Luxury living appears high on the list of India’s nouveau rich

A new euphoria can be tasted on the lips of the small but growing upper crust, as India's new rich begin to welcome the priciest products from abroad, as well as designer brands made at home, and flaunt them, too.
Emerging as the leader of developing Asian countries demonstrated by a steady growth rate, India has a rapidly improving economy with tremendous potential to compete with global phenomenon. As the country rides high on the improving economy, real estate has emerged as one of the fastest growing sectors, according to business insight analysts Dun & Bradstreet (D&B) India. The company points to a healthy rise in demand in the premium housing segment, with luxury homes now a key focus area for developers.
As field experts observe, the Indian marketplace is beginning to understand and appreciate luxury, so there is a great opening for builders having a perspective on style and spoiling luxury. The definition of luxury homes in India has seen a sea change. With rising aspirations, the globe trotter consumer is seeking exclusivity and customization in every nook and corner of his home.
Yoopune is an astounding new residential development from global design brand Yoo, in the city of Pune- the satellite sister of Mumbai, the financial capital of the country. Set within an expanse of 17 acres including a five-acre rainforest, it promises access to a slew of exclusive services on its premises.
The expatriates also have a direct bearing on the upward trend in demand for uber stylish designer homes in India. Keener than ever before to come home to the comfort of high definition amenities, the NRI’s are aggressively investing in luxurious residential projects
"Only a handful of builders today have both the knowledge and experience capital to enter into this segment and deliver a product that lives up to their promise. This makes the demand-supply gap wide, with demand exceeding supply," says Mr. Chordia of Panchshil Realty, Pune.

The meteoric growth of the new rich is hard to ignore. A recent report by the National Council for Applied Economic Research in New Delhi forecast that the number of "crorepatis," Indian society's rough equivalent of millionaires, rose by two-and-half times in the last three years to an estimated 53,000 households nationwide; at today's exchange rate, an Indian "crorepati" household earns about $232,000 a year.

These new-age consumers of this uber lifestyle are buying not just a house, but social status, membership into an exclusive club and a showcase for their achievements. Nothing announces their arrival like signing up INR 80 million for a home.
The NRI’s are here too, ready and eager to invest aggressively in luxury real estate so that they can enjoy the same amenities and living standards that they enjoyed all their lives overseas.
Although the demand for luxury real estate can never be nearly as high as that of middle-income housing, the future for this segment looks increasingly promising. "The segment is grossly under supplied. With incomes rising rapidly, more and more people have the purchasing power to invest in high-end luxury housing," says Chordia.
"Only a handful of builders today have both the knowledge and experience capital to enter into this segment and deliver a product that lives up to their promise. This makes the demand-supply gap wide, with demand exceeding supply," he adds.
Actress turned interior designer Twinkle Khanna commented on her latest endeavor in Pune-“I have created three style palettes exclusively for Panchshil, which are designed to evolve and grow with the people who live there. By creating homes that use the modern and classic, seamlessly take the luxurious, dramatic quotient a notch higher. These contemporary styles create stylish, comfort and elegant living for the clients.”
Panchshil Realty offers boutique homes constructed in limited numbers, in high-profile locations that are in high demand, especially considering the steady percolation of wealth among a cross section of the population.