Mumbai's luxury real estate market: Deciding factors

While luxury is the most common term used in Mumbai’s real estate sector, with properties priced at Rs one or two crore claiming to be luxurious. The luxury quotient rises sharply when it comes to properties priced more than Rs 20 crore or even more to Rs 100 crore per unit. Such buyers are not only looking for the area, but also the community and neighbourhood that comes with it. They are not just buying a living space, but a lifestyle. When the stakes are so high, buyers of luxury homes have started evaluating projects on new age factors besides the standard decision-making criteria like view, construction quality and timeline, among others.

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Exclusive and boutique offerings

Nothing spells luxury like exclusivity. When it comes to ultra-luxury houses, an independent bungalow is the ultimate luxury statement. The next best thing is to buy a house in a building with limited number of units. For instance, a discerning buyer would prefer a building with 10 flats over one with 200 flats. A big building means more neighbours and less privacy. Large societies deliver a less exclusive experience when it comes to car drop off, elevator waiting time, usage of amenities, etc., not to mention the increased opinions and dispersed decision-making in matters of the society and community.

Astute buyers strongly prefer buildings that have few flats on each floor – the more high-end building, the lesser number of flats on every floor and more privacy. There is a stark difference between luxury and exclusivity quotient. Besides, opting for a project with one-residence-per-floor layout also gives the added benefit of a 360-degree view.

Location

Like they say, when you buy a property, it’s all about location. Taking the adage further, buyers are even zeroing in on micro locations. For instance, Worli, given its connectivity and infrastructure, is considered among the most-preferred locations. Even within Worli, there’s a sea of difference between a tower that is accessed via small lanes and by-lanes and one that is closer to the arterial sea-face road. Although interior parts of the area too have a Worli address, they are not a patch on Worli Sea-Face – which has already emerged as Mumbai’s own Billionaire’s Mile.

Neighbours

Buyers of super-premium homes seek like-minded neighbours and projects that have a like-minded community. This becomes more relevant as majority of the projects under construction are redevelopment projects and most of these projects are being developed as composite buildings that house the erstwhile residents, as well as new homebuyers. Unless the plot is large enough to accommodate separate towers for the erstwhile occupants and new occupants (which is rarely the case in South Mumbai), residents from two significantly different segments and mindsets end up as members of the same building. In such a scenario, there are also chances of a conflict in future when expectations and capabilities of the varying segments clash.

To avert such a situation, discerning buyers consciously prefer buildings which have only sale component flats – that is of course subject to them having been given the necessary disclosure from the developer. Some developers project an image of exclusivity, like a much-touted South Mumbai project, which is a composite building, and the developer has masked the composite element by providing separate entries and elevators for the rehab and new residents. However, when one examines the layout, both groups use the same building and services and exclusivity is merely a façade that will eventually be exposed once the building is occupied.

Planning and layout

Buyers of an ultra-luxury home are evaluating the layout planning in detail. Several factors are given due importance such as:

Availability of a separate service entrance and more importantly one that is back of the house in true sense, where the service lift allows access to the service personnel directly to the service entry without owners being disturbed. In large houses, there are several service calls by service providers, delivery persons, repairmen, caterers, etc., and real luxury requires for these services to be taken care.
Quality of staff quarters, number of staff quarters, availability of gender-specific service washrooms, etc.
Adequate ventilation and light in kitchens and bathrooms.
Efficiency in planning in terms of fewer passages so that precious area is not wasted. In fact, buyers are even preferring simplex layouts over duplex, as they are more efficient and spacious.
Column locations and the resultant flexibility of the layout to be modified to suit personal preferences.
In terms of layout, buyers are keen on projects that provide privacy to the living areas from bedrooms, so that there is no overlap or disturbance to any of the family members, especially during social gatherings.

(The author is an advocate specialising in real estate.)

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