Accommodation Times News Services
By Shri Murari Chaturvedi, Editor
It is global trend today to construct luxury flats for the elite. Luxury homes are constructed as apartments, urban- villas and bungalows, to satiate the growing needs of super rich population, who are prepared to pay for expensive living spaces. These houses often are designed by foreign architects or the top most architects in India in key locations. The branded residences is emerging concept wherein developers tie up with international hospitality or lifestyle brands. The market for super luxury housing in India is around 5 per cent of the total residences for the super rich that prefers the convenient luxury homes. Developers are creating intelligent living spaces with latest gadgets and technology. The most common features of luxury houses are digital locks, electronic surveillance system, temperature control, wireless communication for internet and in-house entertainment. Systems with sensors are used to enable residents to control ambience, lights and temperature through pre- programmed gadgets. These homes are intelligent enough to sense human presence and accordingly adjust light and temperature ofthe apartment. For price there is no limit or calculation of per square foot. The price range is from Rs. 2.5 crores to Rs. 75-80 crores complete with building management and technology systems. Several residential projects such as Raheja Developers Reventa in Gurgaon, a suburb of New Delhi, has restaurants, cafes, spaces, lounges, common swimming pools, valet parking, automated car washing and helipads. Spacious luxury apartments come with top quality interiors, bathroom fittings and designer kitchens. In places like Delhi, where winter is severe, central heating is also provided. Luxury residences are being constructed in Mumbai, Delhi, Bangalore and in almost all metropolitan cities. Research reports mention that luxury housing market will grow at a compounded annual growth rate of over 80 per cent during 2012-2014. The demand for luxury homes is low and in short term no price appreciation is expected in near future. Mumbai is the 16th most expensive city in the world in terms of owning a prime residential property. Despite slow demand of luxury homes, affluent individuals are increasing and so is the demand for luxury homes.