By D. Kishore Reddy
As a real estate developer with the expertise of two decades, while investing in a home, the high-profile Millennials of today are more attracted to world-class facilities with the luxury of comfort amidst nature in a like-minded community, not just the location or price.
Millennials with upper income look for a space embodied with unique and exquisite living, nestled among large chunks of residential developments with a copious amount of green cover. The amalgamation of brilliant architectural design and cutting-edge engineering, accomplished meticulously to fulfill the needs of high-net-worth individuals (HNIs) who are accustomed to and expect the best in everything.
Despite the 2020 pandemic, luxury real estate has emerged as one of the fastest-growing real estate sectors in 2022. According to researchers, luxury real estate will grow by 40% annually in the coming years. Last year, in the first quarter, sales of luxury properties valued above Rs 5 crore increased by 23%, up from 16% in the fourth quarter of 2021.
However, let’s first define luxury homes that are closer to nature.
High-net-worth Millennials opting for Luxury Homes in close proximity to Nature
Ideally, a luxury home is an indulgence with sheer grandeur and elegance. They are distinguished by their open layouts, high ceilings, eco-friendly spaces, and stunning vistas. The underlying philosophy of our design at Mana is to integrate nature into every home, which makes a home premium in all aspects.
Scenic locales, homes built using sustainable materials, and state-of-the-art technology are just a few of the features luring the opulent Millennials, and the tribe is only increasing.
Property consultancy Knight Frank in its ‘The Wealth Report 2022’ showcased that the number of HNIs under 40 years in 8 major cities of India grew by 11% yearly in 2021, which proved to be the highest percentage in the Asia Pacific region. India also ranked 6th in the growth of HNIs who are self-made Millennials.
The survey added, “29% of the HNIs’ wealth in India allocated to purchase the primary, followed by 22% of the second home towards commercial properties, consisting of rental and office. Moreover, nearly 60% of the overall wealth was under real estate investments in 2021”.
Bangalore is the most-preferred city for a business HQ for young wealth creators, followed by New Delhi and Mumbai, a report mentioned, which makes investing in luxury homes closer to nature in Bangalore a good action plan for them.
Attributes luring Millennials to Invest in Luxury Real Estate
According to a recent survey conducted by the National Association of Realtors (NAR), both younger and older Millennials between the ages of 22 and 40—make up 37% of the total home buyers; the spike in Millennial homebuyers is a result of a variety of circumstances. With economic changes brought on by Covid-19, we can see that Millennials prefer to invest in the real estate market at the moment due to volatile markets, recession, high incomes, and thriving employment as they find it to be the safest option when compared to other asset classes.
Now, let’s dive into some of the features that attract today’s Millennials to the luxury segment.
- Green is the new Luxury
Given how environmentally conscious Millennials are, their concerns would also affect their real estate choices. Recent years have seen a change in how investors perceive their buying patterns, encouraging them to allocate their capital to safer, more profitable green ventures. From an investment standpoint, millennials are more likely to invest in sustainable real estate as they are more inclined to homes with large open spaces, green covers, and top-class amenities-
where we offer target-oriented activities, here for the HNIs, so that every space we curate is used to its best potential without causing you to leave the premises, such as basketball court, WiFi-enabled cafeteria, sauna, and clubhouse, to name a few.
- Smart Home Technology
In today’s world of cutting-edge advancements, a smart home is more than just a concept; it is a technological advancement that makes it possible for people to live in comfort by leveraging novel and trailblazing solutions.
- Safety & Security
In urban areas, premium gated communities are the safest options of all, and a higher standard of living tags along with a lot of conveniences like maintenance or managing the green landscapes.
As real estate developers, what do we have to offer?
Our residents are the ones who forge a distinctive identity that has become an aspiration for millions of people. With this, daylight, fresh air, and greenery are not just a few benefits but a necessity as we offer a unique lifestyle, which is a level up to the luxury lifestyle.
We have curated spaces for burgeoning professionals who have established a reputation for themselves and having traveled extensively, are well-versed in global trends and movements. With a more refined and progressive perspective, they are also striving to establish a distinctive identity and be exposed to the new trends of living amid nature due to their worldwide awareness.
Given these considerations, luxury homes surrounded by lush landscaping are preferred by today’s high-income Millennials, making them the finest investment choice.
(D. Kishore Reddy is the Founder & CMD, Mana Projects Private Limited. Views expressed are personal)