The growth of India’s luxury market is being driven by rising disposable incomes, a shift towards more sophisticated living, and increased demand for larger, more functional spaces with high-end amenities.

Ashwinder R Singh

In an exclusive interview with Sanjeev Sinha, Mr Singh shares his views on the luxury real estate market and identifies the upcoming growth areas for high-end properties. Excerpts:

The luxury residential market is expected to expand significantly in the coming years. What do you see as the main drivers of this growth, and how are developers evolving to meet the demand for premium amenities and sustainable living?

The growth of India’s luxury market, projected to reach $101.92 billion by 2029, is being driven by rising disposable incomes, a shift towards more sophisticated living, and increased demand for larger, more functional spaces with high-end amenities. The growing focus on sustainability is another crucial factor. Buyers now expect homes that are not only luxurious but also sustainable—integrating green building practices, renewable energy solutions, and smart technology. Developers are responding by embedding features like home automation, energy-efficient designs, and advanced security systems, ensuring that these properties cater to the evolving expectations of the modern, affluent buyer.

With technology becoming indispensable in real estate, how are developers using smart construction techniques and home automation to differentiate their projects?

Technology is no longer a differentiator but a necessity in today’s real estate landscape. Developers are increasingly leveraging Building Information Modeling (BIM) to streamline construction processes and improve accuracy, reducing costs and timelines. Home automation, too, has become a hallmark of modern living—integrating smart controls for lighting, climate, security, and entertainment systems. These advancements not only enhance the living experience but also drive energy efficiency, appealing to both tech-savvy and environmentally conscious buyers. The real edge now lies in how seamlessly these technologies are integrated into the overall design, ensuring they add value rather than complexity.

As new urban hubs emerge, what locations do you foresee becoming the next growth centers for premium properties?

Bangalore remains a standout due to its robust IT industry, infrastructure growth, and rising high-net-worth population. The demand for premium properties continues to soar here. Additionally, cities like Pune, Hyderabad, and Delhi NCR are becoming prime targets for luxury and commercial development, thanks to their improving infrastructure and expanding business ecosystems. The key to their attractiveness is the blend of lifestyle upgrades and economic growth, making them increasingly popular among both local investors and expatriates looking for quality mixed-use developments.

Mixed-use developments are on the rise. How are developers planning to capitalize on this trend, and what are the key advantages?

Mixed-use developments offer a convergence of residential, commercial, and recreational spaces, responding to the growing demand for convenience and work-life balance. Developers are focusing on creating integrated environments that bring everything—homes, offices, retail, and leisure—into one cohesive space. This approach not only increases property value but also promotes a vibrant community atmosphere, reduces traffic congestion, and creates a more sustainable urban experience. The appeal lies in their ability to cater to the modern lifestyle where time is scarce, and convenience is king.

Bespoke homes are becoming more popular among affluent buyers. How does your group ensure each custom home is tailored to its occupant’s lifestyle?

Bespoke homes are about reflecting individuality and personal lifestyle. Our approach begins with understanding the client’s vision in detail. From concept to completion, we offer tailored solutions that focus on meticulous craftsmanship and the finest materials, all while maintaining functionality. With an in-house design team and long-standing relationships with premium suppliers, we can deliver homes that are both unique and seamlessly aligned with the client’s preferences. Every detail is considered, ensuring that the home is not only beautiful but also fully equipped for modern luxury living, representing the epitome of personalized elegance.

This article was originally published in the Financial Express on November 22, 2024, 14:54 IST.