Top 10 percent of residential home sales (based on price) depending on the location of the home is defined as luxurious home market in that area.
Estates, mansions, castles, villas, log homes, seaside homes belong to this category. Homes having some exceptionally luxurious features like interior lap pool, an art gallery, a workout room and a dance studio also fall in the same category. It also includes apartments, penthouses, suburban villas and bungalows that are often close to a golf course or a green expanse.
There is a growing demand of lot of feature packed houses that reflect the owners’ social and financial standing. These homes have a superb design, quality craftsmanship, quality materials and the skillful workmanship of carpenters, cabinetmakers and other craftsmen will surely attract the attention of buyers. Today, the developers are promoting modern living houses with a combination of latest gadgets, technology and exclusivity. Developers are also using systems like sensors to enable residents to manage the ambience, lights and temperature. These can also be controlled with pre-programmed machines. These homes are designed with motion sensors that help detect human presence and accordingly adjust lights and temperature.
There is also a concept of green homes where the developers use only ROHS (Resistant of Hazardous Substances) compliant materials in the development of projects. They look into the minute details of development of projects including the switches, sockets and different wiring devices. The companies also promise to offer ROHS compliant products. Security is also given much importance, they are equipped with latest fire alarms, video door phones and even one can access the control of lights, fans, AC’s and other equipments just with a tap on their iPhone.
The luxurious residential properties not only attract the domestic developers but also foreigners who are willing to invest, NRI’s take more interest in these homes.
Earlier, an apartment’s address used to be the sole criteria for buying a premium house. However, the location continues to be a key factor, branded residences are an emerging concept wherein, developers tie up with international luxury hospitality or lifestyle brands and even the top celebrities. Like in recent property advertising, we see Rishi Kapoor and Nitu Singh Kapoor endorsing the project. Branded residences not only offer evolved amenities, a premium address but in many cases superior project management as well.