The demand for luxury properties has gone up considerably lately. According to a survey by CBRE, the gross sales of luxury properties within the nation, priced at Rs 4 crore and above, surged by 75 per cent final yr. The progress of prosperous millennial consumers for residing areas that mix completely aesthetics, performance, and sustainability is altering the market dynamics. This revolution, nevertheless, requires an progressive component for each development and advertising.
Knight Frank’s The Wealth Report 2024 has talked about that the luxury real estate market has grown manifold in the previous few years, led by modifications in consumers’ preferences, particularly within the post-Covid period. It added that the market has seen a constant enhance in premiumisation.
Among the options that characterise the brand new sort of luxury purchaser is the nonstop upkeep of environmental consciousness. Sanjoo Bhadana, MD, 4S Developers, mentioned that the market is not nearly opulence and extravagance. Instead, it’s about creating residing areas that completely mix aesthetics, performance, and sustainability.
“Millennials are not only looking for a house that has been built with a green design in mind and smart home technology to cut down the carbon footprint but also for those that have these properties as default,” Gunjan Goel, Director of Goel Ganga Developments, mentioned.
Noticing the infusion of this development, builders incorporate progressive options like energy-efficient methods, rainwater harvesting mechanisms, and inexperienced areas into their high-end choices. Luxury, in line with Aman Gupta, Director of RPS Group, just isn’t solely about house or lavish finishes anymore.
“It is about creating experiences that improve daily living,” he mentioned, including that their residing areas are actually remodeled into an built-in atmosphere the place passions in addition to completely different pursuits are catered for.
Besides, globalisation and expertise additionally play a significant position in shaping preferences. While the earlier technology solely had entry to a restricted variety of developments and knowledge, the brand new technology has grown up with a world development at their fingertips.
