Friday, 12 December 2014

Globe Trot - Theme-based housing catches on like wildfire

Developers these days are finding themselves contending with increasingly evolved tastes among buyers with theme-based housing projects emerging as a major attraction.

Faced with growing competition and rising consumer aspirations, developers are nowadays foraying into theme-based housing projects to differentiate their offerings and add value to their projects.

A Harikesh, senior VP (marketing & sales) of Tata Housing Development Company, says: “With the upsurge in economy, Indian consumers are getting influenced by global standards that have majorly become differentiators for the real estate developers. Also, by traveling a lot for both work as well as leisure, people have become more aware of the different cultures and lifestyles. Therefore, they not only want a home, but opt for a luxurious lifestyle that should be an extension of the experiences they gather as global travelers."

Little wonder then that developers of housing projects are now finding themselves contending with increasingly evolved tastes among buyers.

“Exposure to international home concepts among many of India's well-traveled property buyers is raising the bar on differentiation in residential projects here as well. Besides, lifestyle aspirations have risen, and there is now a lot of demand for themed housing projects,“ Om Ahuja, CEO (residential services) of JLL India, said.

Theme-based housing projects, thus, have evolved into a major attraction in today's cluttered markets. Today consumers are not only interested in luxury homes with larger spaces, fancy facades and super luxury amenities, but are increasingly opting for theme-based housing construction and design like European, Arabian, Singaporean, Spanish, Victorian, and forest style themes. The latest trend to be enlisted in this high-end residential market is Mediterranean theme-based housing, which has of late started picking up in India. The Mediterranean concept, in fact, aims to convey a feel of the architecture popular during the Italian Renaissance and 16th century seaside villas. Certain developers who specialize in luxury villas and townhouses have adopted this concept in India.

For instance, Lavasa aspires to become a metaphor for the future Indian city with a township featuring lakeside apartments and Mediterranean-themed villas.

Mantri has come up with Mantri Espana in Bangalore, while ATS Infra has conceived ATS Lifestyle near Chandigarh on a similar theme.

Sobha Developers' Sobha City, Bangalore, is also a Mediterranean-themed town ship, which has got exquisitely built row houses as well as luxury and super-luxury apartments. Tata Housing, on the other hand, has launched La Montana, a Mediterranean themed town ship located at Talegoan, which is designed by renowned international architect firm F + A of the US.

“DLF's Ridgewood Estate and Sky Court in Gurgaon; Unitech's Vista Villas in Greenwood City, Gurgaon; Emaar MGF's The Villas at Mohali Hills and Ekaantam in Gurgaon; Jaypee Greens' Kasa Isles in Sector 129, Noida, and Lodha Luxuria in Mumbai are some of the projects inspired by the Mediterranean theme,“ Om Ahuja of JLL says.

These projects offer a residential format consisting of 3-5 spacious bedrooms, measuring between 2,000 and 4,000 sq ft and possessing world-class features and distinct interior architecture. It is needless to say that the Mediterranean concept is particularly popular with the elite and super-rich clients.

“The consumers who opt for such theme-based housing are the ones who want to live king-size. More over, they want their homes to reflect their sense of style, taste, and lifestyle. Hence, their homes need to go beyond just luxury homes,“ A Harikesh of Tata Housing says.

Fast Facts: Today consumers are not only interested in luxury homes with larger spaces and super luxury amenities, but are opting for theme-based housing.

Source: Times Property, Dec 06, 2014

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