The increased income range and buying capacity of city dwellers, has prompted a rise in the luxury segment of Indian real estate. There was a 31% increase in luxury homes by the first quarter of 2021, which was derived by analysing the top 7 real estate markets.
The pandemic forced everyone to work out of their homes, which landed a new found need for more space. Adults and children alike needed dedicated spaces within their homes. Besides, with public spaces being closed, the confines of the luxury apartments in Chennai were now expected to cater to all their needs and wants.
There are several trends that influence and carry this new found demand for luxury homes. Let’s look at each one in brief.
The idea of luxury goes hand in hand with large, spacious homes. As discussed earlier, this was prompted by the work from home culture. As people spend more time at home, they feel the need for dedicated spaces to work and relax. Spacious homes ensure that people don’t get in each other’s way, keeping unhealthy emotions at bay. Larger homes also have better ventilation that keeps people productive and fresh throughout the day. Thus, luxury apartments in Chennai, improve the overall quality of life. Even people who already own homes are investing in larger homes for this very purpose, the need for space.
Investing in additional properties:
Being confined to their homes in the pandemic, people chose to invest in ready-to-move-in luxury homes that are located in the suburbs. This was in spite of already owning homes. Alternatively, people also invested in property to fuel an additional passive source of income, which would come in handy in these uncertain times. Banks were also offering reduced interest rates and the government announced attractive tax concessions. Investors wanted to capitalise on these to save money and reap a higher returns on investments. In fact, people invested in luxury apartments that were priced over the 1 Crore mark.
As people were confined to the premises of their residential communities, the expectation for premium amenities arose. And developers rose to the occasion and designed their projects to accommodate the customer’s needs and wants. From the safety of their home, they could enjoy a variety of luxury benefits. The amenities were also saving the customers’ money by eliminating the need for expensive club memberships outside.
Even the most humble gated communities now come equipped with a Swimming pool, clubhouse, community hall, air-conditioned gym, jogging paths, children’s park, security, and uninterrupted power and water supply. These are fast becoming an essential part of life, rather than being viewed as a luxury. And most of them are available for free, or at a very nominal monthly membership.
Besides, luxury apartments in Chennai are located close to schools, colleges, commercial zones, hospitals, etc. This keeps you at a convenient distance from all your necessary facilities. The needs of your family are met within a short drive from home.
Luxury apartments in Chennai have enhanced security features. They offer 24×7 security personnel on the premises. The premises are also covered by CCTV. There is video controlled or voice controlled access to the homes. There are clear safety markers for the children. Unauthorised people can never enter the premises. This ensures that your home is always a safe haven for the family.
Lifestyle Housing is a reputed developer of luxury flats in Chennai. We focus on creating a safe and comfortable environment in all our projects. The premium amenities are designed to fulfil all our customers’ needs and wants. Our latest project is Apartments in TNagar, located bang on the main road with exclusive features.