Firstly, let us understand what is categorized as luxury apartment. Although it is mainly dependent on the city and its developmental spree, largely, apartments over 5 Crores are known as mid-luxury, and any unit above 10 Crores can be classified as luxury. This is based on a PAN India level and might vary as per state/city.

The need for housing is never ending and the nature of this need is progressing towards betterment and luxury housing. There can be multiple reasons cited for the same but let us enlist a few that works as a trigger.

1. Improved standard of living – Luxury real estate is not only a need for HNIs, but even corporate employees and medium business owners. The improved living conditions, and the developing graph of the country has pushed a substantial population chunk towards betterment.
2. Supply change – Majority developers these days are incorporating luxury in their product offerings. Understanding the changing marker sentiments and inclination towards more and better has pushed developers to include advanced internal and external amenities in their products. The pricing might be incentivized but the buyer market is willing to pay the premium to avail better standard of living.
3. Need for space – The buyer sentiment is moving towards more space, utilized layout and the luxury of recreation at doorstep. The concept of state-of-art living is a major deciding factor while buying a house, be it any location. The premium for such is openly accepted.
4. Increased investment potentials- Luxury apartments are always in demand by individuals who see them as the perfect investment opportunity. Aided by lifestyle changes and elevated ambitions, the definition of luxury has evolved. Investing in a property can also be viewed as an exceptional tax-saving alternative among the country’s high income-earners. Several NRIs also find the Indian real estate market ideal for investment, which has further improved the demand in the luxury space. Areas like Koregaon Park, Kalyani Nagar, etc., are booming social hubs that draw several international and domestic investors. Verde Residences is one such project in Kalyani Nagar that offers luxury houses that appeal to global tastes.
5. Matching international standards - To serve the increasing aspirations of homebuyers and stay competitive, developers create homes outfitted with state-of-the-art technology, facilities, appealing layouts, well-designed decor, touch-responsive accessories, top-notch security, etc. The demand for premium housing has led to more and more sophisticated technology to embellish the luxury apartments. Growing concerns for the environment have prompted governments and developers to create spaces that encourage nature’s nurturing.

To conclude, luxury housing is at a fast-paced growth, and this is slowing in the coming years because the economy is being driven towards development.