Over the past decade, the world of real estate, and particularly Indian real estate, has seen several major trend changes. Gone are the days when owning a house was merely a necessary next step in the lives of growing Indian households. Today, a home represents a legacy; a valuable, irreplaceable part of every Indian family. With rising earning populations, increasing urbanization, and middle class living standards on an uptick, the future of real estate in India is booming.
In this era of mindful and balanced luxury living, let us make some observations about the modern Indian homebuyer; their growing expectations, new aspirations, and what the way forward could look like.
The Indian Homeowner is Changing
The landscape of luxury real estate in India has evolved significantly through the years. Today it is no longer just about grandeur, but also about exclusivity, personalisation and having meaningful experiences. The modern Indian homeowner now prioritises quality of life, well-being, and high quality homes. In 2023, a survey by FICCI revealed that in a single year, luxury home sales skyrocketed to 151%, highlighting the growing demand for upscale residences. For many, purchasing a home is not merely a financial investment; it is an investment in lifestyle, comfort, and long-term well-being.
Home Buying in India Over a Decade
Over the past decade, the primary factors influencing the purchasing decision of home buyers in India have been isolated to location and price. But with the steady increase in buying power, stability, long-term appreciation, and location are not the only focal points for buyers to look out for.
The Economic Times highlights the growing trend of bigger homes dominating buyer preferences, particularly in South Indian cities like Hyderabad. Low construction quality and inferior design elements are also some issues that buyers voiced as concerns when it comes to finding their perfect home in and around metropolitans and major cities.
Unlike the 2010s, modern buyers consider additional aspects like lifestyle, convenience, quality, design, balance, and technological advancements. Buyers are shifting their focus on striking the right balance between improving the quality of everyday living and maintaining the value of a legacy asset like a family home.
The COVID-19 pandemic further accelerated this change in the 2020s, with an increased demand for spacious homes that cater to remote work, indoor comfort, and outdoor accessibility. Dedicated home offices, well-ventilated interiors, and open green spaces have become essential features in a homebuyer’s checklist.
Why is Lifestyle Important This Decade
A modern luxury home is a reflection of its owner’s aspirations and lifestyle. In the post-COVID era, homebuyers are on the lookout for curated experiences that go beyond the four walls of the house. Variety and quick construction timelines are often plus points for potential buyers.
Additionally, luxury homes are now a complete package of amenities and experiences that enhance life. From wellness facilities, recreational activities, and community spaces to smart homes and the usability of renewable energy, expectations have grown significantly.
The Shift to Biophilic Living
A significant trend reshaping the real estate market is the rise of biophilic design—an architectural approach that integrates natural elements to promote well-being. Biophilic principles incorporate open spaces, natural light and greenery, creating a refreshing harmony in the living environment. Natural elements like plants are known to promote physical wellbeing, mental peace, and improve environmental oxygenation for home dwellers. Merging nature and contemporary design is slowly becoming the norm, giving rise to homes that offer a luxurious sanctuary that fosters relaxation, rejuvenation, and comfort like never before.
Key Takeaway
The evolving preferences of Indian Homebuyers reflect a broader shift towards holistic living. Exclusivity and convenience must be balanced, and lifestyle-enhancing experiences are a necessity. The future of luxury living lies in creating such spaces; not just residences, but the perfect haven cradled in luxury, convenience, and comfort.
Get a glimpse of some of our projects at Ankura Homes, featuring exquisite designs that seamlessly merge spacious luxury and a connected lifestyle.
