In an exclusive interview, Ravish Kapoor of Elan Group discusses the significant trends currently influencing India’s luxury housing market and provides insights into its future prospects.
As super-luxury and branded residences gain prominence, the broader luxury housing market in India is simultaneously evolving, adapting to the ever-changing demands of buyers who are increasingly influenced by sustainability, technological advancements, and personalized luxury experiences, says Ravish Kapoor, Managing Director, Elan Group.
In an exclusive interview with Sanjeev Sinha, Mr Kapoor discusses the significant trends currently influencing India’s luxury housing market and provides insights into its future prospects. Excerpts:
Amid a significant rise in demand for luxury housing in recent times, what are the key trends shaping the Indian luxury housing market currently? Is there a specific segment within luxury housing that you see gaining more traction?
We have observed several key trends and patterns steering the Indian luxury housing market. One evident trend is the rising preference for super-luxury residences which offer unmatched amenities and exclusivity. These properties often cater to high-net-worth individuals seeking an opulent living experience.
Branded residences are also in vogue in India. These properties, built in collaboration with renowned luxury brands or designers, fuse luxury living with the prestige and craftsmanship these brands represent. Buyers wanting unique lifestyle offerings and value-added services are the main targeted segment. There is also a visible shift towards eco-friendly and sustainable luxury housing. Buyers are now demanding energy-saving aesthetics, green spaces and sustainable building materials that create a perfect blend of luxurious and environmentally-conscious lifestyles. Technological integration is also contributing to the transformation of the luxury housing market. This includes smart homes featuring sophisticated automated systems for security, lighting and climate control which simplify and vastly improve the entire experience of luxury living.
So, even as super-luxury and branded residences are rising the charts, the wider luxury housing market in India continues to mature in the face of constantly evolving buyer demands influenced by sustainability, technological innovation and customised luxury.
There has been growing interest from Non-Resident Indians (NRIs) in Indian real estate, particularly luxury properties. What are your thoughts on this trend? Are there specific factors driving NRI investment in the Indian luxury housing market?
As developers, we can testify to the fact that Non-Resident Indians (NRIs) are markedly drawn to Indian real estate, especially luxury properties, influenced by factors of possible long-term capital appreciation, stable rental income and the emotional connection of owning lucrative assets in their country of origin. The exceptional feedback we have garnered from NRI patrons regarding our ultra-luxury offerings, including Elan Paradise, Elan Empire, and Elan Epic, along with our residential project, Elan The Presidential, has contributed to this outcome.
The powerful appeal of owning exclusive properties in major Indian cities also aligns with a desire for high living standards and state-of-the-art amenities. NRIs now consider real estate investments in India as safe and exciting opportunities helped by attractive exchange rates and regulatory transparency.
What are the primary characteristics or amenities that wealthy purchasers emphasize when evaluating a luxury property? In what ways, if any, are these preferences changing?
Affluent home buyers naturally expect prime locations, opulent designs, superior finishes and aspirational amenities like luxury clubhouse, sky lounges, recreational facilities such as a floating sauna and picturesque pool, a dedicated kid’s zone, professional gym, multi-cuisine restaurant, concierge services and 5-tier security along with abundant greens spaces and sustainable elements in luxury. Wellness features and smart home technology are also swiftly evolving even as the demand remains robust, triggered by a constant desire for comfort and tailored lifestyle experiences.
Gurugram has emerged as a leader in the market for luxury and super luxury residences. What factors do you believe contribute to this status?
With its proximity to the national capital, the IGI Airport and upscale housing choices, Gurugram has become a magnet for buyers looking for a combination of convenience and connectivity. As a major corporate hub of the world’s top companies with grand residences and residential services, Gurugram is the go-to destination for high-net-worth individuals and affluent professionals. Premium shopping malls, a range of fine dining options, and entertainment avenues only add to the city’s impressive offerings. This unbeatable mix of posh amenities and strategic location makes Gurugram a natural choice for luxury real estate customers.
As the luxury housing market continues to evolve, what exciting innovations or developments do you foresee shaping the future of this segment in India?
In a rapidly-growing economy like India, the luxury housing market is primed to experience emerging trends and innovations like sustainable and green architecture, futuristic smart home technologies and ultra-modern amenities for health and wellness. A sophisticated and discerning clientele will anticipate and require the highest standards in sustainable and luxurious living, prompting the market to adapt in response. The Elan Group, with its reputation for cutting-edge design, uber-luxury living spaces and world-class construction quality, will always strive to keep pushing the envelope by creating innovative, sustainable and top-shelf projects which set new standards of extravagance and stylish living.
Source : FE
