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.