Watch: Why ultra-luxury properties are the top choice for NRIs looking to move to India
Dubai: NRIs are moving away from affordable properties and looking for options in the ultra-luxury segment in India, a Hyderabad-based developer said at the Gulf News India Property Show in Dubai.
“Due to the value of the currency and the appetite of NRI buyers to invest in India, the demand for luxury properties is really increasing as they get to know what they expect outside India,” said Dheeraj Reddy, sales manager of Pooja Crafted. Houses.
Apart from this, ease of maintenance is another factor that plays a significant role in guiding buyers towards luxury properties.
“So it’s not just ownership, but they’re also looking at bundled services, and luxury properties are the ones that offer everything – concierge, facilities and lifestyle amenities,” Reddy said. “So that’s what’s driving a lot of luxury sales in India.”
Luxury isn’t about having the most expensive marble or the most exquisite cuisine, Reddy says.
“It’s a matter of privacy,” he said. “It comes down to a generational gap coupled with post-Covid realities.”
Reddy says the notion of living in certain areas or near malls has changed over the past 10 years. He says when there is door-to-door delivery of everything from food to services, people are now turning to spaces far out of town.
“Buyers are becoming very location independent,” he said. “Now luxury is defined as how far can I be from the general population.”
“It’s more about, ‘How can I free up my time and focus on the things you want to do’, so I think luxury is starting to define itself in this different paradigm of privacy of earning more time in the day and productivity.”
Stretch your budget
Reddy believes that if buyers can stretch their budget and not go to developers with set numbers, they can get the gear they want.
“A lot of buyers are restricted because everyone goes into the market saying it’s my budget and what can I do better? But unfortunately that’s where it stops. When someone is able to stretch their budget a bit more, they start looking at customizations.”
One of the most sought-after amenities in the luxury segment is a clubhouse and open space.
“Private chefs and butlers are always for the top 1%. But that’s what differentiates a normal project from an extraordinary project is when you start with these amenities, open spaces, probably daycare,” Reddy said.
NRIs have already started stretching their budgets in order to cater to convenience.
“They just want to pick up the phone, someone answers, and maintenance is there 24/7,” Reddy said. “If you wanted a plumber three or four years ago, you probably had to make an appointment, but today you have apps that send you a plumber in 20 minutes.
Adding the edge
Many real estate companies, to differentiate themselves on the luxury factor, set up internal teams.
“So we’re hiring people with a hotel background, who’s done housekeeping, who’s worked in major hotels around the world, to build teams and train people,” Reddy said. “At the end of the day, people want uniformed, white-glove service that gives you an edge in the marketplace.”
Environmentally conscious customers
India is still awaiting guidelines for building codes on electric charging stations, but that hasn’t stopped environmentally conscious customers from demanding such facilities.
“What people really want is lots of landscaping and vegetation in, around and on the building,” Reddy said. “A lot of clients now insist on greening the building instead of doing it in a concrete jungle.”
The reason you have to invest in luxury launches in India is that there are very few of them, Reddy said.
“You don’t get a lot of luxury launches, compared to a few years ago, because most developers are focused on budget homes and big cities,” he said. “The main reason for investing in the high end luxury market in India is the limited supply and most of the inventory is nearing completion or already completed.”
According to Reddy, with the depreciating Indian currency, ultra-luxury projects are “just good business”.
“In Hyderabad you will get top notch luxury, the highest specification, at around Rs 14,000 per square foot, whereas if you come to Dubai and buy a property it is close to Rs 60,000 per square foot square.”
“I think we’re at least a third cheaper than anywhere else in the world,” Reddy said. “So for the same amount of money you are willing to write a check, I think India is going to give you some really good stuff at almost half the price compared to other countries.”
Gulf News India Property Show
More than 70 high-end and reputable Indian developers showcased their projects at the Gulf News India Property Show held at the Dubai World Center (DWTC) on June 11-12.
Organized by Maxpo Exhibitions, in association with the National Real Estate Development Council (NAREDCO), the two-day event recorded over 75 real estate transactions worth Dh58m+.
With over 2500 pitches, Gulf News India Property Show hosted developers from across the country showcasing over 500 residential and commercial properties in India.
The top five cities that struck the deal during the two-day events are: Mumbai, Pune Bengaluru, Chennai and Kerala.