Here are some reasons why some affluent purchasers like high-rise condominiums over limited-edition luxury residences

By Bricksnwall | 2024-12-21

Mumbai real estate update: Some HNI purchasers are prepared to pay more for limited-edition properties because they value their seclusion and uniqueness.

Transactions worth above ₹100 crore, or at least ₹1.50 lakh per square foot, have been recorded in Mumbai's real estate market. Many high-net-worth people (HNI) who buy these luxury apartments have higher expectations as a result of the pricing' sharp rise. Compared to high-rise gated communities with numerous facilities, this buyer group is willing to spend more for the privacy that these boutique, low-rise, limited-edition homes offer.

Experts claim that the majority of these opulent boutique buildings can be found in central Mumbai, specifically in the western suburbs of Khar and Bandra, as well as in neighborhoods like Worli, Lower Parel, and Prabhadevi.

In Bandra, Mumbai, Paradigm Realty is building two upscale freestanding projects. The company is building a complex with just 22 homes on Bandra Carter Road. The units range in size from 1,850 to 2,400 square feet and are priced between ₹17 crore and ₹24 crore.

Only five flats totaling 8,600 square feet and costing ₹70 crore are being developed by the business in its second Pali Hill project.

On the property where Bollywood icon Dilip Kumar's bungalow formerly stood, another real estate company, Ashar Group, is constructing a structure. Only 15 opulent apartments would be available, and each one will cost about ₹1.50 lakh.

Why do affluent purchasers favor structures with fewer apartments?

Developers say privacy is the primary factor. Homebuyers of luxury flats choose a tranquil setting over a high-rise complex with all the facilities included.

Due to their exclusivity, privacy, and customized living experience, standalone boutique developments are becoming more and more popular among Mumbai's luxury homeowners. These developments, which contain fewer families than bigger gated communities, create a calm and intimate atmosphere that appeals to the sophisticated tastes of discriminating customers, stated Ayushi Ashar, Director of Ashar Group.

Because every homeowner has followed a similar path to become the stalwarts they are, individualism will also be valued more at boutique projects. Furthermore, boutique projects are frequently positioned in desirable neighborhoods, which increases their allure by providing excellent connectivity and easy access to lifestyle centers. The changing goals of luxury homebuyers who are looking for more than just a place to live—a unique address—are highlighted by this trend, Ashar continued.

Given socioeconomic backgrounds, real estate developers think that luxury apartment buyers occasionally may not want to interact with other people and that there may be variations in lifestyle and value systems.

"Renovating old buildings and neighborhoods is the foundation of many planned initiatives in cities like Mumbai. Deeply ingrained contrasts resulting from variances in socioeconomic backgrounds, lifestyles, and value systems are brought about by the convergence of current members and new buyers, according to Parthh K. Mehta, CMD of Paradigm Realty.

While some purchasers, particularly young, urban couples, value the social infrastructure and sense of community that larger gated communities provide, a growing second group of purchasers favors the seclusion and exclusivity of limited-edition residences that perfectly capture uniqueness and individuality.

Source: Hindustan Times