Jitendra Singh
CSO, Runwal Realty
How do you look at the emerging trends in the luxury real estate segment?
As we move through 2024, the luxury real estate sector is undergoing a significant transformation driven by changing buyer preferences, technological advancements, and demographic shifts. In Mumbai, where luxury often embodies opulence, there has been a remarkable 41% rise in premium home sales during the first half of the year. This surge is particularly prominent in areas of South Mumbai and Bandra.
Buyers are now looking for branded developments that deliver an enhanced lifestyle, curated amenities, expansive living spaces, and abundant open areas with impeccable quality.
What are the key trends pushing the demand for luxury housing projects?
The demand for luxury housing in India is being driven by several key trends. Firstly, the rising number of high-net-worth individuals (HNIs) is fueling demand for exclusive, high-end properties in prime locations like South Mumbai, Bandra, and Andheri West. As disposable incomes increase, affluent buyers are seeking homes that offer both exclusivity and long-term investment potential.
There is also a growing preference for larger, more spacious homes. Post-pandemic, many buyers have prioritized homes with room for home offices, gyms, and recreational spaces, making expansive living spaces highly desirable. Sustainability and wellness have become pivotal factors in buying decisions.
The luxury market is also seeing an influx of younger, tech-savvy buyers, particularly millennials who are drawn to properties offering modern amenities, smart technology, and sustainable living. Additionally, branded residences that deliver superior quality and a world-class lifestyle are in high demand, driven by the assurance of exceptional craftsmanship and trust in timely delivery.
Finally, luxury real estate is viewed as a stable, long-term investment, offering both capital appreciation and rental income potential, which is attracting more investors to the market. These trends suggest continued growth in India’s luxury housing sector.
Which are the latest luxury projects from the company?
At Runwal Realty, we are dedicated to creating exceptional properties that blend luxury with long-term value. Our latest luxury developments exemplify this vision, showcasing our commitment to excellence, sophistication, and modern living.
Among our newest projects, Runwal The Residence, located on the prestigious Nepean Sea Road in South Mumbai, is a landmark tower offering expansive, column-free layouts, with interiors designed by the renowned Singaporean firm Wilson Associates, and breathtaking sea views.
Runwal The Reserve in Worli offers unparalleled luxury, with only one residence per wing, private lift lobbies, and sweeping views, ensuring both privacy and opulence.
Runwal Elegante in Andheri West stands out with India’s first sky promenade—a stunning rooftop deck that connects three towers 400 feet above sea level, offering panoramic city views and world-class amenities.
Looking ahead, we are excited to announce the launch of our upcoming luxury projects in Worli and Walkeshwar. These developments promise to redefine luxury living in Mumbai, offering a perfect blend of open spaces, nature-inspired designs, and meticulously crafted homes. With international architectural expertise and world-class amenities, these projects will set new standards of luxury while providing secure, long-term investments in one of the world’s most dynamic cities.
What are the unique features of your luxury projects?
At Runwal Realty, we are committed to redefining luxury living by creating spaces that surpass the expectations of modern homeowners. Strategically located in Mumbai's most sought-after neighborhoods, our luxury developments offer exceptional connectivity, stunning views, and a serene environment that blends seamlessly with nature.
Each property features thoughtfully crafted layouts with open, column-free spaces, allowing for personalized interiors. Designed with meticulous attention to detail, our homes boast large windows that welcome abundant natural light, creating a sense of openness and tranquility, paired with state-of-the-art living experiences.
Our developments also include a wide range of premium amenities, such as wellness centers, fitness facilities, and swimming pools, all designed to promote a healthy and balanced lifestyle. From the unique sky promenade at our Lokhandwala project to the exclusive residences with private lift lobbies at Malabar Hill, we prioritize privacy and exclusivity. Surrounded by lush green spaces and providing easy access to key areas of the city, our properties offer a lifestyle of comfort, serenity, and understated sophistication.
What is your outlook on the luxury real estate market?
The luxury real estate market in India is undergoing a transformative phase, and we remain optimistic about its continued growth in 2024 and beyond. As more individuals enter the affluent segment due to rising disposable incomes and rapid urbanization, there is a noticeable shift towards properties that reflect success and an elevated standard of living. This trend is evident in the increasing demand for exquisite homes in prime locations.
At Runwal Realty, we are closely monitoring these market dynamics and are pleased to offer projects that meet this evolving demand. We are confident that our portfolio will continue to attract the interest of high-net-worth individuals. The outlook for luxury real estate remains highly promising, driven by the growing demand for larger homes, particularly in well-connected urban centres. As the market for premium properties expands, we are committed to delivering exceptional spaces that align with the aspirations of discerning buyers. With ongoing infrastructure developments and increasing investments in luxury living, we foresee a bright future for this segment.
