Evolving Desires: Shifting Consumer Preferences in Real Estate and the Quest for Luxury Living

A paradigm shift has occurred in the residential real estate market over the past few years. Due to the change in perception, luxury houses are now perceived from entirely different viewpoints. Luxury real estate is continuously evolving to meet consumers' changing needs and aspirations in search of a more affluent lifestyle. A changing demographic, increased use of technology, and rising income levels have all influenced this consumer shift.

Check out what's driving this shift in consumer preference and the pursuit of a luxury lifestyle.

Why do Consumers Prefer Luxury Living?

There is a boom in the luxury residential market in India. Following the pandemic, the segment exhibited a marked increase in overall sales share across the top Indian cities. There are facts and figures that indicate how people have inclined towards a more affluent lifestyle. They need bigger living spaces that feel airy and comfortable. There are many reasons that influenced the evolution of home preferences.

Listed below are some of the reasons for this quest for luxury living.

• Hybrid Workplaces — Need for More Space

In recent years, hybrid work cultures have become more popular, increasing demand for bigger homes with workspaces. There is a growing interest among homebuyers in houses with amenities and additional office space to foster a pleasant and productive work environment. It has therefore become precious to own luxurious real estate.

• Real Growth Drivers — Millennials

The luxury market is expected to continue to drive real estate industry growth through 2023, altering the perception of prospective homebuyers. Every age group is experiencing a fundamental shift in the desire for home ownership. Since millennials expect a better standard of living and secure homes, they are increasingly purchasing homes in affluent neighbourhoods.

• HNIs and NRIs: Developing Luxury Housing

NRIs and HNIs increasingly look for luxury properties in India due to an 11% increase in the number of super-rich people in India in 2021. Whether investing in real estate, renting properties, or using it for personal use, NRIs are active in the Indian real estate market.

UHNIs from overseas make up the overwhelming majority of these NRIs. Due to the customer interest and trust surge, luxury housing will likely reach new heights this year.

• Luxury Homes – A Wise Investment

Due to modern amenities, modern constructions, and prominent locations, the Indian real estate market has successfully attracted NRIs back. Market growth and profitability are expected in the years to come. Luxury home demand has increased significantly in recent years, requiring industry changes to accommodate wealthy buyers.

In addition to state-of-the-art equipment, skilled maintenance, and premium amenities, these customers demand discretion, personalisation, and discretion. As a result of its long-term safety, capital development, comfort, and financial stability, owning a luxury home is becoming a wise investment.

Increasing Sales in Luxury Apartments in Mumbai

Sales in the luxury housing category witnessed a three-fold increase in 2022 as compared to 2021. Among all the cities, Mumbai, New Delhi, and Hyderabad led the way, with people living in these cities preferring comfortable and posh living. To cater to their needs, top housing companies like Piramal Realty designed properties like Piramal Mahalaxmi, one of the luxury sea-facing apartments in Mumbai.

There is an increase in the sales of luxury flats in Mumbai. Per Knight Frank's The Wealth Report 2023, Mumbai's prime property market has grown by 6.4 per cent globally in the last five years, moving up to 37th on the Prime International Residential Index (PIRI) 100 in 2022 from 92nd in 2021. According to Knight Frank, luxury projects in Mumbai are expected to appreciate by three per cent in 2023.

Own a Luxury House in Mumbai

Today's consumers prefer flexible work-life-play options and robust connectivity in luxury living environments. Homebuyers want bigger homes with more adaptable floor plans, dedicated workspaces, and ventilation. In addition to a global lifestyle, property near a robust social infrastructure attracts new-age buyers. Mahalaxmi is one such crème de la crème locality, housing many luxury projects in Mumbai like Piramal Mahalaxmi.

Piramal Mahalaxmi by Piramal Realty is one of the best apartments in Mumbai, a luxury residential project with stunning views of the Arabian Sea and Verdant racecourse. It is one of the most ideal choices to invest for homebuyers looking for spacious living complemented by the best amenities. Every well-designed apartment of Piramal Mahalaxmi oozes luxury, extravagance, and comfort.

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