o say that HNIs prefer to stayin Gurgaon would be likestating the obvious. Gurgaon,after all, is the only location

of Delhi-NCR which caters to theaffluent with its overall real estatedevelopments. High-end luxuryresidences, quality retail spaces,state-of-the-art office buildings, itseems Gurgaon is the right answerto those with a wish-list of luxuryliving and pockets deep enough to

sustain not only what is desirablebut also what is aspirational.Probably the first city that providedan answer to the wishful thoughtof walk-to-work, Gurgaon can bedescribed as the city of the affluent,by the developers, for the richierich.

A section of analysts evenmaintain that Gurgaon has leftbehind traditional luxurydestinations like Mumbai, and theluxury brands, nowadays, prefer tosettle in the city rather than otherover-saturated markets. People

often wonder why the real estateprices are on the higher side inGurgaon, compared to otherlocations like Noida or Faridabad.Then, it is the demand and supplycycle of economics that keeps theGurgaon property market in adynamic mode.

Since, it is the destination andaspiration of the rich and theaffluent to settle and do businesshere, the developers are catering to

this demand with more and moreupscale and luxury residentialprojects. This, in turn, is leading toa cycle of quality retail and upscaleoffice spaces being delivered aswell. Some believe the security andlifestyle that Gurgaon offersnaturally makes it top the list ofattractive destination for investors,while capital value growth and thecity's perceived safe haven statustop the list of factors influencingthe HNI investments in the city.

The perception may not be inabsolute terms, still it is much safer

compared to other destinations ofthe Delhi-NCR. Among Gurgaon'stop three factors drawing theattention of the HNIs are thelifestyle on offer in the city, thewalk-to-work concept and thequality of life offered through realestate projects. Collectively it luresthe rich and taste-conscious buyersto invest in the city.

DLF spokesperson Sanjey Roysays the biggest traction point for

affluent people in Gurgaon is itsthriving economic activity.According to him, the investmentin a high-end project has to be inproximity to the work place whereone can holistically think ofaffluent living. Failing this, onlythe locations that are traditionallymeant for second homes willattract the big-ticket investments.

"What has always gone in favourof the city of Gurgaon is the factthat most of the Fortune 500companies are based in this city. Itis not that Gurgaon is just a city of

the rich or is a holiday home.Though economic activities aretaking place in some other metrocities as well, but when it comes toquality living none can matchGurgaon, its luxury quotient orthe walk-to-work culture. It is afine match between luxury livingand its sustaining economicactivity that makes Gurgaon oneof the prime global destinations.Obviously, the rich people preferto settle in the city due to thesereasons," says Roy.

That probably explains whyother metro cities are laggingbehind Gurgaon when it comes toluxe living. There are equallyluxurious high-end projects spreadacross Mumbai, Pune, Ahmedabadand Bangalore, yet none of thesecities have attracted the affluentclass like Gurgaon. Even theluxury brands flock to Gurgaon asa destination point nowadaysrather than other over-glorifiedmetro cities.

The question is at a time whenother neighbouring markets arepicking up equally in the luxurysegment, will Gurgaon continue tocommand the premium and theattraction of the affluent class.Navneet Bhadla, director, BrysGroup does not find anycompetition between Delhi-NCR'sone satellite township and theother. She believes suchcompetition only helps the regionevolve as a bigger luxurydestination. "I feel this is theevolution of the luxury segment inthis part of the world where everyNCR city is maturing and scalingup to meet the taste of the affluentbuyers. It is not that Noida orother cities are picking up onluxury segment and Gurgaon isstagnant; rather every city isupgrading as the club of ultra-HNIis increasing in this part of theworld. The developers have theresponsibility to cater to theirtaste, choice and needs," saysBhadla.

The reasons why rich peopleprefer to stay in Gurgaon aremany; some established andaccepted reasons while others asubject of debate. Yet, Gurgaonreal estate seems to be ahead ofother cities when it comes tooffering customised solutions ofluxury living. This is somethingthat seems to pamper the affluentclass from across the country.

(The writer is CEO,Track2Realty)

hen it comes to luxuryliving, no one can beatIndia's richest person,Mukesh Ambani's Mumbai

residence - the 400,000 sq ft, 27-storeyed residential skyscraper'Antilia', reportedly the mostexpensive home in the world, thathas parking space for 168 cars andthree helipads and is complete with aspa, swimming pool, dance studio,yoga centre, theatre and what not!The home is also designed to survivean 8-ritcher scale earthquake and nosurprises, has a staff of 600 formaintenance!

What's more? When hisbusinesswoman wife Nita Ambani,shops for 25,000 pieces of world-famous 22 carat gold/platinum-trimmed Noritake porcelain crockeryfrom Sri Lanka, you know luxury notonly means having deep pockets butalso having a taste for the exclusiveand the extravagant.

So, is luxury a stupendous show of

wealth? The answer is not a completenegative. Gone are the days, whenluxury meant sprawling bungalowsand expensive cars. Today, it is muchmore and beyond the concrete andtangible aspects of living life king-size.

"It is difficult toformulate astandardtypology of whatconstitutes'luxury', where itbegins andends," says PSahel, vice-chairman,Lotus GreensDevelopers. "Whatis luxury for somemay not meet theexpectations of others. Homes withmultiple spacious rooms and vanitymarble flooring, epitomised thenotion of a luxury home for a longtime. A few years hence, and the

concept of luxury evolved to includehome cinemas, gyms and indoorswimming pools. The last few yearshave seen technology creep in andknock on the doors of luxury. As a

result, it has become anorm for a luxury

home to supportfeatures, such as

automatedbiometrics, iris-

recognitionsystems and

centralisedcomputercontrols thatallow you todraw the

curtains, switch onthe TV and run a bath

from the comfort of yoursofa. As gadgets and gyms becomemore common, qualities like space,peace and privacy, are once againdefining true luxury," he adds.

Thus, luxury living is no longer a

fancy address or a residence with aswimming pool for recreation; it is allthis and much more and is constantlyevolving. "To me, luxury is having thebest of the world in my house,"informs Neeta S, a resident.

"Luxury has transformed fromliving in a tall, big apartment to beinga lifestyle or a way of living. Mumbai,Gurgaon etc. have become the firstchoice for people investing in luxuryliving. The demands of connoisseursof fine living are serenity, security,services, technology andcustomisation," shares David Walker,executive director of SARE Homes,Gurgaon. With mushrooming luxuryabode concepts overpowering theskyline of major Indian cities, likeMumbai, Delhi, Gurgaon, Bengaluruand Pune, it is evident that there is aparadigm shift in how the HighNetworth Individuals (HNIs) perceivethe notion of luxury"Luxury is now alifestyle rather than just a trend.Gurgaon is a perfect example of how

the concept of luxury living has takenthe aspiring individuals by storm. Wecater to the high-income groupexposed to global-living, who want toadopt international standards in theirlifestyle. So, the need of designingworld-class lifestyle luxury homes isconstantly growing," says PankajBansal, director, M3M India.

Mumbai-based architect SanjayPuri, explains, "Luxury to me is theopportunity to design with norestrictive parameters and abstractingspaces to evoke evolutionaryperceptions. This luxury would beexemplified if the designs were forlarge public spaces like museums,educational campuses and largeresorts in different parts of the world."Puri emphasises the fact that theconcept of luxury has no dimensionsor boundaries.

What is important is that forconnoisseurs of luxury, the buyingdecision is not just dependent on thequantification of value that can bederived from a house, it is also aboutan expression of identity andpersonal preferences. Nifty addressesthat with jaw-dropping prices cangive a kick to few; modern amenitiesand branded residences with designerfurniture is how luxury may bedefined by others. One of the mostpressing and important aspects is theaspiration towards a better quality oflife that is driving the demand ofluxury real estate.

"Luxury to me means livingluxuriously with my family, in abeautifully designed house where Iam able to access anything andeverything at my finger tips. Luxury isa lifestyle, where I can aspire to haveall the good things in life," sharesAyesha Dodeja, a kitchen designconsultant and a budding interiordesigner who is designing spaces andis a connoisseur of fine living.

Today, consumers are more awareand more demanding in their pursuit

for the perfect dream home. Thedevelopers of luxury homes are alsoin a constant bid to cater to the ever-growing demands and aspirations ofthe high-profile customers."Thesedemands can extend from thetechnologically-equipped livingspaces called smart homes, to the bestfinishing materials, spacious andsoothing interiors, to landscaped-living rooms and serene environcalled green homes that define a trueluxury living experience," informsRajesh Turakhia, director, PashminaDevelopers.

A lot goes into luxury abodeofferings. For example, tying up withinternational architects and designersto provide exclusive and ultimateluxury experience. Lifestyleenhancing amenities, such as a homeautomation system, a club-house, aspa, a jacuzzi, a concierge desk, aprivate swimming pool and the state-of-the-art gyms, etc., are provided tomeet the needs of superior comfort ofthe consumer.

"There is an overall increase indemand in the luxury segment of thereal estate market. The customersdemand high standards of opulence.With the growing number of ultraHNIs, the rich and the affluent, thissegment of the real estate market isset to grow. The developers offerhigher quality living spaces andexclusivity that usually demands apremium," adds Turakhia.

Gautam Ghanasingh, creativedirector of Ghanasingh Jewellers,says, "Luxury means comfort. It is alsopsychological satisfaction. A smarthome with a modular kitchen andhigh-end gadgets, is a good exampleof luxury as they make our day-to-daylife much easier. Making the best useof your time is the greatest luxury."

To sum it up, luxury living is not afancy residential address with superamenities; it is a mindset, a lifestyleor call it a way of living.

02 FRIDAY,JANUARY 31, 2014

Does ‘luxury’ mean acquiring an ultra-premium residence with abundant lifestyle amenities oris it beyond exteriors and interiors? Ekta Sharma Bhatnagar seeks the answer

A NEW VERSIONLUXURY:

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There is an overall increasein demand in the luxurysegment of the real estatemarket. The customers

demand high standards ofopulence, while the

developers offer higherquality living spaces and

exclusivity.

Pic: ©imagebroker/Alamy/Indiapicture

IF YOU HAVE ANY COMMENTS OR SUGGESTIONS REGARDING THIS ISSUE, OF LUXE LIVING, CALL US: 011-23302616; EMAIL: luxelivinggurgaon@gmail.comTEAM LUXE LIVING: KAMINI KULSHRESHTHA, NOOPUR MODI, DEBAJYOTI SAMAL NATIONAL FEATURES EDITOR (REAL ESTATE): JHUMUR GHOSH (jhumur.ghosh@timesgroup.com);MANAGING EDITOR (REAL ESTATE): VISHESH PRAKASH(vishesh.prakash@timesgroup.com)

FOR ADVERTISING QUERIES CONNECTWITH REAL ESTATE TEAM: DHEERAJ SETHI, 09717391983,EMAIL: dheeraj.sethi@timesgroup.com

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DESIGN BY RESP ART: MUKESH ARORA (DESIGN HEAD), SUSHIL DUBEYPHOTOGRAPHER: VINOD KUMAR

GURGAON REALTY 2014...David Walker, executive director of SAREHomes explains, "In the first half of last year,absorption was weak as the buyers andinvestors were low on confidence and adopteda wait-and-see approach. However, themiddle-income segment is supported by realdemand, which is underwritten by India'slong-term growth story; that of a young andgrowing population, urbanisation, growth inearnings and easier availability of mortgagefinance. This presented an excellent buyingopportunity as people realised that the cost ofhousing must increase over time as thecomponents - land and construction costs, arenot getting any cheaper. In the second half,confidence has returned and the activepolitical debate around the state elections isgiving hope for better governance and areturn to high growth rates. Absorption ispicking up and we expect it to accelerate."

EXPECTED TREND IN OF GURGAON'SREAL ESTATE MARKET IN 2014The Indian economy is still suffering from aslowdown but Gurgaon managed to do wellin 2013. Gurgaon is an attractive destinationfor group housing, stand-alone developments,commercial spaces and residential complexesand is likely to report significant growth goingforward. Experts believe that in Gurgaon, thesub micro-markets of Sohna Road, DwarkaExpressway and new sectors, are on track tobecome the growth engines for real estatedevelopment. A slew of ongoing infrastructureprojects, large availability of developable land,comparatively lower property prices, makethese locations potential goldmines.

"The overall trend for 2014 will follow thewave of new and innovative concepts thatwere kick-started in 2012 and have beendisplayed throughout 2013. In the comingyear, developers will focus and work towardsdeliveries to sell the balance units," said ManojShrivastava, COO, Homestead India.

Experts further believe that a huge growthpotential is being perceived for Gurgaon’s realestate market in the coming months. Gurgaonhas always been in the forefront of real estatebusiness in India. As a matter of fact, the cityis the emerging corporate centre of India. TheGurgaon property market has been facing aslump in concurrence with the globaleconomic meltdown. However, this is atemporary and transient phenomenon.

Arora further added that "Gurgaon hasemerged as the destination for futureinvestments, and is undergoing a significanttransformation owing to infrastructuredevelopment, improving connectivity andpotential to attract real estate demand acrosssegments - residential, office and retail. It hasbecome the centre of attention as it's a citywhich is built around corporates. Theexistence of ample office space, combinedwith other advantages have led to thecorporate growth in the city, which in turnhas triggered residential growth."

KEY GROWTH DRIVERS IN 2014The key drivers of growth for the Gurgaonrealty sector would be innovation and timelyproject delivery. Supporting this view,Shrivastava further added, "At present, thesetwo factors aim to restore the faith of thebuyers in the market's strength to bounceback. With the hope of the market conditionsstabilising, the steady demand in the rise ofresidential properties will pull the marketgrowth rate up. Gurgaon will also see somenew formats coming in, which will bedesigned keeping in mind the consumers withnew, immediate and future needs. So, we willalso see a lot of experimentation on theinnovative use of space."

GURGAON'S PROPERTY PRICE OUT-LOOK IN 2014Most of the market players believe that a priceappreciation of 20 per cent or more is quitepossible while buying a property in Gurgaon.However, various property in varioussegments are available in the area and returnswould vary, depending on the property class.Real estate is a cyclical business and it isexpected to witness an uptrend in 2014 after asluggish 2013.

THE ROAD AHEAD FOR GURGAON'SREAL ESTATE MARKETExperts believe that external infrastructure de-velopment is a challenge, which has to be tak-en up. Gurgaon's real estate sector has alwaysfaced a challenging situation. With 2014 alsobeing the year of the general elections, achiev-ing synergy between economic stability andpower stability will be a challenge. Infrastruc-ture has been a concern but of late, the areahas witnessed good work in that sphere andthere is a wider expectation that the city willcontinue to improve infrastructurally.

>> Continued from page 1 A CITY OF THE AFFLUENT,BY THE DEVELOPERS, FOR THE HNISRavi Sinha looks at the reasons which make Gurgaon a betterluxury destination than most others

Pic: ©Image Source/Alamy/Indiapicture

Pic: Vinod Kumar

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