Redefining Accessibility by Making Luxury Affordable for All

In an interaction with Jaipriya, Assistant Editor at Homes India Magazine, Raahil Reddy, Director, Residential Projects, Fortune Primero, shares his valuable insights on redefining accessibility by making luxury affordable for all.

Representing the next generation of leadership, Raahil is spearheading the company’s expansion into residential projects. Raahil brings with him a modern perspective shaped by global academic pursuits and international exposure, which has equipped him with fresh ideas on urban design, sustainable development, and customer experience.

Amid a surge in premium projects, how can developers balance affordability with distinct offerings in the housing market?

The sales of affordable housing have dropped from nearly 37 percent in 2019 to below 20 percent by FY2024 across India's top metropolitan areas, with a boom in demand for luxury apartments being the main driver of that decline. With rising disposable income and changing lifestyle goals, especially during the post-pandemic phase, homebuyers are increasingly opting for larger units, upscale construction, and greater amenities. This illustrates a transition from homes simply being a structure to being a lifestyle home. Developers, too, are recalibrating their strategies to capture trends by balancing affordability with aspirational features. This transition is catalyzing new development types that maximize buyer value and generate developer differentiation in a premium-avidity market.

How are changing lifestyle trends—such as hybrid work models and the demand for community living—reshaping the definition of luxury housing?

Currently, more than 40 percent of India’s workforce is engaged in hybrid work models, transforming high-end housing beyond its exclusive parameters of magnificence into functionality and wellness. Homebuyers want houses that have work-from-home dedicated spaces, tech-enabled homes, and community amenities - co-working spaces, for instance, wellness of nature - are top-tier priorities. Developers are reframing luxury not as an isolated, lavish product but as an entire lifestyle proposition, where the components of connectivity, convenience, lifestyle /community living matter as much to the luxury buyer as does expanded liveable product quality. Therefore, luxury in urban places like Bengaluru is seeing a fusion and transformation of 'demand' for desired products.

Also Read: 5 Gated Communities Offering Premium Amenities in India

What key challenges are real estate developers navigating in Bengaluru’s evolving market landscape?

Despite some minor headwinds, Bengaluru’s housing market (which makes up nearly 20 percent of India's annual housing demand) continues to grow strongly, especially in East and North Bengaluru. The demand for housing is also driven by changing customer preferences and ample supply. While buyers generally know what they want when looking for a property, providing and ensuring customer-centric architecture and using data is and/or will be important for developers. The new preferences lead to a rising demand for eco-friendly homes, sustainable and tech-enabled homes, which are also spurring innovations that will lead developers to think differently about their product offerings. Profitability remains a core objective of real estate development, but it also requires a delicate balance at each step of the way with other important objectives, such as quality, compliance, customer expectations, and long-term sustainability in responding to changing market conditions.

What innovations are developers adopting to deliver future-ready housing solutions?

Future-ready housing in Bengaluru is being driven by technological advances and sustainability. Developers are integrating solar power, rainwater harvesting, and green building materials to meet both buyer demand and government initiatives for green housing. On the digital side, platforms for virtual property tours, AI-powered sales assistance, and mobile apps for post-possession services are changing how customers engage. These cutting-edge practices are elevating developers as forward-thinking actors providing resiliency and value for their occupants.