Duplexes and triplexes on the rise – The surging trend in ultra-luxury real estate segment – Industry News

– By Parth K Mehta

Mumbai’s ultra-luxury residential market is increasingly dotted by a growing trend for duplex and triplex apartments, reminiscent of the old days when sprawling bungalows told the story of luxury living in this mega city. A new concept of ultra luxury living is finding favour with Mumbai’s affluent residents who are looking for homes that are upward and ahead. Duplex and triplex apartments are redefining the concept of luxury living in Mumbai. 

This shift in the real estate market is particularly evident in high-end locales such as Malabar Hill, Worli, Bandra and Borivali where serene neighbourhoods offer a breathtaking backdrop for these opulent homes. These residences are in complete contrast to the traditional horizontal homes. They are vertical by design and have ample space and privacy for everyone in large families. For context, duplexes typically feature two stories connected by an internal staircase or elevators, while triplexes span three levels. Each floor has multiple bedrooms and living areas, enhancing the sense of grandeur and exclusivity.

Think of a double-height living space where the ceiling soars to 24 feet, and is complemented by viewing decks and expansive terraces. These architectural marvels offer residents the joy of modern living high above the bustling city. These are a part of the ultra-luxury housing segment that is witnessing a lot of action lately. The demand for such luxurious residences is being driven by a discerning segment of buyers. High-net-worth individuals (HNIs) and non-resident Indians (NRIs) are at the forefront, seeking properties that serve as statements of prestige and opulence. For these buyers, duplexes and triplexes represent sophisticated living and significant investment opportunities. Starting prices for these exclusive homes begin at Rs 12.5 crore and can soar above Rs 100 crore, making them accessible to a select few.

What we are seeing with regard to duplexes and triplexes is not just about owning a piece of real estate; but about living a lifestyle that exudes class and promises substantial returns on investment. With redevelopment projects proliferating across Mumbai and many confined to small land parcels, the focus has shifted to vertical expansion. This has also created the opportunity for developers to include duplex and triplex units, even in areas with limited scope for horizontal development.

Duplex and triplex apartments also offer homeowners the luxury of space, to tailor their apartment as per the unique needs of their lifestyles. In a city like Mumbai where space is at a premium, the flexibility to customise every aspect of the home – from design, to décor, to soft furnishings – is an unparalleled privilege. Homeowners can completely design their living spaces to showcase their lifestyles, individuality and passions. The layout of such apartments also offer their inhabitants the ability to incorporate leisure spaces such as private patios and viewing decks that bring the outdoors in, and internal conveniences such as gyms or home theaters that elevate the living experience.

The appeal of these large homes extends beyond the traditional luxury buyer or HNI’s and NRI’s. A new segment of consumers is emerging, eager to upgrade their lifestyles to reflect finesse and sophistication. This shift indicates that luxury in Mumbai is no longer confined to specific areas but is increasingly about the quality and uniqueness of the living experience offered within the buyer’s preferred location.

Sea-facing duplex and triplex luxury housing units command a premium of 10% to 15% due to the stunning views they offer. These units are highly sought after by homebuyers looking for a luxurious living experience. Despite their hefty price tags, the allure of living in a duplex and triplex in the sky with vast, open spaces and luxurious amenities continues to drive interest among wealthy buyers.

The growth in demand for ultra-luxury properties is also reflected in Mumbai’s performance on the global stage. In 2023, Mumbai soared to 8th place on Knight Frank’s Prime International Residential Index (PIRI), a remarkable leap from its 37th position in 2022. This represents an impressive 10% year-on-year growth in annual luxury residential prices, firmly establishing Mumbai among the top 10 leading luxury residential markets.

The ever-changing market dynamics, fierce competition in pricing, and government policies aimed at increased transparency have all played a role in making upscale properties highly desirable. With India’s rapid modernisation and urbanisation, there has been a significant increase in the demand for ultra luxurious residential properties.

As we analyse the rise of duplex and triplex homes in Mumbai’s ultra-luxury real estate segment, we can see that it is a testament to the city’s evolving aspirations. These vertical living spaces offer an unparalleled combination of height, space, and luxury, catering to the city’s wealthiest and most discerning buyers. As vertical homes continue to attract buyers, this trend is going to redefine the standards of luxury living in Mumbai, making these multi-level homes the new epitome of opulence and sophistication in time.

(Parth K Mehta is the CMD at Paradigm Realty.)

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