The overall Indian real estate market sentiment may be down in the current scenario; however, the luxury housing segment paints a different picture altogether. Thanks to the booming economy and changing lifestyle, the luxury housing sector is growing at a steady pace with more and more consumers enquiring about luxury properties. Even India's ultra-high-net-worth individuals (UHNIs) are increasingly showing a keen interest for expensive and luxurious housing.
It is no surprise that Indian economy is growing rapidly and consumers are getting more ambitious than ever before. With near literal collapse of cultural, political and communication boundaries, Indian’s today feel more a part of the global village than they did before. Indian’s are increasingly exposed to what the whole wide world terms as luxury. This newfound exposure is also moulding the demands of consumers for their luxury home.
Out of the major luxury markets in India, Gurugram comes atop as it houses several luxury and ultra-luxury projects from renowned developers. The coveted locality such as Golf Course Road is strewn with opulent projects with all the bells and whistles. The newest luxury project to come up in Gurugram is Sky Villas from Central Park, a reputed developer known for its focus on luxury housing. In fact, Central Park was the first one to launch a premium residential condominium project on Golf Course Road back in 2001, much before any other player.
Central Park Sky Villa
Sky Villas, the four storied luxury abodes are perfectly suited for those who enjoy living the high life in their own personalized way. The interiors with personalized detailing, the expansive space, the elegance, amenities makes it a special pièce de résistance. The Sky Villas come with a private lift, personal pool, party and entertainment deck and more. When asked about what made Central Park come up with a luxury project like Sky Villas, Amarjit Bakshi, Chairman and Managing Director of Central Park says,” The burgeoning demand from upper middle class consumers is much stronger than before. Today’s modern aspiring class is a globe trotter and has been exposed to international trends and design when it comes to housing.”
Many experts believe that the demand from NRI’s also proves to be a big impetus towards driving the demand for luxury housing in India. Before the luxury housing sector went ‘mainstream’ – so to say – the sector was kept buoyant by NRI demand. Historically, NRI’s were keen to purchase property in India for two reasons – a home in case they decide to return and an emotional attachment to the country. While these two will continue to be key factors that drive NRI investment in luxury housing in India, a third will be the exchange rate. The increasing strength of the dollar to the rupee makes it even more feasible for NRI’s to buy property in India. Besides this, it is safe to say that so much of global exposure in India has increased standards and fostered a premium quality of homes, attracting NRIs who can now get better quality of homes in India at a lesser price than abroad.