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New Age Definition of Luxury Living

New Age Definition of Luxury Living

An interview with Amit Goyal, CEO India Sotheby’s International Realty.

The luxury residential segment in India is in a state of continuous evolution. This change has largely been brought about by growing economic prosperity leading to the rise of a new affluent Indian. Increase in disposal incomes and Indian consumers wanting to emulate an international lifestyle are key factors that are driving luxury residential real estate demand.

Luxury as a term has also undergone substantial changes, with new benchmarks being set over the years. For example, a decade back, a luxurious apartment would mean a condominium within a gated community, a swimming pool, tennis courts, enclosed by a clubhouse with restaurant facilities and round the clock perimeter security. Today, a Luxury apartment or a villa would mean larger area of more than 6000 sq. ft., with smart home automation, centralized air conditioning, 24x7 concierge facility, heated swimming pool, a large multi-functional clubhouse with specialized restaurants, sportsbar, spa, mini movie theatre and with all sports facilities, including maybe a golf course.

The need for enhanced service levels and exclusivity has led to the emergence of Branded Residences in India. These are Lifestyle products rather than an investment product targeted at the global affluent Indian, aimed to create a differentiator to a discerning luxury-seeking consumer. International brands such as the Grand Hyatt, Armani Casa, Four Seasons Private Residences and Trump Tower Residences are some of the brands which are transforming the real estate landscape.

A project to be truly luxurious and attract the Indian affluent classes, has to be backed up a strong developer reputation along with location in a well-developed corridor, priced at par with prevailing luxury market pricing. Mere brand names may not suffice unless backed by an exceptional product because the luxury buyer in India is well travelled and extremely aware of what is happening globally.

India Sotheby’s International Realty is unrivalled in the space of luxury residential real estate. They list the most exclusive luxury homes matching the highest quality parameters set by Sotheby’s International Realty®. From designer villas to state of the art automation enabled apartments, there is no dearth of luxury residences in this country and India Sotheby’s International Realty is a key marketing partner for the most sought-after properties pan India.

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