Majesty personifies elite living tastes

An epitome of rising lifestyle aspirations, the modern realty market is elevating elegant living. With burgeoning high-end buyers, Pune is one of the most responsive markets in the luxury segment.

    Majesty personifies elite living tastes. Exquisiteness sets splendid spaces apart. Graceful grandeur greets you here with warmth. Welcome to the amazing aesthetic arena of luxury, a niche realty segment for a select clientele. Transcending the four walls, homes aren't anymore mere shelters. Instead, they are now emerging designer dwellings giving a grand living experience. Cutting a fine figure, high-end housing now forms a sizable chunk of real estate market in metros, thanks to an enhancing paying capacity of homebuyers.
    Amid escalating realty rates, there exists an exclusive class of potential realty consumers who don't want to cut corners when it comes to buying a home. Aspiring for nothing short of opulence, a luxury buyer looking for spacious swish residential spaces and this attitude has driven luxury segment not only in Indian metros but also in Tier-II and III cities. The luxury residential category is just about coming of age in India. Indian consumers have started discovering the art of fine living and designer residences. With the foray of top international luxury brands, the global Indian is now looking for sophistication in everything, right from jewellery, cars, clothing, accessories to housing.
    An epitome of rising lifestyle aspirations, modern realty market is elevating elegant living. With burgeoning high-end buyers, Pune is one of the most responsive markets in luxury segment. Throwing light on the growth of Pune's luxury segment, Sanjay Bajaj, Managing Director - Pune, Jones Lang LaSalle India, says, "Luxury homes are a significant growth segment in Pune real estate. This segment is largely fuelled by the city's IT professionals and NRIs and demand is quite sustainable. The hottest locations for luxury homes are currently Koregaon Park, Kalyaninagar, Viman Nagar and Baner."
    India's appetite for luxury and ultra -luxury residences is increasing, with the growing number of HNIs. Pune too, has a sizable market for luxury homes with buyers being accustomed to real estate offerings across the globe. Luxury buyer wants exclusivity and uniqueness, adds Anmol Haval, head, sales and marketing, Amanora Park Town. "Such buyers are brand-conscious. The trend in luxury homes as per our research and experience is no more in terms of quantity of space but the quality of space, the value additions and the details. In addition, designing and customisation are important for luxury housing and at the same time, the architecture of the building plays an equal role offering a sense of uniqueness and pride in owning the apartment."
    Pune is one of the most responsive markets for luxury housing today, avers Kishor Pate, vice-president, Pune CREDAI and CMD, Amit Enterprises Housing Ltd. "Currently, the overall demand for luxury housing in the city is high in some parts of the city and stable in other locations. Many HNI investors seal their deals at the pre-launch or under construction phase and get better rates. The prices for ready-to-move-in luxury homes are bound to be higher. The future for luxury housing is very positive in Pune."
    Developers of luxury homes in Pune are roping in foreign architects to design their projects, and are also tying up with designer brands to provide exclusive interiors and facilities management, says Bajaj. He also informs that luxury homes in Pune are now being equipped with the latest 'smart home' features, which increase the lifestyle quotient considerably.
    However, luxury housing in Pune is still evolving and must brace up to the future challenges, opines, Pravin Mahurkar, head, Pune, residential services, Jones Lang LaSalle India. "Borderline oversupply, saturation of the most popular areas and an increasing infrastructure problem are some of the challenges before Pune's luxury segment. Most luxury housing locations in Pune have peaked out and prices have remained stagnant for the last two years. However, best luxury projects are sold out quickly irrespective of everything," he adds.
    Besides, luxury is one such segment which is not too much affected by economic fluctuations. Pune realtors are expecting steady market for the next couple of months.