India, being a developing nation, is experiencing rapid economic growth. This has changed how people choose homes, especially after the 2020 pandemic. Now, there’s a rise in demand for high-quality homes with luxury amenities.
Interestingly, it’s not just about having a place to live, people are also influenced to prioritise the comfort and aesthetic appeal of luxury amenities in their precious abode. This suggests that homes are no longer seen as mere four walls but rather as a means to convey a lifestyle. This shift is fuelled by the increasing enjoyment of spending more time indoors, reflecting the evolving concept of homes as versatile spaces.
The idea of what a home should be has broadened to fit modern life better. “Because people have more money to spend, there’s now a bigger demand for luxury spaces, especially those equipped with luxury amenities”(The National News, 2022).
In this blog, we will peek into why there’s a growing interest in luxury amenities within Goa’s real estate sector.
1. Elite Homebuyers –
Elite homebuyers seek a place of residence that is not only comfortable but also reflects their distinguished preferences and elevated status.
These are selective individuals with high net worth who desire more than just a property, they want luxury, exclusivity, and privacy. For instance, top-notch amenities, cutting-edge designs, and prime locations. These folks prefer the finer things in life and look for properties that align with their sophisticated lifestyle.
In addition, proximity to top schools, hospitals, shopping hubs, and recreational spaces is a priority. Privacy and exclusivity lead these people to choose gated communities. Yet it’s not solely about location, design is equally important. Contemporary styles with open spaces that invite ample natural light and provide breath-taking views are often preferred.
2. Increase in Disposable Earnings –
Real estate has always been a popular investment avenue in India. The demand for luxury amenities has surged along with the rise of the economy. This is partially due to the growing disposable income of the Indian population, as evidenced by the rise in Disposable Personal Income in India from 238,573,760 INR Million in 2021 to 272,995,370 INR Million in 2022.
As a person’s wealth grows, they are inclined to invest in lavish residences that provide luxury amenities and comforts that a standard dwelling does not.
People are willing to pay extra for homes with premium features and sophisticated comforts in Goa’s housing market, just as they are in major urban areas.
3. Evolution of Lifestyle Standards –
An upgrade in lifestyle is also driving the market for luxury real estate in India. With increased globalisation, Indian consumers are becoming more exposed to global cultures and standards of living.
They seek out the uber-luxury segment with houses that feature a host of top-of-the-line facilities, with developers responding to this demand for luxury spaces by incorporating sleek features such as infinity swimming pools, fully equipped gymnasiums, clubhouses, sports grounds, auditoriums, piped gas connections, and high-tech safety systems, among others, into the construction.
4. Integration of Technology –
The upscale real estate sector is in a dynamic phase, continuously integrating new trends to meet the desires of affluent homebuyers. A recent trend gaining prominence is the surge of Smart Homes, with statistical data indicating the increase in the prevalence of technologically intelligent residences customised with voice-activated systems, remote-controlled lighting, temperature adjustments, and advanced surveillance with global monitoring capabilities via apps on mobile devices.
Modern equipment like electronic locks, intercom systems, and AI-driven gadgets enhance the lavish living feel. Discerning buyers want properties with a high level of privacy, away from the prying eyes of neighbours and the public. They choose locations where the security is tight, and access is restricted. With many homebuyers looking for the ultimate dream home, exclusivity and isolation are particularly desirable in limited units.
5. Sustainability –
Eco-friendly designs are another popular trend in this industry. With an increasing concern for environmental issues, consumers are opting for residences that have a minimal carbon footprint.
Solar panels, rainwater harvesting, and energy-efficient appliances are a few eco-friendly features that developers have begun to integrate into their designs. This reflects rising environmental awareness and a desire to reduce the impact of carbon emissions and a growing realisation of the dire need to address the impact of climate change through sustainable living choices.
Wrapping Up –
As India’s real estate landscape undergoes a transformation, the desire for luxury amenities has become a defining factor in property choices. The line between needs and wants has blurred, reflecting a shift in the psychology of homebuyers. While a comfortable dwelling was once the primary concern, the evolution of lifestyle standards, increasing disposable income, and exposure to global trends have reshaped priorities.
The aspiration for exclusivity, technology integration, and eco-friendly features is driving the spike in demand for luxury space. Our living space now stands as an expression of individual taste and lifestyle. Isn’t it fascinating how homes have evolved to symbolise more than just basic needs?
Experience urban luxury at Skyline Harmony, Satt Adhar’s latest project in Panaji, Goa, featuring contemporary design, modern amenities, and convenience that is sure to amaze you. Contact us right away for expert guidance and inquiries.
