Luxury Home Trends in 2020

The traditional concept of building or renovating the homes is coming to an end as with the innovation of technologies can be immersed in building homes for the comfort and access. Modern homes are packed with a lot of features with the access of technologies to reflect their social and financial standing. The concept of these modern homes are like  the investment made in building a home should not just provide with the space for living but should also accompany with all the facilities that are available for the ease of individuals. Developers are promoting modern living spaces with a mix of technology and exclusivity.

Developers also focus on creating intelligent living spaces through latest gadgets and technology. The various available Digital technologies which can build Digital locks, electronic surveillance systems, temperature control, wireless communication for Internet and in-house entertainment are common in most luxury homes. With the advancement in technologies Developers are using systems with sensors to enable residents to control ambience, light and temperature, among other things, through pre-programmed machines. These homes are intelligent enough to sense human presence and accordingly adjust light and temperature.

As with the immense increase in growing population the availability of land for building is much less and thus it plays a major role in creating a king size spaced apartments even if there are abundant financials. Thus the concept of modern homes plays key role here by building luxury residential properties vertically. So, apartments can be built over an entire floor and have landscaped terrace gardens, central air-conditioning and private swimming pools. Some have private lounges and exclusive lifts as well. In places like Delhi, where winter is severe, central heating is also provided.

At present, the luxury residential market is going through a phase of slow demand. This offers buyers an opportunity to negotiate. "In the short term, no price appreciation is expected, but the value of luxury homes will increase significantly in three years or more.

The key factors that the Modern homes concept provides are as follows, as it not only forwards us to increase in standard of the living but also contributes to Smart Living…

Digital Security: Smart homes have wireless door locks that do not need physical keys. So you don't have to worry about losing the keys.

Entrance Management: Video surveillance help residents monitor who is at the door.

Surveillance: Cameras around the house can be used to keep an eye on children and staff.

Gas-Leak Sensor: Alerts if there is a gas leak.

Smart Interiors: Customise setting of light, temperature and entertainment system while being able to control your home through touch-screen panels in the house, the Internet and mobile phones.

Occupancy Sensing: A sensor-activated lighting system, especially for areas such as bathrooms also help conserve energy.

 Panic Button: If the system senses an emergency, it can dial pre-determined numbers for help.

With the statics from the previous years these are the results which shows the idea of modern homes is attaining its reach and stability among the people, ie,

The purchasing power of Non-Resident Indians (NRIs) has increased in the past couple of years with the steady increase in the exchange rate of the US dollar. The US dollar (USD) which stood at around Rs. 69.70 in January 2019 strengthened itself continuously over a period of 12 months and now stands at Rs. 71.33 as of January 2020. Inward remittances by NRIs settled particularly in the US, the UK, Canada, the Middle East countries and some of the Southeast Asian nations have consequently increased. These remittances have been pumped into real estate with sizeable investments made into luxury residences.

Investments by NRIs in luxury housing units, including penthouses, villas and bungalows, have increased.

The NRI investor wants to pump money into luxury residential units which stand out from general housing units and have a niche for themselves. Partly it is due to the pursuit for social status. However, if the dollar continues to witness its northward growth over the next year, sales of luxury housing are set for an increase this year.

Another important factor for the growth in the luxury housing segment has been absolute increase in the number of high net worth individuals in the country and their demand for residential units in this segment. As per a study published last year, India now boasts of 2,697 ultra-net worth individuals each having a net worth of at least $30 million. The number of these individuals in the country grew by 118 per cent in between 2013 and 2018. The growth in numbers is expected to be 37 per cent in between 2019 and 2024.As these shows clearly that the modern homes are creating their own market share and people are looking forward to smart living.