View: Wealth acquisition and lifestyle expression should, at some point, converge for rich Indians

Established in 1895, with 100 acres (0.04 sq km) of virgin greens, Tollygunge Club in easy-paced Kolkata is ranked as one of the top 20 country clubs in the world. A few states away in Gurgaon, the ultra-luxe high-rise, The Camellias, launched in 2014, recently sold an apartment for ?100 cr. In tandem, attempted ‘anomalies’ like Tolly and Camellias represent the ‘Cream-Clean’ paradox tormenting successful urban Indians, for whom wealth acquisition and lifestyle expression are unable to converge outside these rare spaces.

In most parts of the developed world, living a ‘clean’ life, in terms of environment and spaces, is a generational practice. This is exactly why the country home, and not the city mansion, has been the historical symbol of arrival, whether in elitist Europe or meritocratic America. The ability to stake a sweeping claim over nature represents the ultimate expression of wealth, way above the infusion of majestic marble in a chic PIN code of a city district. Whenever Indians travel abroad, public spaces become a prime attraction, whether in Unter den Linden in Berlin, Central Park in New York, or Hyde Park in London.

But, in India, both then and now, the ‘cream’ life, best represented by the towering Antilia on Altamount Road in Mumbai, is focused on conquering congested cities, and staying closest to power centres of the economy. India’s luxury real estate market was valued at $45 bn in 2024. With a CAGR of 15%, it is expected to touch $105 bn in 2030. Units priced at Rs 1 cr and above contributed to 41% of sales in 2024 – up from 30% in 2023.

Naturally, much of this growth is literally headed skyward, as congested cityscapes are further disturbed by Hong Kong skyscrapers. Unsurprisingly, the ensuing toxicity adds to the appalling AQI score card, leading to a ‘quality’ of life that is deeply, well, Third Worldish.

Yet, the shift to ‘clean’ from ‘cream’ is proving to be remarkably difficult for India’s newly-minted dollar billionaires and millionaires. Part of it is possibly due to our perceived fragility of wealth, with constant physical involvement considered to be a canny virtue, unlike, say, Elon Musk who ‘disappears’ from his HQ for lengthy periods. This could be to ensure that unscrupulous others, like in many Bollywood and real-life examples, don’t create coup-like conditions.

Also, the gravitas of being in ‘the thick of action’ is still meaningful societally, work location addressing a whole host of optics and connected reputational aspects. This, despite, in terms of functional dimensions, there being sufficient ammunition for ‘clean’ to take over as a productive operating plan.

A key actor in the changing dynamics is the proliferation of conference-grade internet connection. As is amply evident in our travels, the video call from Ranthambore or Wayanad is no less potent than from Bengaluru or Ghaziabad, a far cry from the trunk call-cum-telex protocols of the past. The UDAN (Ude Desh ka Aam Naagrik) initiative has led to 148 operational airports in the country, ably complemented by the Rajdhani-Vande Bharat nexus, and a prolific growth rate of highway infrastructure (23 functional expressways, with 20 more being developed).

Amazon reputedly services all of India’s 19,300 PIN codes. Malls are still expanding, along with QSR (quick-service restaurant) allies. Chains like IHCL (Indian Hotels Company Ltd) and Marriott are determined to upgrade regional hostelries. Branded healthcare in the public-private mode is following suit, aided by self-administered technology aids.

Supremacy of traditional metros, in an experiential sense, is rapidly diminishing, as in the First World where anyone, anywhere can access almost anything. Aided, ironically, by the Covid pandemic, professional cultures are now comfortable with hybrid working, the inescapable twin functionalities of cost-cutting and enhanced efficiencies.

The time is ripe for the ‘cream’ to claim the ‘clean’. Goa is already witnessing the first wave of this pattern – the ?5-50 cr real estate bracket, villas and apartments, preferred poison for many Mumbaikars, as a holistic living destination. This can – and should – open up many new frontiers: Kalimpong, Puri, Thekkady, Shillong, Hapur…. Where the rich can construct abundant spaces with large tracts of land, consuming fresh air and produce, a 2.0 version of inclusive nobility in which local communities become collateral beneficiaries, building a mostly-virtuous cycle of often-‘virtual’ value creation, business and society thriving in hybrid mode.

This shift will be accompanied by significant other collateral perks. Urban real estate will perhaps shed its palatial price paradigm, freeing up apartments for those who really need to be in cities. AQI pressures will reduce, as will the crippling impact on utilities, the recent flooding of a Mumbai Metro platform being a wake-up call. It will help upgrade the depth of the India story and build superior community value.

All this, while staying true to luxury living in a true sense, where nature is the ultimate frontier, and not a 30th-floor artificial space with a distant view filtered through smog and squalor. Imagine your luxury apartment overlooking the Udupi sea coast, and a picture will emerge.

The experience ecosystem is getting ready for this envisioned future. What we now need is a mindset renaissance, to effectively unify defining demonstration with meaningful living – Tollygunge Club meeting The Camellias across the country.

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