India Real Estate Latest Trends | Overview | Growth | Investments

May 6, 2024
Luxury Living: The Rise of Duplex and Triplex Apartments in Mumbai

In the city of dreams, where space is a premium commodity, Mumbai’s real estate market is witnessing a fascinating shift in the preferences of homebuyers. While the demand for luxury housing has always been high, a new trend has emerged – the rise of duplex and triplex apartments. Let’s delve into this luxurious vertical living trend that is captivating Mumbaikers.

 

The Shift in Luxury Housing Demand

Gone are the days when sprawling bungalows were the epitome of luxury living. Today, Mumbaikers are looking upward for their slice of luxury. The latest trend in Mumbai’s real estate market is the demand for duplex and triplex apartments. These vertical living spaces offer more height and larger floor areas, providing a luxurious lifestyle to those who can afford it.

 

From Horizontal to Vertical Living

The concept of duplex and triplex apartments is gaining momentum in Mumbai’s real estate market. Unlike the traditional horizontal spread, these vertical homes provide ample space and privacy to large families living under one roof. The trend is fuelled by high-net-worth individuals (HNIs) who prioritise spacious living over price.

 

Luxury Villas in the Sky

Imagine living in a sky bungalow with double-height living spaces and a ceiling height of 24 feet in the living room – a feature usually associated with villas. This is exactly what Mumbaikers are craving for. These sky bungalows offer a luxurious lifestyle statement, attracting those willing to invest in a unique living experience.

 

Redevelopment Projects Driving the Trend

The trend for duplex and triplex apartments is on the rise, especially due to increased redevelopment activity in Mumbai. With many redevelopment plots being small land parcels, there is limited scope for horizontal expansion. Therefore, the demand has shifted towards vertical units with more height and larger floor plates.

 

Premium Pricing and Sea-Facing Units

Sea-facing duplex and triplex luxury housing units command a premium of 10% to 15% in terms of prices. These units offer breathtaking views and are highly sought after by homebuyers looking for a luxurious living experience. However, the prices for such units can range from ₹12.5 crore to a staggering ₹100 crore, making them exclusive to a select few.

 

Architectural Preferences

Architects have observed a shift in the design preferences of Mumbaikers, especially since the pandemic. Homebuyers now prefer housing units that are spread out vertically rather than horizontally. They are looking for more floor height and double-height homes that offer larger spaces and higher ceilings.

 

Will Duplex Replace the Jodi Apartment Concept?

While duplex and triplex apartments are gaining popularity, the concept of ‘jodi apartments’ is not expected to fade away. The preference for ‘jodi apartments’ depends on the age factor of the buyers. While young couples and families may opt for duplex or triplex apartments for a bungalow-like experience within an apartment, elderly buyers may prefer larger ‘jodi apartments.’

 

Location Matters

It’s important to note that duplex and triplex apartments tend to sell only in certain locations, especially sea-facing buildings. The pace of sales may slow down if there are too many such units available, as they are expensive and cater to a niche market. Additionally, these units often come with design elements such as viewing decks and terraces, adding to their exclusivity and allure.

 

Conclusion

The rise of duplex and triplex apartments in Mumbai is not just a trend; it’s a lifestyle statement. With the demand for luxury housing reaching new heights, Mumbaikers are looking upward for their dream homes. Vertical living spaces offer the perfect blend of luxury, space, and privacy, making them highly desirable among high-net-worth individuals. As the city evolves, so do the preferences of its residents, and right now, the sky’s the limit when it comes to luxury living in Mumbai.

 

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