Adobe StockFrom Marble to Mehman Nawazi: The new definition of Indian luxury real estate
Why the ultra-wealthy trade physical opulence for genuine connection, forcing a strategic shift from hardware to service software
November 26, 2025Real Estate
Written by:Jorge Aguinaga
Key Takeaways
- True luxury has evolved from material symbols like marble and chandeliers to intangible rarities like time, nature, and genuine human connection.
- The industry is shifting focus from purely financial metrics like Return on Square Feet to experiential metrics like Return on Square Feel to drive loyalty.
- Modern travellers demand intelligent luxury and hotels with purpose, seeking wellness and meaningful memories rather than just standardised 5-star amenities.
For decades, the definition of luxury in the Indian hospitality sector was anchored in the material - defined by the glint of the marble, the size of the chandelier, and the grandeur of the physical asset.
However, a fundamental shift has occurred in the mindset of the high-net-worth traveller, forcing hoteliers and investors to rewrite their playbooks.
As one industry veteran noted during India GRI 2025 Summit, today's wealthy consumers already have garages full of the best cars and homes that look like mansions.
In a world where material comfort is abundant, physical opulence is no longer a differentiator. The new luxury is defined by what is truly rare in an urban context: time, feet on soil, and genuine human connection.
The hotel’s legend began not with a billion-dollar investment, but with a simple act of kindness by the night manager of a small motel in Philadelphia who gave up his own room to an elderly couple stranded by a storm when no other rooms were available.
Months later, the elderly gentleman invited him to New York and handed him the keys to the Waldorf Astoria, making him its first General Manager. That man was William Waldorf Astor.
This story underscores a timeless truth that is resurfacing as the central thesis of modern hospitality - the soul of the industry is not in the brick and mortar of the property, but in the "Mehman Nawazi" (guest hospitality) and the creation of memories. While the asset provides the stage, the value is created by the service script.
They want to disconnect from the burnout of the services economy and reconnect with nature and their families.
For investors, this requires a shift in metrics. While the traditional financial focus remains on the return on square feet, the operational focus must shift to the return on square feel.
The argument goes that you can only maximise the financial return if the emotional return - the experience - is perfected.
Personalisation is key to this, with operators moving away from mass-produced services to curated experiences, such as limiting boardroom capacities to ensure every guest receives individual attention.
Investors and operators who understand that luxury is now about scarcity of time, depth of experience, and the return on square feel will define the market, while those still relying solely on chandeliers and marble will find themselves competing in a crowded, undifferentiated space.
These strategic insights were shared during the panel discussion on the "Strategic Blueprint of Retail & Hospitality's Evolution - Branded Vs. Boutique & Global Investor Preferences".
The session was moderated by Pankaj Renjhen, COO, ANAROCK Retail, and featured reflections from leading experts including Anshu Sarin, Chief Executive Officer, 91 Springboard; Karthik Krishna, Co-founder & Managing Partner, EverVantage; Rahul Pandit, MD & CEO, Advent Hotels International; Rajneesh Mahajan, CEO, Inorbit Malls; Ranvir Bhandari, President, Miros Hotels & Resorts; Rao Munukutla, CEO & Executive Director, BACL; and Zubin Saxena, Sr. Vice President, Region Head – South Asia, Hilton.
Access the full takeaways and C-level insights in the exclusive India GRI 2025 Spotlight.
However, a fundamental shift has occurred in the mindset of the high-net-worth traveller, forcing hoteliers and investors to rewrite their playbooks.
As one industry veteran noted during India GRI 2025 Summit, today's wealthy consumers already have garages full of the best cars and homes that look like mansions.
In a world where material comfort is abundant, physical opulence is no longer a differentiator. The new luxury is defined by what is truly rare in an urban context: time, feet on soil, and genuine human connection.
The Soul of Hospitality
The origin story of the iconic Waldorf Astoria in New York serves well as an illustration of this shift from hardware to software.The hotel’s legend began not with a billion-dollar investment, but with a simple act of kindness by the night manager of a small motel in Philadelphia who gave up his own room to an elderly couple stranded by a storm when no other rooms were available.
Months later, the elderly gentleman invited him to New York and handed him the keys to the Waldorf Astoria, making him its first General Manager. That man was William Waldorf Astor.
This story underscores a timeless truth that is resurfacing as the central thesis of modern hospitality - the soul of the industry is not in the brick and mortar of the property, but in the "Mehman Nawazi" (guest hospitality) and the creation of memories. While the asset provides the stage, the value is created by the service script.
The Return on Square Feel
This evolution has led to the concept of intelligent luxury. Today's traveller is seeking hotels with purpose and wellness experiences that go beyond the quintessential spa treatment.They want to disconnect from the burnout of the services economy and reconnect with nature and their families.
For investors, this requires a shift in metrics. While the traditional financial focus remains on the return on square feet, the operational focus must shift to the return on square feel.
The argument goes that you can only maximise the financial return if the emotional return - the experience - is perfected.
Personalisation is key to this, with operators moving away from mass-produced services to curated experiences, such as limiting boardroom capacities to ensure every guest receives individual attention.
The Investor Takeaway
The hardware of hospitality - the buildings and the fixtures - has become a commodity. The competitive edge for the next decade lies in the software.Investors and operators who understand that luxury is now about scarcity of time, depth of experience, and the return on square feel will define the market, while those still relying solely on chandeliers and marble will find themselves competing in a crowded, undifferentiated space.
These strategic insights were shared during the panel discussion on the "Strategic Blueprint of Retail & Hospitality's Evolution - Branded Vs. Boutique & Global Investor Preferences".
The session was moderated by Pankaj Renjhen, COO, ANAROCK Retail, and featured reflections from leading experts including Anshu Sarin, Chief Executive Officer, 91 Springboard; Karthik Krishna, Co-founder & Managing Partner, EverVantage; Rahul Pandit, MD & CEO, Advent Hotels International; Rajneesh Mahajan, CEO, Inorbit Malls; Ranvir Bhandari, President, Miros Hotels & Resorts; Rao Munukutla, CEO & Executive Director, BACL; and Zubin Saxena, Sr. Vice President, Region Head – South Asia, Hilton.
Access the full takeaways and C-level insights in the exclusive India GRI 2025 Spotlight.