Mumbai is the quintessential City of Dreams. Hundreds of thousands of people move here each year from across the country in their quest to find quality education, employment opportunities, and a comfortable lifestyle. And they are inspired by the sheer vibrancy, the indefatigable zest of this city to aim for larger-than-life goals. Wealth, luxury, sophistication, and charm - that is what every Mumbaikar looks for, and that has fuelled a burgeoning demand for luxury residential apartments in the city.
The post-pandemic real estate market of Mumbai has risen with a vigour that is surprising to both economists and industry experts. According to a recent news report, the demand for luxury homes in the city breached the INR 11,400 crore mark in the first half of 2023. The report further says that the growth of luxury homes in the primary market increased by nearly 50 per cent over the same six-month period in 2022.
So, what is encouraging Mumbaikars to invest in these sprawling, plush apartments in Mumbai? Let us take a closer look.
- An Eye on Beauty – Elegant aesthetics and sophisticated design is the most attractive part of the package that high-end home in Mumbai offer. Entering a project with a grand, sprawling lobby designed by some of the top architects and designers in the country is precisely what you want when you are looking to live the high life. Beautiful, spacious interiors with large decks and balconies make for the perfect mansion in the sky. These high-rises and projects offer interior design services seamlessly blending grandeur with comfort.
- The Green Living - Designer residential projects are now offering homebuyers a chance to live in the midst of glorious greenery and beauty without compromising on all the advantages of urban living. Expansive green spaces, manicured lawns, waterfronts, outdoor spaces and relaxation areas, and even private spaces for herb gardens and organic farming are part of the attraction of living in luxury communities.
- A Statement Lifestyle - Investing in an opulent and plush apartment in Mumbai is no longer about the property itself. It has more to do with the elegant and sophisticated charm of the lifestyle you can expect. Clubhouses and community centres, though essential, are now passe. Homeowners are looking for amenities such as multi-level car parks, in-house spas, heated pools, and a closed exclusive community. A number of luxury projects in the cities are offering services like household maintenance, babysitters on call, concierge services and even a business centre.
- Price on Privacy – If there is one thing every Mumbaikar holds dear, it is privacy and security. Celebrities, movie stars, media personalities, professionals, business personalities, and entrepreneurs value the privacy that high-end residential projects offer homeowners. Restrictions on outsider entry, real-time CCTV monitoring, biometrics-enabled keys, silent alarms, and state-of-the-art security systems can be priceless when keeping your family safe and protected. Premium residential projects have leveraged the best of technological resources like IoT to provide homebuyers unparalleled comfort through automation in their homes.
- Integrated Living – The move from gated communities to integrated living and mini-townships is a silent but significant trend. Some of India's top developers, like the Lodha Group, have chosen to cater to this growing demand among luxury home buyers. With several upscale residential projects, commercial centres, forested areas, large sports arenas, multiple swimming pools, restaurants and cafes, all in one integrated township are what homebuyers want. Now, that is the future of luxury living.
Conclusion
Plush apartments in Mumbai are more than just a preening point for the rich and the famous. With the rise of the urban middle class, they are a lifestyle choice. Young professionals, entrepreneurs, and socialites are increasingly travelling abroad and want the same level of convenience and luxury back home. Mumbai’s developers quickly plug this demand by offering world-class amenities and aesthetically appealing designs in their residential projects. More importantly, luxury residences are now being sought out for their value as assets and phenomenal ROI potential. The Indian real estate sector is expected to grow to USD 1 trillion by 2030, and homebuyers are looking at asset appreciation as one of the incredible benefits of such expansion. Meanwhile, the symphony of style and comfort is what makes life beautiful.