The changing dynamics of the realty market and changing aspirations are redefining concepts in the luxury market in Chennai realty.

In a dynamic market, paradigms keep shifting. Definitions of luxury and necessity also undergo a change accordingly. In the last few decades, what was considered to be luxury has become essential for even mid-segment apartments and the luxury market has been redefined.

The luxury projects were earlier defined by a large floor area, imported fit tings, swimming pool and other amenities. Now, to get the ultra-luxury tag in Chennai, customers demand much more than that.

Arun Kumar, managing director, Casa Grande Pvt. Ltd, says, “Ultra and uber luxury homes come as a part of apartments, penthouses, sub-urban villas and bungalows, and are often close to a golf course or a green expanse. The accent in these super-luxury homes is, among other things, on expansive living spaces and extremely sophisticated design and specifications. Amenities like swimming pools, parks or health clubs no longer drive the demand. It’s the exclusivity that stands out.”

Developers offer a high level of customisation, design specifications, and personalisation to the buyers which come with high speed elevators, concierge services, private gardens, individual swimming pools and Jacuzzi inside the flats. Besides, these projects have five-star lobbies, state-of the-art club houses, multiple car parks and much more.

According to K Raja, senior manger sales, Baashyaam Constructions, in a luxury housing project, the range of customisation depends on the customer requirements. “At each and every phase of construction, case to case consultation is carried out with customers to understand the needs of the customer, thereby offering a superior quality product,” he says.

There are many other factors that assume importance in this segment. Satish Chander Narayanan, associate director, investments, Cushman and Wakefield, says, “There are three main features essential to a luxury project in today’s parlance location, ticket size and price. In Chennai, localities anywhere within the radius of 4km from Gemini are considered as high end as it offers address value to the buyer.

Property with a ticket size over 2,000 sq ft and a price tag of more than Rs 2 crore belongs to this segment. However, a lot depends on the preference of buyers and their expectations.”

In other cities like Delhi NCR, Bangalore, high-end apartments are marketed with accompaniments that include designer lobbies, diamond or gold encrusted fittings and more.

However, these elements do not necessary work well in the Chennai market. Arun says, “The consumers are keener on owning an apartment in posh localities with state-of-the-art facilities and amenities. In Chennai, the locality matters the most.”

Coming to specific areas, experts believe that the high-end home buyers in Chennai prefer to buy in localities like Nungambakkam, Alwarpet and Teynampet, as they offer a true address value. The brand value also matters a lot to the consumers while considering a high-end realty product.

Luxury is all about feeling unique and a cut above the masses. Luxury purchases are not driven by financial parameters. At the top of the pyramid, typical luxury residential purchases are based on a premium that can be accrued to an investor based on developments, pin code, product specifications, address, and value. The current luxury realty market is observing an addition and development with new areas emerging in pockets close to the existing ones.

Saivinai Cheithanya R, Times Property, The Times of India, Chennai

SOURCE: http://content.magicbricks.com/industry-news/chennai-real-estate-news/luxury-market-in-chennai-is-changing/88198.html