Mr.Nikhil Thard’s – Property magazine interview highlights…
The annual World Wealth
Report of Merrill Lynch Wealth Management and Capgemini has revealed that the number of millIonaires in India has surged to a record high of 1.53 lakh in 2010, making the country’s high net worth individual (HNI) population 12th largest across the globe. (This year it is estimated that the figures have climbed up by another 3 per cent.) The survey also revealed that the Indian millionaire is no longer shying away from luxury collectibles. This must have perked up the developers in India, most of them having more than one finger in the luxury pie.
This is a niche market that ensures bigger sales figures. It is not very surprising that newspaper advertisements across the country shows that there are more luxury housing advertisements (or equal to) than those in the affordable or mid-range. While low to middle income groups still continue to be one of the largest marketed segments, developers are not missing out on the fact that there are more yuppie Indians today than ever before with better pay packages and increased spending limits with quicker access to easy home loans; more millionaires and billionaires than ever before and growing. But this is just the tip of the iceberg for many. .
LUXURY HOUSING BEING REDEFINED
Nikhil Thard, MD, Edifice Builders feels that luxury is defined by space and not by number of bedrooms, et al. He adds, “In Bangalore the general specifications of the units are very good and so luxury homes have to strive to do a better job. A truly luxurious home means a well designed layout having open space. a garden. Facilities like jacuzzi, piped gas, a concierge desk, etc. It also means services like rental management and property management so that the customer doesn’t have to worry’ about anything at all.
Nagaraju Routhu, Vice President, Corporate Planning, Unitech Limited, says, ”The definition of luxury homes in India has seen a sea change. As aspirations rise, the globe trotter consumers are seeking for exclusivity and customisation in every nook and
corner of their home:Unitech, one of India’s premier developers, has luxury projects such as Espace Premiere (Rs 2.25 crore onwards), The Villas (Rs 6.90 crore onwards) and Karma Lakelands (Rs 7.45 crore onwards) in Gurgaon. In Noida it has Unitech Golf &Country Club with prices ranging from Rs 1.65 crore – Rs 3.25 crore.
“Luxury homes today are more about making a lifestyle statement. Highend specifications coupled with designer fit-outs and high-tech gadgets of global standards are the driving factors;’ feels Percy Chowdhry, Director, Rustomjee Group. ”This trend is only bound to continue with aggressive real estate appetite demonstrated by Indian HNls. According to a report, Indian HNls would like to invest at least 10 per cent of their total portfolio in residential real estate. This was double than what financial advisers would have done.”
Rustomjee has a host of upcoming luxury properties that include Elita- a 14 storied residential tower, and Rustomjee Elements, both in Juhu. Rustomjee Oriana in Bandra is a 21 storey tower comprising 3BHK and 4BHK apartments. Among the completed projects are ‘nine JVPD’ and ’seven JVPD’ situated at the heart of Juhu that houses most of India’s topmost celebrities.
”The new breed of premium and luxury homes offer a mix of grandeur and high-end contemporary facilities for those who are upwardly mobile, both in terms of wealth and aspirations. These homes range from the elegant and contemporary to the lavish and plush in thejr design and facilities. Features of such housing nowadays typically include landscaped settings, regal layouts, centrally air-conditioned buildings, high-quality floorings, and electronic access control and ensuite swimming pools, all- packaged in sleek finishes Percy adds.
