Shubhranshu Pani, Managing Director – Strategic Consulting, JLL India
India 21 September 2016: Growing
competition and rising aspiration has led to more sophisticated real
estate development in India. With increased globalization, Indian
consumers are rapidly being exposed to global standards and desire to
live a luxurious life. This is acting as a cue for developers to develop
classier projects.
Enviable
location, spacious living spaces and pleasing architectural design are
the basic expectation of modern home buyers in the prime residential
category. With architecture becoming an important criterion of choosing a
property, urbane residences have emerged as a successful strategy in
the Indian real estate domain. To differentiate their residential
products, add a unique dimension and meet the growing aspirational
demand of buyers, developers are now coming up with theme-based housing
projects in various cities of India.
They
are launching these projects in and around metropolitan regions such as
Delhi NCR, Mumbai, Bangalore, Chennai, Pune, etc., primarily due to
their higher concentration of corporate employees with high disposable
incomes. The buyers of luxury theme-based projects are niche clients, as
these projects target a specific category of clienteles such as HNIs
and NRIs, and are customised to meet their demands.
Taking Luxury To The Next Level
Parks,
swimming pools and health clubs and many other features now form the
basis of any residential development, and are no longer considered
luxurious. Theme-based projects are more elegant; they are developed on
various themes such as international culture, geography, IT, sports,
children and senior living, among others. On the architectural front,
Egyptian, Arabic, Spanish, Mediterranean, Roman and Moroccan themes are
some of those being imprinted on such housing projects at the design
level. Sports Cities and Disney-inspired residential projects are among
the most popular currently. There is no doubt that theme-based projects
help attract both developers and end buyers as like-minded people of
same profession, when compared to normal projects.
Examples Of Themed Luxury Projects
·
Bengaluru-based Vakil Housing is coming up with Vakil Hamlet,
which is based on medieval English lifestyles and Moghul Garden City,
which replicates the Shalimar Gardens
· Purvankara Builders is offering the lifestyle of Venice in Bengaluru at Purva Venezia
· Akshaya Group has tied up with Disney to develop a Disney theme residential project of 47 acres in Chennai
· Another Disney themed project by Supertech is FableCastle on Yamuna Expressway
· Ambrosia by Ajnara Group in Noida is a residential community built on a Spanish theme
· A Rome-themed residential project in Noida is being developed by Supertech
· Lavasa Villas in the Lavasa region of Pune is inspired by the Mediterranean theme
· DLF Ridgewood Estate in Gurgaon is yet another housing project exhibiting Mediterranean-style architecture
These are just a few examples of luxurious theme-based projects in India today.
Due
to the novelty factor attached to theme-based housing, this type of
development will witness quite a lot of growth in times to come.
Developers in India are now entering into joint ventures with foreign
interior designers, international architects, design firms and
hospitality brands to develop many more theme-based residential
projects.