MUMBAI: The real estate industry is in the midst of a transformation driven by emerging technologies, changing consumer preferences and environmental concerns. Amid India’s economic growth, there is a noticeable trend among young people to embrace a luxurious lifestyle.
Pritam Mandrucha, MD Biz Baz of PRM Infrastructure, Pune says, “We are very excited to be working with PRM Infrastructure. “Looking ahead to the next decade, the future of luxury housing promises a blend of innovation, sustainability and enhanced living experiences.”
Several key trends and innovations are shaping the landscape of the luxury residential real estate market. First, sustainability plays a key role in shaping the real estate landscape. Environmentally conscious, people seeking luxury homes prioritize eco-friendly features such as energy-efficient systems, sustainable materials, and smart home technology. To meet these needs, luxury redevelopers are adding eco-friendly features to their buildings, such as solar panels, energy-saving appliances and green rooftops, he said. Second, advances in technology are changing the definition of luxury living. As a driving force in the luxury real estate sector, technology has introduced innovations such as smart homes, AI-driven property management solutions, and immersive VR tours, revolutionizing both the buying process and the living experience. From smart lighting and temperature control to integrated security systems, these features provide ease of living and contribute significantly to energy efficiency.
Additionally, preferences for luxury housing are also being shaped by changing concepts of work-life balance. As remote work becomes increasingly common, customers are looking for spacious homes with flexible living areas and home offices.
This trend has led to increased interest in properties with wellness features such as fitness centers, spas, and outdoor leisure spaces. A holistic lifestyle is facilitated by indoor-outdoor living in residential architecture, including gardens, balconies and proximity to parks.
Luxury homes in the next decade will be characterized by sustainability, adaptability to different lifestyles, and advanced technology. These trends will redefine expectations of luxury living, making it more connected, responsible, and holistic than ever before.
Dr Dhaval Barot of Bharat Realty Venture said: “As a leading luxury real estate company, we recognize that the luxury housing market is undergoing a transformative evolution: dynamic changes in consumer preferences, cutting-edge technological innovation, and environmental sustainability. This transformation is driven by an increased focus on luxury housing, which promises to integrate innovation and sustainability.
He said the luxury real estate industry will adapt to market changes and provide luxury living spaces that meet consumers’ needs for a seamless experience.
As we move forward, several key trends are shaping the future of luxury real estate. Changing consumer tastes are one of the trends that redevelopers are trying to respond to. As lifestyle preferences evolve, buyers are increasingly attracted to luxury properties, second homes, and high standards of living. This change has significantly increased the demand for luxury homes. He added that these changing tastes are a pivotal force reshaping the future of the luxury real estate industry, impacting everything from design and amenities to location and investment strategy.
The second most important trend transforming the luxury residential real estate market is sustainability. As awareness of environmental issues increases, so does the demand for eco-friendly and sustainable housing options. Sustainability has become a top priority for today’s discerning buyers. They actively seek out homes that reflect their commitment to the environment, aiming to create living spaces that are in harmony with nature while minimizing their carbon footprint. Luxury homes are increasingly designed using environmentally friendly materials and techniques, which not only appeals to environmentally conscious buyers but also reduces long-term operating costs.
Finally, personalization and customization are also important factors influencing the real estate market. Today’s luxury buyers want homes that reflect their individual and unique tastes and lifestyles. Customization options that cover everything from finishes to layout are invaluable. The future of luxury homes is defined by several trends and factors, and as an industry leader, we are committed to adapting to these trends and ensuring we meet the changing demands of luxury home buyers over the next decade. I will continue to do so.
