As there is more disposable income in the hands of the buyers, there is a rising demand for luxury homes in Mumbai. People want to increase their standard of living and owning a luxury flat in South Mumbai is a sure sign of it. This has led to real estate developers coming up with many luxury residential projects in Mumbai. As there are buyers with a variety of needs, the builders are making sure that they cater to both the sections, one of the luxury home buyers and the other section who have enough money to spend for ultra-luxury apartments in Mumbai. Some of the best flats in Mumbai are available in areas like Altamount road, Pali Hill, Juhu Worli etc
There are many reasons for this high demand.
Increase in Standard of Living
As people earn more, their expectation increase too. Going to work in a car, owning a luxurious home etc is something they aspire. This is how they improve their standard of living. A luxury home is a testament to a lavish lifestyle and high social status.
High Investment Capacity
The number of High Net Worth individuals in India is increasing by the day. As there are lifestyle changes and high aspirations, the demand for luxury flats in Mumbai is increasing too. The demands have changed the definition of what luxury means. These luxury apartments in Mumbai have now become a real estate investment option for the HNIs. The main motive is to save tax which has also garnered investments from NRIs in the Indian real estate market.
Growth in The Economy
As the country is seen growth in its economy, there is a rise in the amount of disposable income of people. As there is more disposable income, people are preferring to invest it in a luxury house in Mumbai. Many developers are coming up with a wide range of luxury flats in Mumbai.
Better amenities & lifestyle
Home buyers consider amenities such as a good school, locality and a home with a big space as a necessity and not a luxury. This is now considered a minimum requirement as there are huge changes in the way of living for these city dwellers. This is precisely the case with properties in Mumbai, where people consider localities such as Bandra, Juhu, Cuffe Parade etc where they have a larger than life sea facing apartment or a villa to themselves.
To match International Standards of Home Building
As more and more Indians are traveling abroad, they are introduced to a different style of living, where what they consider here as a luxury is actually a basic necessity in foreign countries. Because of this, real estate builders in Mumbai are scaling up their design and features of the flats they are constructing. Luxury homes in Mumbai now come equipped with state of the art technology, features, attractively detailed interiors, larger than life ceilings, and a lot more other things. Row houses and penthouses are seeing a lot of buyers.
Luxury housing is a fast-growing sector of the Indian real estate market. Flats in South Mumbai top the list for piquing the interest of buyers interested in purchasing luxury homes. Usually, the buyers who purchase ultra-luxury apartments in Mumbai are the ones who do not need to take a loan for payments. This does not disturb the demand in any way. Hence this sector remains unaffected by price fluctuations. In fact, there are buyers who are ready to buy such properties in Mumbai even at a higher cost. Luxury homes are the next big thing in the real estate industry.