Rising aspirations & value consciousness driving luxury housing-III

By: Ravi Sinha

Track2Realty Exclusive

Some developers believe in the age when everybody is constantly looking forward to upgrade, luxury residences should not be seen just in the premium super category. As a matter of fact, Purvankara has successfully initiated the concept of luxury affordable as well. According to him there is no dearth of buyers; rather the challenge is for the developers to execute a luxe living.

“Luxury projects can be executed in various categories provided there is a R&D (Reasearch & Development) done on the prospective buyers’ needs. In our projects we have created amenities like even the Pet’s Corner on public demand. So, for us luxury projects are not just about exclusive living, but to balance the individual needs vis-à-vis the community needs. Today in a place like Bangalore, where the bar timings are restricted, you need to create your bar-b-que space in luxury living. Similarly, in the overcrowded cities you need cricket training academies for children within the projects,” says Jackbastian Nazareth, CEO of Bangalore-based Purvankara Group.

As a matter of fact, experiment with luxury living is being experimented across India, not just with the housing but across the asset class. For instance, Vigneshwara Developers has launched SOHO (Smart Office Home Office) that offers a combination of the comfort of home with the present-day needs of office, all under one roof. The futuristic stride “SOHO”, seeks to redefine how business space can be made into a smart blend of working and living at one place.

Sunil Dahiya, Managing Director of Vigneshwara Developers says, “Equipped with high-end technological equipment, elegant décor and all that goes in the name of comfortable living, SOHO comes with a 3G (Third Generation) experience, which includes tele-presence, virtual office and access to helipad. A rare blend of office-cum-home, SOHO will bring comfort and quality to life, offering added services like laundry, house-keeping and room service, along with recreational facilities. Providing for living and working in a zone of comfort and convenience, the concept of SOHO is bound to emerge as a necessity in times to come. For, it meets the needs of tomorrow at today’s cost.”

Industry observers also agree that there is a huge hunger line for the luxury housing across the product portfolio. However, the discerning buyers of today is making sure that they will not merely allow charging premium, over and above the peaked prices, claiming that the project is a luxury project, and hence costs more. Even swimming pools and gymnasiums nowadays fall into basic necessities and not luxury. Creating exclusive neighbourhood, exclusive amenities and overall “WOW” factor is what will further drive the luxury living in future.