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NewsVoir
Delhi-NCR [India], November 13: The term luxury, often synonymous with vast living spaces, prime locations, and high-end amenities, has significantly evolved over the years. Today, the definition of luxury goes beyond exquisite interiors. It resonates with buyers' lifestyle aspirations, where residents feel connected and engaged. The large proportion of youth and their increasing urge to fulfill their aspirational lifestyles are driving rapid changes in the marketplace for aspirational products. Modern buyers, particularly millennials and Gen Z, seek more than just a grand living room or designer fitting. Their definition of luxury now includes the convenience of having everything they need, including fitness centers, co-working spaces, smart-home technologies, and eco-friendly features. This changing behavior towards aspirational projects is evident from various market analysis reports on growing sales of the luxury residential segment. As per Mordor Intelligence, luxury housing constituted 7% of the overall market share in 2019, which reached 21% in 2024. According to its research findings, India's luxury residential market size is estimated at US$38.02 billion in 2024 and is expected to reach US$101.92 billion by 2029, growing at a CAGR of 21.81%. Rajjath Goel, Managing Director, MRG Group, says, "With increasing UHNIs desire of residing in cosmopolitan cities, the demand for luxury residences has skyrocketed. There is a preference for bigger homes and an aspirational lifestyle. Buyers also want to reside in iconic addresses that have brand value and enable community engagement. At MRG Group, our developments are designed to be gathering spaces where residents can connect, share, and grow together." Market trends underscore that modern buyers no longer seek mere accommodation but are gravitating toward homes that reflect their values, whether focusing on sustainability, wellness, or community engagement. From state-of-the-art fitness centers to eco-friendly building materials, high-end amenities, and lifestyles centered on theme concepts have become central in defining true luxury and differentiating high-end residential spaces. Dr Gautam Kanodia, Founder of KREEVA, Kanodia Group, and Kanodia Cement says, "The unification of ambiance and connectivity best describes luxury. While spaciousness and location remain key factors, buyers increasingly emphasize the living lifestyle rather than just its physical attributes. Most enviable luxury homes boast of being in an ideal location, offering spectacular views and proximity to promising lifestyle avenues. Our projects are coming up not only in strategic locations but are positioned in the highly potential micro-markets of Delhi-NCR and are crafted to offer a luxurious and personalized experience. By focusing on exclusive features that create a seamless living experience, we believe it's pertinent to ensure each residence is a private retreat tailored to today's homebuyer's lifestyle and tastes." Developers are responding to evolving buyer preferences by curating projects beyond aesthetic appeal. The market is witnessing well-thought-out and crafted projects with exquisite offerings. As one of the notable developers, Prateek Group is committed to offering one of the best living experiences and quality of life in its projects. One of the most prominent examples of this approach is Prateek Group's upcoming premium residences in Siddharth Vihar, Ghaziabad, which is centered around a fantasy world theme and enriched with high-end amenities like wellness centers, themed recreational zones, landscaped gardens, and entertainment spaces. Furthermore, lifestyle amenities have become indispensable in the luxury housing market, transforming residential spaces into comprehensive living experiences. In addition, green building elements such as landscaped green spaces, solar power installations, and rainwater harvesting systems reflect a growing emphasis on sustainability. Salil Kumar, Director - Marketing & Business Management, CRC Group says, "We believe true luxury finds roots in responsibility to the residents and the environment. At CRC, we are committed to making sustainability a hallmark of luxury living. Our projects are a blend of sophistication with sustainable practices so that the residents experience a refined lifestyle that aligns with their eco-conscious values. They are a unique amalgamation of meticulously crafted designs and aura, offering invaluable experience. As luxury homebuyers now focus on experiences, comfort, and convenience, our projects stand at the forefront of these preferences." Ashwani Kumar, Pyramid Infratech, says, "True luxury caters to buyers holistically, offering them well-rounded living experiences that elevate their daily life. Our project - ALBAN located in sector-71, of SPR, Gurugram is designed with this holistic approach, offering a grandeur living experience with wellness-focused amenities, smart home technology, and well-being zones. As the demand for luxury homes increases, we foresee developing luxury projects that provide an unparalleled living experience and resonate with those who prioritize well-being." As the demand for luxury housing grows, it comprehensively caters to residents' well-being, convenience, and sense of community, meeting the needs of an increasingly discerning market. As developers continue to blend design, innovation, and lifestyle amenities, they are shaping a new era in real estate that redefines what it means to live in luxury. (ADVERTORIAL DISCLAIMER: The above press release has been provided by NewsVoir. ANI will not be responsible in any way for the content of the same)
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