Investment in real estate assets has been a passion for Indian high net-worth individuals (HNIs). The rise in real estate prices in the past decade has enhanced the appeal manifold and the property market has drawn a substantial portion of HNI investments over past few years. Demand from HNIs continue to be robust for options in bonafide premium locations of the key Indian cities, but newly tailored luxury addresses are also seeing their share of action as long as the projects on offer meet certain parameters.
Ultra-rich buyers look at following parameters when it comes to buying a luxury residence:
The profile of the residents
First and foremost, sharing the neighborhoods with celebrities, business tycoons and prominent CEO’s of the city is what matters for High net-worth Individuals, as this makes a definite status statement and is also good for business. In Delhi the areas like Amrita Shergill Marg and Jor Bagh are some areas that comes to mind.In Kolkata, Ballygunge and Alipore are practically defined by such a resident profile.
Low Density
The rich and famous prefer the areas that are away from the usual hustle bustle of the city. For this reason, Bandra, Worli, Bandstand, Malabar Hill in Mumbai are some areas that the HNI’s pay high premium for.
View & Privacy
A spectacular view like a sea view or a city skyline along with a high level of privacy matters a lot when it comes to define luxury for the high class individuals. Luxury offerings in cities like Mumbai, Delhi and Bangalore rarely generate a lot of interest from the wealthy set of buyers if they do not score high on this aspect.
Easy access to the heart of the city
Apartments in Mumbai’s legendary NCPA commanded highest premiums for various reasons, which included the profile of residents. However, their USP was that NCPA is closest to the erstwhile CBD of Nariman Point. Boat Club in Chennai and Golf Course Road in Gurgaon share this important attribute of proximity to these cities’ centers of gravity. Mumbai’s BKC area has become the new luxury address of Mumbai because the CBD have now shifted there.
Overall Luxury Experience
Luxury goes beyond club houses and the quality of fittings used in a project’s apartments. Multiple aspects of a project are evaluated to discern if the ‘luxury’ tag indeed applies.
It may seem strange that the HNI’s are indeed booking into luxury projects in new locations.However, this trend is catching on in cities where HNIs perceive a vacuum in terms of offerings at the traditional premium locations.
