Branded homes gaining popularity in India
Dec 27, 2013
Source : The Economic Times

 

DELHI: In today’s scenario, buyers’ high aspirations, increased living standard of people, high esteem needs and pre-requisite of better living conditions has pushed developers a step forward to developing a space in the super-luxury segment known Branded Residences.

This is an emerging concept wherein developers build ultra luxurious apartments for buyers in tie-ups with designers, celebrities, hospitality chains and lifestyle brands such as Giorgio Armani, Swarovski, Michael Schumacher, Maria Sharapova, Gauri Khan, Sachin Tendulkar, Twinkle Khanna to name a few. With expanding economy, fashion designers and NRIs are bringing the idea of ultra-luxury homes which includes their visuals and cultural attitudes. These residences are designed or endorsed by celebrities while keeping their own brand image firmly in mind.

Branded Homes fall under the super luxury segment, which now, has nearly 5 per cent share in the real estate sector in India. It has been observed that most of the HNIs are investing their money in luxury homes. Thereby, developers are coming up with a number of luxury and super luxury projects worth between Rs 1-15 crore, in metros. As per estimates, the annual sales of semi luxury and luxury houses are expected to grow at a compound annual growth rate (CAGR) of over 30 per cent in the next few years in India.

Super luxurious residencies cost between Rs 5-50 crore depending on factors such as size, location and facilities offered. Customers are willing to shell out a premium for the unique designer tag. They also want their homes to suit their individual tastes. The result is that branded residences are viewed as a safe place for buyers to invest in, reducing the risks when buying abroad, and providing fewer voids in rental periods for brands with good international reach.

Branded residences offer evolved amenities, a premium address and in many cases superior project management as well. As service and facility standards have risen at hotels, demand for similar standards in branded residences has followed suit. Residents in the best world-class developments are increasingly benefitted from integrated hotel-style services that include: 24-hour concierge and security service, centrally air-conditioned towers with electronic access control, room service, private elevators from secure underground parking to apartments, swimming pools, integrated entertainment systems, laundry, theatre and restaurant booking and shopping services.

Everyone aspires to stay in luxurious residences, but it needs deep pockets. Categories of people like HNWIs, entrepreneurs, celebrities, investment bankers and globe trotters are the segment of people who are more likely to invest in luxury properties, penthouses and villas.

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