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.
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.