Home purchasing in India has changed significantly throughout the years. While location and building quality were formerly the most important considerations, today’s residential home purchasers prioritise open space and amenities. This trend shows a rising recognition of the significance of overall well-being and lifestyle quality, even if it means moving for greater facilities. In today’s real estate market, purchasers pay more attention to how a house is designed and constructed with proper ventilation and space rather than the purely physical dimensions of the house. Consequently, residential property management has become crucial in ensuring these aspects are well-maintained. As a result, when buying residential homes in places like Mumbai or any other metro city, it is critical to emphasize open areas and evaluate their design.
The Rise in Demand for Open Spaces
Open spaces in residential projects have become synonymous with luxury for several reasons. They offer numerous benefits that significantly enhance the living experience, which has made them highly desirable among homebuyers.
Advancing Well-Being and Health
The importance of open spaces ultimately lies in the significant benefits they provide to health and general well-being. These spaces provide avenues for accessing fresh air, engaging in physical exercise, enjoying recreational activities with family or friends, or simply relaxing and rejuvenating oneself – all of which are crucial for maintaining physical and mental wellness. In densely populated urban areas, having access to open spaces can substantially improve resident’s quality of life.
Enhanced Quality of Life
Open spaces enhance people’s lives by encouraging social contact, building communal relationships, and providing environmental advantages. It provides meeting places for socialising and entertainment, fostering a sense of belonging. Architecturally, including open spaces into homes, such as wide windows, improves well-being by linking occupants to nature. Environmentally, these regions help to reduce climate change by absorbing CO2 and lowering urban heat, resulting in better air quality. Culturally, open spaces host events, fostering creativity and expression. In conclusion, open spaces are more than just physical places; they are critical for social cohesiveness, environmental sustainability, and cultural enrichment.
Improved Flow and Accessibility
Open spaces minimise boundaries, allowing for seamless movements between various areas of the home. This not only improves visual attractiveness but also increases accessibility and ease of movement. Open areas make it easier to navigate and provide a sense of space, whether you’re entertaining guests or going about your daily routine. The design style is consistent with the current trend of open, minimalist interior design.
Enhanced Resale Value
Homes with large open areas are becoming increasingly attractive in the real estate market. The appeal of open floor layouts and expansive living rooms has grown dramatically among purchasers. As a result, houses with wide areas tend to fetch higher resale prices and attract an increasing number of potential buyers. Open spaces are a valued asset due to their versatility, flexibility, and modern appeal, giving homeowners a competitive advantage in the real estate market.
Market Demand and Luxury Real Estate
According to JLL’s data, the sales value of luxury residences valued at ₹50 crore and above saw notable growth, increasing by approximately 1.5 times from ₹2,859 crores in 2022 to ₹4,319 crores in 2023. Mumbai emerged as the market leader with the greatest volume of transactions, primarily due to the high demand for upscale real estate.
Similarly, in the first two months of 2024, there have been hopeful improvements, with no fewer than four luxury residences exceeding the ₹50 crore mark, for a total sales value of ₹397 crore. Throughout 2024, JLL India predicts that sales of luxury homes will continue to rise, propelled by the growing number of High Net Worth Individuals (HNIs) seeking unique and luxury residential lifestyles.
Lifestyle Shifts
Lifestyle shifts, beyond economic factors, are driving demand for luxury and larger homes among India’s elite. The ultra-luxury housing sector’s growth in 2023 highlights a strong desire for premium living experiences, as affluent individuals invest in properties to elevate their standards and indulge in luxurious lifestyles.
To summarise, open spaces in residential complexes have become a premium feature due to their positive influence on well-being, quality of life, and property value. The Guardians Luxury Vertical offers projects and luxury residences to purchasers seeking the pinnacle of expensive living, allowing them to make informed decisions. For additional information, visit the website of The Guardians, a leading real estate consultant and property advisory firm in India, for residential property management, or schedule a consultation with one of our professionals.