed Bangalore’s sobriquet from Garden City to IT City and put it on the international map. </p>.<p><br />But with time and constant exposure on the international sphere, the definition of luxury too has changed. </p>.<p><br />Demands have taken on new hues in the last five years. Speaking on the current expectations from a luxury project, Vinay Kapoor – Founder & CEO, Westcourt says, “As society witnesses increased spending powers and lifestyle changes, what was earlier considered luxury is now being considered the most basic amenities. Branded residences, by virtue of the distinctive lifestyle and signature amenities and services they offer, further enhance the concept of luxury living.” </p>.<p><br />He adds that the Indian home-buyer is no less discerning than his international counterpart today. Increased globalisation and changing market dynamics have resulted in Indians being exposed and in some areas defining the latest trends in residential properties including designs, concepts, amenities and services that match international standards. As a result, global Indians are uncompromising in expecting the very best in luxury living. </p>.<p><br />But with the kind of development Bangalore is witnessing, the question of whether the infrastructure can keep up definitely comes into play. Uzma Irfan – Executive Director, Corporate Communications, Prestige Group feels that Bangalore has witnessed growth over time simply because adequate infrastructure was gradually added over the years. But the infrastructure needs of the City have never managed to keep pace with the rate of development Bangalore has seen in the last decade. Initiatives such as the Ring Roads and the Metro Rail, once complete, are bound to help the cause. </p>.<p><br />You have a luxury address when…<br />Bangalore is now a famed luxury home market. There have been several significant projects. Today, a luxury home is defined by certain parameters. Uzma says, “If a developer has a property in the right location with the right pricing, then he is on the right track. The average Indian is today a global citizen with communication and technology having overhauled the way we function. </p>.<p><br />“Luxury homes are not just about pricing but the result of several qualities, starting with the location to aesthetics to amenities to signature styles.” <br /><br />There is also a need to innovate and provide such niche clientele with something new. The arrival of branded residences is one such concept. Vinay Kapoor explains that branded residences, by virtue of the distinctive lifestyle and signature amenities and services they offer, further enhance the concept of luxury living. </p>.<p>These can be classified as any residence with a brand such as that of Westcourt’s project with Four Seasons. On similar lines is that of Prestige’s Golfshire with the Marriott brand. This additional component of international quality of service is making this hitherto novel concept of ‘branded residences’ popular in India. </p>.<p>Technology based homes are another aspect of luxury living. Having a home that can completely be controlled no matter where you are gives you a sense of exclusivity and unmatched sophistication to be proud of. </p>.<p><br />With the housing market constantly being in a flux, it is natural to wonder about the effect of the economy on the sale and appreciation value of such homes. Ashwini Kumar, Executive Director & COO, Nitesh Estates Ltd says, “While the demand for super luxury segment and address homes generally tends to be insured from the changes in the policies of HFIs, frequent changes in the policies tend to cast an adverse impact on the overall demand.</p>.<p> Bangalore has become home to a strata of population which is ready to pay a premium for the experience of global standards of living. Hence the price band has widened to accommodate luxury homes in the range of one crore and upwards of that.” </p>.<p><br />Uzma feels that the key to designing for the ultra-affluent is to fully understand the unique characteristics of these clients. The objective is to give them designs and products that are unique to individual tastes in style. If the product truly stands out and matches international standards of design and quality, any person with the desire for an aspirational lifestyle will be interested. </p>.<p><br />Jitu Virwani, Chairman and Managing Director, Embassy Property Developments Ltd says, “HNI customers with increasing global exposure are continuously updated on the latest international trends. </p>.<p>They also want exclusivity in terms of luxury. Moreover, with the rise in incomes, these people aspire to enjoy a global lifestyle – thus increasing the demand for luxury homes. We expect this demand for luxury residences to continue in India, across most major cities. There is enough of supply of such inventory with many existing property developers like Embassy and new players entering the market. </p>.<p> <br />Anuj Puri sums up the market for the next five years emphasising that luxury housing in India is here to stay, but will probably never cross the five-six per cent limit of its overall contribution to real estate demand. </p>.<p><br />The rich-poor divide is still too great, and the middle-class has yet to find a comfortable benchmark. </p>.<p><br />While buyers of luxury housing are less affected by economic fluctuations than the middle-class, it cannot be said that sentiments in this segment are not driven by how the economy is performing. </p>.<p><br />Cities like Mumbai, Bangalore, Delhi and to an extent Pune will continue to see the highest absorption of luxury spaces in the country for a while to come. <br /> </p>
<p>Bangalore seems to be the top choice among HNIs, both Indian and global, for luxury homes,writes Ruth DSouza Prabhu <br /></p>.<p>It was recently reported that the Global Initiative for Restructuring Environment and Management (GIREM), an independent body that mainly focused on urban planning as well as development and corporate realty, had found that Bangalore’s luxury realty market seems to be going full steam ahead.</p>.<p><br /> This demand is largely being fuelled by the IT sector. In fact, the report also said that the luxury home market potential is slated to grow at a CAGR of around 28 per cent till 2013. For people looking for an apartment or a villa over the three-crore mark, Bangalore seems to be a popular destination. </p>.<p><br />Surging ahead</p>.<p><br />With the kind of economic ups and downs the country has been facing recently, one would assume that realty has been placed on the backburner. But what often tends to happen in the luxury market is that the demand is from a niche sector of people such as HNIs who remain unaffected by the vagaries of the economy. Anuj Puri, Chairman & Country Head, Jones Lang LaSalle India says, “Despite the cautious economic climate, there is actually still a lot of wealth generation happening among India’s HNIs. </p>.<p>The luxury homes segment is not a huge contributor to the overall real estate demand in the country, but it has a definite, though limited, clientele and developers who are catering to it. Bangalore has one of the highest demand ratios for luxury housing in the country; this is partly because of the relative affluence of its IT denizens. Another reason is that, thanks to better amenities and less exotic land prices, the concept of ‘luxury housing’ has a truer meaning in Bangalore than in a city like Mumbai, where location value is a significant component of the luxury price tag.” </p>.<p><br />So the demand stems from the IT world – no surprises there since it was the advent of IT that changed Bangalore’s sobriquet from Garden City to IT City and put it on the international map. </p>.<p><br />But with time and constant exposure on the international sphere, the definition of luxury too has changed. </p>.<p><br />Demands have taken on new hues in the last five years. Speaking on the current expectations from a luxury project, Vinay Kapoor – Founder & CEO, Westcourt says, “As society witnesses increased spending powers and lifestyle changes, what was earlier considered luxury is now being considered the most basic amenities. Branded residences, by virtue of the distinctive lifestyle and signature amenities and services they offer, further enhance the concept of luxury living.” </p>.<p><br />He adds that the Indian home-buyer is no less discerning than his international counterpart today. Increased globalisation and changing market dynamics have resulted in Indians being exposed and in some areas defining the latest trends in residential properties including designs, concepts, amenities and services that match international standards. As a result, global Indians are uncompromising in expecting the very best in luxury living. </p>.<p><br />But with the kind of development Bangalore is witnessing, the question of whether the infrastructure can keep up definitely comes into play. Uzma Irfan – Executive Director, Corporate Communications, Prestige Group feels that Bangalore has witnessed growth over time simply because adequate infrastructure was gradually added over the years. But the infrastructure needs of the City have never managed to keep pace with the rate of development Bangalore has seen in the last decade. Initiatives such as the Ring Roads and the Metro Rail, once complete, are bound to help the cause. </p>.<p><br />You have a luxury address when…<br />Bangalore is now a famed luxury home market. There have been several significant projects. Today, a luxury home is defined by certain parameters. Uzma says, “If a developer has a property in the right location with the right pricing, then he is on the right track. The average Indian is today a global citizen with communication and technology having overhauled the way we function. </p>.<p><br />“Luxury homes are not just about pricing but the result of several qualities, starting with the location to aesthetics to amenities to signature styles.” <br /><br />There is also a need to innovate and provide such niche clientele with something new. The arrival of branded residences is one such concept. Vinay Kapoor explains that branded residences, by virtue of the distinctive lifestyle and signature amenities and services they offer, further enhance the concept of luxury living. </p>.<p>These can be classified as any residence with a brand such as that of Westcourt’s project with Four Seasons. On similar lines is that of Prestige’s Golfshire with the Marriott brand. This additional component of international quality of service is making this hitherto novel concept of ‘branded residences’ popular in India. </p>.<p>Technology based homes are another aspect of luxury living. Having a home that can completely be controlled no matter where you are gives you a sense of exclusivity and unmatched sophistication to be proud of. </p>.<p><br />With the housing market constantly being in a flux, it is natural to wonder about the effect of the economy on the sale and appreciation value of such homes. Ashwini Kumar, Executive Director & COO, Nitesh Estates Ltd says, “While the demand for super luxury segment and address homes generally tends to be insured from the changes in the policies of HFIs, frequent changes in the policies tend to cast an adverse impact on the overall demand.</p>.<p> Bangalore has become home to a strata of population which is ready to pay a premium for the experience of global standards of living. Hence the price band has widened to accommodate luxury homes in the range of one crore and upwards of that.” </p>.<p><br />Uzma feels that the key to designing for the ultra-affluent is to fully understand the unique characteristics of these clients. The objective is to give them designs and products that are unique to individual tastes in style. If the product truly stands out and matches international standards of design and quality, any person with the desire for an aspirational lifestyle will be interested. </p>.<p><br />Jitu Virwani, Chairman and Managing Director, Embassy Property Developments Ltd says, “HNI customers with increasing global exposure are continuously updated on the latest international trends. </p>.<p>They also want exclusivity in terms of luxury. Moreover, with the rise in incomes, these people aspire to enjoy a global lifestyle – thus increasing the demand for luxury homes. We expect this demand for luxury residences to continue in India, across most major cities. There is enough of supply of such inventory with many existing property developers like Embassy and new players entering the market. </p>.<p> <br />Anuj Puri sums up the market for the next five years emphasising that luxury housing in India is here to stay, but will probably never cross the five-six per cent limit of its overall contribution to real estate demand. </p>.<p><br />The rich-poor divide is still too great, and the middle-class has yet to find a comfortable benchmark. </p>.<p><br />While buyers of luxury housing are less affected by economic fluctuations than the middle-class, it cannot be said that sentiments in this segment are not driven by how the economy is performing. </p>.<p><br />Cities like Mumbai, Bangalore, Delhi and to an extent Pune will continue to see the highest absorption of luxury spaces in the country for a while to come. <br /> </p>
