Practical Luxury is the New Norm
The definition of ‘Luxury’ in Indian real estate is witnessing a major shift- from once translating into a brand’s ‘product offering’ to now being the defining stone of a customer’s ‘experiential journey’. Today, Luxury is associated with a sense of indulgence, exclusivity, quality, and refinement. Customers seek distinctive design features and sophistication that offer an unparalleled living. However, value for money, accessibility, and amenities that enrich one’s lifestyle, also play a key role in influencing purchase decisions. Over time, luxury and excellence have become synonymous with each other. The trend is now changing from loud and extravagant displays of one’s wealth to subtle expressions of understated elegance. Consumers today seek projects that offer Practical Luxury.
What is Practical Luxury?
Given the high global exposure, consumers are well aware of international standards in design and development. Customers evaluating high-end developments seek value for money. What matters to this group is a development with a good project layout, more open and green spaces, natural lighting and ventilation, and needless to say, a trove of lifestyle amenities. To meet the rising expectations, brands today are competing with each other to provide innovative concepts and unique amenities for home buyers. Consequently, features such as swimming pools, balconies with expansive views, games room, gymnasium/recreational spaces, etc. are now a part of the ‘expected product’ being offered to buyers. While affordability is a crucial factor, a well-designed house offering these tend to lure customers, that finds merit in stretching their budget for a more luxurious experience.
Such a scenario works well for real estate developers that aspire to build world-class developments and spaces where residents can thrive. Privacy is increasingly becoming an important factor for luxury homebuyers. Today’s buyers seek out security features that allow remote monitoring of their homes. Automated application fitments to adjust light settings, control room temperature and audio-video systems within the house, remotely control air-conditioners by setting a pre-defined time for cooling, etc. all enhance security and lifestyle.
Biophilic Design enhance understated Luxury and Elegance
Biophilia is a design principle that seeks to connect human life and nature, integrating natural elements of light and ventilation to create a harmonious environment that promotes well-being. Practical luxury projects have a deep connection with the surrounding landscape, which is carried through into materials, patterning and palette, as well as the context of incorporating outdoor living into the interiors.
The practice of using well-defined long elevations, aesthetic terracotta panels, and glass façade, enhance the overall look and feel of the development, conserve energy, and also build an innate connection with the exterior world. Polished stones that contrast with rough, textured timbers help in creating a dynamic dialogue between refinement and natural beauty. Also, a project that embraces the beauty of its surroundings and promises a modern lifestyle adds on to the ‘Luxury Experience’ for customers.
In today’s scenario, developers are increasingly adopting a stronger customer-centric approach to cater to the dynamic real estate industry. Innovation and newer experiences in product offerings in tandem with customer demands are now the new norm.