Living In Grandeur

The taste and preferences oftodays luxury homebuyers have metamorphosed into a judicious mix of customisation, elegant esthetics, and world-classamenities.

- Ashish Sinha

FOR PURISTS, THE WORD luxury connotes only one thing — elusive price tag. If it’s not the costliest and most elusive manmade thing, it is not luxury — be it a car, a plane, the wardrobe, jewellery, perfume or a home. By that definition, a home that comes with a ridiculously high price tag is luxury. Thus, a bungalow in the heart of Lutyens’ Delhi, which costs more than Rs 300 crore, or a Rs 50-crore Portuguese style bungalow in North Goa will qualify as luxury. But buying and selling of such homes are few and far between. Moreover, such high-value transactions are often shrouded in secrecy so as to avoid any undue attention.

Anuj Puri, Chairman of real estate consultancy firm Anarock, distinguishes between the traditional rich and the nouveau riche. Traditionally, the rich acquire their wealth over generations and often own homes with eye-popping price tags. “It is the ‘nouveau riche’ category that is in fact driving the demand for luxury homes, luxury apartments and villas,” he says. Their wealth have come from entrepreneurial success, savvy investments, and sheer hard work or in some cases, financial windfalls. “They are on the lookout for housing which gives them a great lifestyle and also reflects their success in life,” Puri adds.

Agrees Ashwin Chadha, President, India Sotheby’s International Realty, a niche advisory firm that caters to ultra HNIs. “The Indian consumers are well informed, globally exposed, and want a home that reflects their financial and social standing. Builder reputation, secondary research, location and auspicious beliefs are key drivers that shape consumer decisions,” says Chadha. Sotheby’s in India are currently offering more than 80 luxury homes priced anywhere between Rs 5-10 crore to upwards of Rs 70 crore.