Luxury Living Redefined: How Fashion Designers Are Revolutionizing High-End Realty
Read more news on luxury realty, fashion designers, and real estate market trends
Luxury RealtyFashion DesignersReal Estate MarketHigh End PropertiesLuxury LivingReal Estate NewsJul 27, 2024
In the competitive real estate market, property developers are looking for ways to stand out and offer something unique to their customers. Collaborating with fashion designers is seen as a way to add glamour and exclusivity to their projects. According to Samarth Bajaj, co-founder of Boheim, high-end fashion designers can elevate the art of luxury real estate design by blending cutting-edge trends and creating personal, exclusive sanctuaries.
Globally, luxury brands such as Giorgio Armani, Versace, and Fendi have already tapped into the luxury residential space, lending their names and making apartments more appealing and expensive. In India, several realty developers are following suit, partnering with renowned fashion designers to create luxury projects that offer a sense of exclusivity to their customers.
The trend of partnering with fashion designers is not limited to India. Luxury brands such as Porsche and Baccarat have also entered the luxury residential space, offering bespoke apartments that reflect their signature styles. According to Reshmi Panicker, executive director of Knight Frank India, the fashion luxury industry is synonymous with high-end design, product, services, and positioning, which is what Indian real estate firms are looking for to develop projects and meet the growing demand for differentiation.
The shift towards luxury living is reflecting in the growing number of people buying luxury apartments. In the first half of 2024, the high-end luxury segment accounted for 47% of property launches in India. For this clientele, a house is not just a place to live, but a high-quality asset that showcases their status and societal aspirations.
By collaborating with designers, property developers believe they can focus on aesthetics, quality, and exclusivity. According to Bajaj, these designers have a broad vision of aesthetics and offer real added value to the project.
The post-pandemic years have seen a boom in luxury housing in India. The share of luxury homes sold in the country has tripled over the past five years. Houses priced over Rs 1 crore accounted for 41% of residential units sold across top eight cities in the first half of 2024, up from 18% for the same period in 2019.
The rich are growing, and the number of ultra-high net-worth individuals in India is expected to be 19,908 in 2028 from 13,263 in 2023—a 50% growth, the highest for any country, according to Knight Frank’s 2024 Wealth Report.
The continuing trend of premiumization and rising incomes are expected to help large, listed residential developers build 10-12% volume growth in the current financial year, after an estimated growth of nearly 14%, on a high base, in 2023-24, according to CRISIL Ratings.
India has achieved a milestone in the global real estate sector as it surpassed China in the number of billion-dollar real estate companies operating within its borders. It has 36 realty companies valued at a billion dollars; there were just seven six years ago, according to the latest data by Hurun Research Institute.
As the Indian real estate market matures, its alliances with fashion and luxury brands will redefine urban living, elevate property values, and attract buyers seeking exclusive lifestyles. It will also have an impact on the design and aesthetics of the real estate development market.
Frequently Asked Questions
What is the trend in the Indian real estate market?
The trend in the Indian real estate market is shifting towards luxury living, with a growing demand for high-end properties and exclusive lifestyles.
Why are property developers collaborating with fashion designers?
Property developers are collaborating with fashion designers to add glamour and exclusivity to their projects, and to offer something unique to their customers.
What is the benefit of partnering with fashion designers for property developers?
Partnering with fashion designers can help property developers focus on aesthetics, quality, and exclusivity, and offer real added value to their projects.
What is the growth rate of ultra-high net-worth individuals in India?
The number of ultra-high net-worth individuals in India is expected to grow by 50% from 13,263 in 2023 to 19,908 in 2028.
What is the impact of luxury brands on the real estate market?
Luxury brands can elevate property values, attract buyers seeking exclusive lifestyles, and have an impact on the design and aesthetics of the real estate development market.
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