how real estate industries growth of luxury homes in chennai

How Real Estate Industries Growth of Luxury Homes in Chennai.

The definition of luxury has undergone landmark changes in the past decade. A few decades ago, owning a plot for sale in Chennai in the Central Business District (CBD) was considered luxury. Gradually, a penthouse in a posh apartment became synonymous with luxury. Thereafter, arrived luxurious villas as symbols of opulence. Today, luxury in real estate is a home that can give its owner a sense of pride, exclusivity, customization and a plethora of urban amenities that only the affluent can afford. While luxury homes in Chennai still constitute only a small portion of residential demand; there is greater scope for it to grow. Read on to know why.

Growing potential for luxury homes - Characteristics

1. For starters, there is abundance of land for sale in Chennai for construction over and above other metropolitan cities of the country. While Gurgaon, Mumbai and Bangalore pioneered the luxury bandwagon; they have limited land availability when compared to Chennai and hence the latter offers more scope for luxury homes to thrive in the city.

2. Luxury is not largely associated with location although it is not a completely overlooked factor. Earlier, luxury homes belonged to posh localities in the CBD. But today, many premium builders have moved their construction habitat from CBD to suburban regions in Chennai like OMR, ECR and Sriperumbudur. And these luxury homes continue to face increasing demand.

3. Wealth generation is a differentiating phenomenon between now and a few decades ago. The affluent community is a growing percentage today. People are a lot wealthier to invest in a premium plot for sale in Chennai. They have the ability to invest in luxurious homes because their purchasing power has grown with time.

4. Chennai has in the last two decades witnessed an inflow of multinational giants across industries although IT/ITES, automotive and manufacturing account for a major majority. These industries have brought along the affluent and the modern that seek luxury homes in the city.

5. In the past decade, there has been a lot of influx of money in the marketplace and the value of land for sale in Chennai has thus escalated to greater heights. Luxury housing in India is expected to grow by at least 30 percent before 2016 and Chennai occupies a significant share of this growth.

6. Today, every premium plot for sale in Chennai and every luxury home incorporates urban amenities including the most fundamental and the most contemporary to define luxury and super luxury.

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