Introduction: Evolution of Aspirations: The Enduring Allure of Luxury Properties Across Time
Luxury properties – the icon of status and prosperity, has been the symbol for personal growth throughout history. Starting from kings and their subjects, to the current Gen Z, the goal in life has always been to earn enough to get a taste of that luxury. Always in demand, luxury goods have given birth to a new market segment which operates strictly for the above said demographic.
- Rising Horizons: Projections and Trends in India’s Luxury Market Growth
- Real Estate: A Lucrative Investment Avenue for High Net Worth Individuals
- Luxury Living Redefined: Opulent Amenities and Lifestyle in Kerala’s Real Estate Offerings
Rising Horizons: Projections and Trends in India’s Luxury Market Growth
In India, this luxury market has seen a steady growth over the years and, according to a report by global consulting firm Bain & Co, is now expected to grow 3.5 times the current size to reach $85 billion-$90 billion by 2030. While the entry-level product categories have been impacted by inflation and other factors, luxury properties appear to be thriving. The audience for these goods, also known as HNIs or High Net worth Individuals, are consistently growing. HNIs are typically defined as those individuals having a net worth of at least one million dollars as wealth and financial assets, not including the value of their primary residence. They have complex financial needs and are most likely to consult financial advisors with respect to their personal investment portfolios.
Real Estate: A Lucrative Investment Avenue for High Net Worth Individuals
And what fool-proof investment could be better than Real Estate? The ever-growing the population asks for an ever-growing demand for properties. Capitalising on this opportunity, many developers are coming up with luxury properties to cater the needs of HNIs and UHNIs (Ultra HNIs). Not only such investments add to the growth in their wealth, investing in Real Estate also give significant relief with respect to Capital Gains when it comes to reinvestment in residential properties, so much so that as on 1st February 2023, the government introduced a cap of Rs.100 million for deductions in long term capital gain tax while reinvesting.
However, unperturbed by this development, as per India Sotheby’s International Realty and CRE Matrix report, Mumbai has seen a sale in luxury housing properties worth Rs 114 billion just in the first half of the calendar year 2023. Similarly, as per Hindu Business Line, Delhi has witnessed a two-fold increase in luxury properties in the 1st nine months of the calendar year 2023. As per CBRE data, since the recent outbreak of Covid-19 pandemic buyers have started preferring residences with bigger space to address multiple needs in their hybrid lifestyle in terms of privacy, comfort and functionality as remote jobs have come into the picture.
Luxury Living Redefined: Opulent Amenities and Lifestyle in Kerala’s Real Estate Offerings
To cater the above said needs of the demographic of Kerala, in the metropolitan cities like Cochin, Trivandrum and Calicut, the developers have introduced luxury properties that provide multiple amenities like security, supermarkets, gym, multipurpose halls, game rooms, swimming pools, steam rooms, and in some cases, even a small theatre in their club houses. In the current fast lifestyle, this gives the residents the time to enjoy recreation without the hassle of travel, helping them save precious time. Now, in Palakkad, Neamath Realty Private Ltd, are introducing villa projects with many of such amenities and more. The projects have an open land area of about 40%-45%, beautified with landscaping, providing the residents with a sense of freedom and openness. Moreover, the facilities of the new project, Neamath Pearl, include a clubhouse, gym, library, a multipurpose hall, visitors parking, electric vehicle charging point, a jogger’s track, a tropical garden, a reflexology pathway and a family park all with the security of 24 hrs CCTVsurveillance and a security guard posted at the gate.
