5 Things That Define Livability Quotient of ‘The Affluent Mumbai’
Quality of life has become one of the most important considerations in home buying. When making a home buying decision, livability quotient plays an important role, especially for the affluent class. Factors such as ease of living highly influence the investment choices of the affluent. It is the four ‘A’ – area, amenities, aesthetics and also affordability that influences residential investment choices. Luxury housing is a trend that will dominate the real estate market in times to come with enormous augmentation of HNIs in India.
Mumbai has become the hub for affluent populace
There have been numerous reports published by government and other industry bodies stating that the number of millionaires is increasing drastically in India. The Knight Frank Global Wealth Report released recently lists Mumbai as the 12th wealthiest in the world. The report also states that the number of millionaires in India has gone up from 2,51,000 in 2013 to 3,26,052 in 2018, with most residing in Mumbai. Greater than before aspirations, transforming lifestyle and investment interest from HNIs are the major factors pushing the demand of luxury housing. Also, the status of Mumbai as a global financial hub has given way for many multinational companies to enter the city. In order to cater to this affluent segment that is looking out for unique living spaces, the developers are increasingly focused on enhancing livability by thoughtfully designing homes.
The tight spot of designing living spaces
Mumbai being an island city is already facing the predicament of space scarcity along with extensive traffic commotion. The affluent customers interested in residential investment look for a location that offers discreet opulence over the commonplace. Prabhadevi as a location is coming up in a huge way for luxury housing because of its ease of access to commercial hubs of the city. Another important factor considered is the amenities offered in the project. It is important that developers must act upon creating living spaces where amenities are crafted for families and community since these are the spaces that create an ecosystem to help them socialize and rejuvenate.
Creating International standard homes
The globetrotter Indians are on rise constantly and since this population is well-versed with the international standard of living, they look for lifestyle amenities in their dream homes as well. According to a Global Wealth Report, since 2000, wealth in India has grown 9.2% per annum, faster than the global average of 6% and this an extremely positive indication for the real estate sector. This will lead to improved purchasing power and growing aspirations to buy elite homes.
The entire HNI clientele today is aspiring for a level of luxury that is understated yet very elegant. Quality and durability of product with rich aesthetic appeal is the key for selection of any interior product and finish. The well-travelled client has seen, and experienced the best and he demands likewise. A modern state of the art kitchen suited to millennials is in Vogue. Choice of appliances governs the entire functionality of the kitchen. A possibility of kitchen Designs catering to multiple cuisines- Thai/ Japanese/ continental etc... is on the rise. Functionality, comfort, ease of maintenance all play a big role. Clients opt for branded furniture like sofas, loungers to accentuate the overall aesthetic. Use of mix media materials like leather, stone, fabric, metal etc... that are integrated seamlessly evoke craftsmanship and is cherished by the luxury clientele.
Big spaces for family indulgence
Large spaces continue to be popular amongst homebuyers investing in luxury housing. This gives them the space not only to design their homes according to their tastes but also gives them room to pursue their hobby if any within the premises. Large media rooms and movie spaces are still well-liked, but trends are moving in favor of ideas such as open theatre, gaming rooms, and amenities that bring families together.
Rising demand for well-connected homes
Catering to the growing demand of luxury homes, developers focus on creating technology-enabled IOT connected homes. It is all about comfort and ease of doing things. Almost all the gadgets of today ; be it kitchen appliances- induction hobs, microwave oven, refrigerator, smart air-conditioning units, washing and drying appliances, smart televisions, music system etc.. can be controlled digitally. Homes that are future ready with scalable Home automation technology is no longer just an idea, it's been used for making lives simpler, safer, in-control and less dependable on external manual intervention. Entry door locks, CCTV cameras within the house, curtains, air-con units, visitor access, lighting control and many more features of the apartment can now be controlled by a smart phone.. IOT shall certainly define the way the new millennials will live.
Looking at the growing demand for luxury housing over the past couple of years, the sector shows signs of promising growth in the coming years.
The article is authored by Atul Date, project group head, Rustomjee Group.