The Rise Of Affordable Luxury Housing In present time, investors, and industry players both pay attention to detail that defines affordable luxury housing and make sure that structures have everything that makes it a luxurious sweet home
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
India has become a global power in the last decade. Citizens have access to good job opportunities and therefore, have the scope to have a higher living standard. The common man can sustain on a regular pay package and yet afford luxuries. Here, luxury is not just connected to cars or international holidays; rather it has more to do with living an affordable luxurious life in a daily routine, where technology, security, comfort and services play a crucial role. The cities are getting more and more crowded, and the housing industry has seen an upscale. Gone are the days when buying an apartment or any form of affordable housing meant compromise on space or amenities.
In present time, investors, and industry players both pay attention to detail that defines affordable luxury housing and make sure that structures have everything that makes it a luxurious sweet home. Easy access to comforts such as swimming pool, gym and sauna, and community hall is becoming a regular part of any housing project. Buyers and investors keeping a close eye on the industry and observing trends are made aware of this emerging certainty. After the jolt of RERA and GST, the housing industry and particularly the affordable luxury housing segment has recovered and is making continued progress even during the pandemic.
The role of the government in supporting the real estate industry has been very crucial in this growth. It has focused on making more and more affordable housing for consumers of all classes. It has rightly passed policies to ensure that consumers are furnished with a plethora of options and have a fair chance to fulfil their dreams. The increase in job opportunities and globalization has together contributed towards the growth in the spending capacity of an average Indian. And the biggest change that the human race has seen is the change of mentality. Today, instead of procuring wealth, people prefer to invest in real estate and other means with a motive to attain comfort in present time or gain benefits in near future in terms of higher returns. In this entire game of real estate and luxury, banking sector has played a lucrative role by offering easy loan schemes and offers that makes it an easy ride for middle-class earning groups.
Consumers have become smarter and are observing the change in trend. Their choice of housing has evolved into affordable luxury. For them, it is not just about space but also about important facilities that appeal to the urban social and community lifestyle, smooth connectivity, public transport, and necessities such as hospitals and schools. The community social life also plays an important role and thus approachable social hangout places are also on the radar. These altogether become the deciding factors for them when it comes to buying a property.
Interestingly, urban living is not fashionable anymore. It has become a natural choice for consumers to migrate keeping the job and lifestyle reasons. India has one of the largest middle-class income groups in the world, which is now able to move their housing preferences from low-cost to luxury with grand amenities even on a fixed budget.
Design and innovation within the real estate industry has advanced rapidly in a short time. Excellence in architectural design, exceptional space management, and sustainable solutions related to the environment as well as suiting the Indian context is on high priority for all real estate companies. Green design is also becoming one of the most preferred ways of doing business. The growing conscious consumer is opting to live in homes that are environment-friendly and help control the climatic change.
When it comes to other factors, technology and security are paramount compared to the traditional choices for a consumer. From 24-hour electricity back-up, air-conditioning to clean and pure water everything is important that makes life simpler and smoother. The unfathomable rise in the technological advancement in construction material and machines has also made the building projects more and more reliable. Automated locks, air temperature control and automatic elevators are also among the preferred tech facilities that are popular among buyers.
International standards of living are being swiftly adopted in India. The aspiration of living in a clean and highly advanced world is becoming a reality. People want to live in the lap of luxury but do not like to dent their bank accounts beyond a limit. Even investors are turning to affordable luxury housing to securely lock their money as it promises higher returns in future.
Ultimately, while the world is recovering from the unexpected economic slowdown, real estate in the affordable luxury segment is expected to be less affected. According to experts, the trending affordable luxury real estate industry will soon flourish and won't suffer major losses. As this trend catches on, the dream of consumers will be fulfilled and, India will become a positively progressive economy with exceptional housing options for its citizens.