RE­ALTY TRENDS

Theme hous­ing

Hindustan Times (Chandigarh) - Estates - - FRONT PAGE - Shubhran­shu Pani ht­es­tates@hin­dus­tan­times.com The au­thor is a man­ag­ing di­rec­tor – Strate­gic Con­sult­ing, JLL In­dia

Grow­ing com­pe­ti­tion and ris­ing as­pi­ra­tions have led to more so­phis­ti­cated real es­tate de­vel­op­ment in In­dia. With in­creased glob­al­i­sa­tion, In­dian con­sumers are rapidly be­ing ex­posed to global stan­dards and the de­sire to live a lux­u­ri­ous life. This is act­ing as a cue for devel­op­ers to de­velop classier projects.

Mod­ern home­buy­ers in the prime res­i­den­tial cat­e­gory look for en­vi­able lo­ca­tions, spa­cious liv­ing spa­ces and pleas­ing ar­chi­tec­tural de­signs. With ar­chi­tec­ture be­com­ing an im­por­tant cri­te­rion of choos­ing a prop­erty, ur­ban 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 the­me­based projects are niche clients, as these projects tar­get a spe­cific cat­e­gory such as HNIs and NRIs, and are cus­tomised to meet their de­mands.

THE NEXT LEVEL OF LUX­URY

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 pop­u­lar, es­pe­cially those re­lated to 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 Dis­neyin­spired res­i­den­tial projects are among the most pop­u­lar cur­rently. Themes are in­ter­est­ing be­cause they usu­ally at­tract like-minded peo­ple. For in­stance, a golf project would at­tract golfers, thereby en­sur­ing har­mony and bon­homie in a hous­ing so­ci­ety.

Due to the nov­elty fac­tor at­tached to theme-based hous­ing, this type of de­vel­op­ment is ex­pected to wit­ness 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 the­me­based res­i­den­tial projects.

SHUTTERSTOCK

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