Prashant Kajaria, Chief Gardener (MD), SPA Group
What really defines luxury in today’s world? Is it the ability to own an expensive product, such as, let’s say, a pair of Moonstar Shoes designed by Antonio Vietri – the world’s most expensive footwear at $19.9 million – or is it the ability to get customised shoes crafted by the same designer at a time and place of your convenience?
Sure, both – the product or the experience – will cost money but while the former prioritises the seller, the latter prioritises your time and comfort. Which means that luxury in the present era – and in the foreseeable future – is not solely about a high price tag or extravagant material possessions – it’s more about enhancing your quality of life with a personal touch.
It's a philosophy which has found resonance within the real estate sector as well, as home buyers are not merely looking at a basic need of four walls and a roof but are also looking at experiential living. They aren’t just looking at where they live – they are increasingly concerned with how they live.
Pillars of luxury
At a macro level, luxury can be divided into two categories—the luxury of money and the luxury of time. The former grants individuals the means to own rare, exclusive, or expensive products, while the latter offers the freedom to design a lifestyle that prioritizes meaningful experiences and personal enrichment. In today’s world, this ‘me-time’ luxury is becoming increasingly valuable.A generation ago, luxury was mostly defined by material wealth—a sprawling mansion, a fleet of expensive cars and the finest possessions money could buy. However, today, especially for millennials and Gen Z — who now make up nearly 50% of the global luxury market — luxury is not about how much you spend but how well you live. Which is why true luxury today is not merely the ability to own a rare artwork but also the opportunity to sit with the artist and know the inspiration behind the artwork. It’s about disconnecting from the rat race and reclaiming time for what truly matters.
Luxury real estate therefore has moved beyond the concept of the biggest apartment, or the most expensive square footage. Homeowners are giving greater weightage to aspects such as the environment, eco-sustainability, privacy and recreation. More so as infrastructure in urban areas has been unable to keep pace with the growth in populace, leading to an increasing demand for spaces that offer a surreal ambience that rejuvenates the senses.
In this new world of luxury, it’s the environment that matters more than just the home itself. Large green spaces, scenic landscapes, and sustainable designs are becoming the true markers of exclusivity. No longer just an addendum in a gated community, nature now takes center stage, dominating the experience and redefining what true luxury means.
Luxury beyond location
The modern high net worth individual (HNWI) places a higher premium on the exclusivity of experience, rather than the exclusivity of location. This is not to say that an Altamount Road in Mumbai or Amrita Shergill Marg in Delhi will ever lose their sheen as the most-aspired addresses but today’s HNWI isn’t too hung up on the pin code.Many affluent buyers are now moving away from high-density urban centers in search of tranquil, nature-integrated environments. They seek homes that are not just architecturally stunning but also environmentally responsible. The growing preference for by-invitation-only gated communities reflects this shift. It’s not just about security but about fostering a neighborhood of like-minded individuals—visionaries, entrepreneurs, and creators—who share similar values and sensibilities.
These experiences include intimate wine-tasting sessions with master sommeliers, live jazz performances under the stars, curated gastronomic experiences with renowned chefs, book launches by award-winning authors, and cultural programs with leading exponents of their craft—all thoughtfully brought to the doorstep of the individual.
Time, therefore, has become the ultimate barometer of luxury—the more disposable time an individual has to pursue passions beyond their profession, the greater the luxury.
