High-end Lux­ury

There seems to be a re­lent­less surge in the de­mand for high end lux­ury. Kaizad Ha­te­ria, Brand Cus­to­dian & Chief Cus­tomer De­light Of­fi­cer, Rus­tom­jee Group de­fines lux­ury liv­ing in In­dia.

Realty Plus - - Editor-In-Chief Note -

Ul­tra-lux­ury hous­ing projects are no more re­stricted to ameni­ties such as gym, swim­ming pool, club house. Even a house in a de­sir­able lo­ca­tion isn’t enough for lux­u­ri­ous liv­ing. Hence, de­vel­op­ers are transcending the con­ven­tional form of lux­ury hous­ing style. As the con­cept of lux­ury hous­ing con­stantly evolves the surge of theme-based hous­ing prop­er­ties, ex­pan­sive liv­ing spa­ces and ex­tremely high­end de­signs and spec­i­fi­ca­tions are driv­ing the idea of premium hous­ing in In­dia.

Adding to this, de­vel­op­ers are also pro­mot­ing new con­cepts called branded homes where they ac­com­mo­date ameni­ties like pri­vate pools and gar­dens, Jacuzzi in­side the units, high-speed el­e­va­tors, concierge ser­vices, fine-din­ing restau­rants, and two to three park­ing units per per­son.

Q What are the mar­ket­ing strate­gies for the ul­tra­lux­ury projects?

Tra­di­tional busi­ness­men, in­dus­tri­al­ists, CXO level pro­fes­sion­als; NRI’S, etc.have al­ways been own­ers of the ul­tra­lux­ury prop­er­ties. Those who can will­ingly pay crores of money for a home pre­dom­i­nantly have cer­tain life­style.but, be­cause of the ris­ing trends & de­mands, change in life­style, de­vel­op­ers of lux­ury prop­er­ties are also see­ing change in con­sumer’s pro­file. Nowa­days, many first-time home buy­ers also make a choice to in­vest in ul­tra­lux­ury prop­er­ties. Un­der­stand­ing the target au­di­ence for the seg­ment, the mar­ket­ing strate­gies have to be cre­ated in a way that at­tracts the at­ten­tion of high-net worth buy­ers. In such cases, pro­fil­ing of the ul­tra-lux­ury project in niche pub­li­ca­tions or vir­tual 3D tours or maybe dig­i­tal walk­throughs via com­pany web­site are much ef­fec­tive and smart mar­ket­ing tech­niques. Ba­si­cally our mar­ket­ing strat­egy is to en­gage and re-en­gage with our cus­tomers through Events, Dig­i­tal, Ex­pe­ri­ences, Public Re­la­tions etc. Ty­ing up with other ul­tra-lux­u­ri­ous brands acts as a crowd puller.

Q What are the growth driv­ers for the ul­tra-lux­ury res­i­den­tial seg­ment?

Metro cities like Mum­bai, Pune, Delhi, Gur­gaon and Ban­ga­lore have seen high de­mand in ul­tra-lux­ury prop­er­ties. In Mum­bai, buy­ers have al­ways made a choice to shift to Mal­abar Hill or Ne­pean Sea Road for ul­tra-lux­ury prop­er­ties. But to­day, for all prac­ti­cal pur­poses, buy­ers are eval­u­at­ing newer ar­eas like Ban­dra-bkc,juhu,khar,worli and Ma­ha­laxmi as an al­ter­na­tive. Be­sides fac­tors like re­turn on in­vest­ment, type of pur­chase and the de­sire for a home that fits their life­style largely in­clines cus­tomers to­wards the lux­ury seg­ment. The spur of grow­ing dis­pos­able in­come and el­e­vated life­styles has pro­pelled home-buy­ers to look for in­vest­ment op­tions into high-end prop­er­ties that pro­vide them with higher stan­dard of liv­ing.some of the re­cent lux­ury projects of the com­pany are Rus­tom­jee El­e­ments, Off Juhu­cir­cle, Rus­tom­jee Sea­sons, BKC, Rus­tom­jee Para­mount, Khar (W), Rus­tom­jee Ori­ana, BKC and Elita, Up­per Juhu.

The de­mand for this seg­ment shall al­ways be at ro­bust lev­els with also the ‘brag value’ play­ing a big role in such pur­chases. The to­tal mar­ket size of the ul­tra­lux­ury res­i­den­tial is 8-10% in terms of units.

Kaizad ha­te­ria

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