European style homes gaining fancy
Demand coming from the affluent in smaller cities
Jul 22, 2013
Source : The Hindu Business Line

DELHI: Never mind, if you have never been to Venice, Tuscany or Spain. Real estate developers promise to give you a glimpse of Europe through various projects they are developing.

In a bid to distinguish themselves from competition and to satiate the growing aspirations of home buyers, newer themes are being developed.

Currently, Spain seems to be the flavour of the season, though Italy is not far behind. Developers are bringing the richness of various cultures into their ‘theme’ projects. Interestingly, these are being developed in smaller cities such as Chandigarh, Pune and Kundli rather than in the four mega metros.

Some developers, who have launched projects based on a Spanish theme, are ATS Infrastructure, Tata Housing and Emaar MGF.

Younger buyers

Analysts note that themed homes are becoming popular as the age of buyers is coming down. Also, more young people are travelling around the globe and have aspirations to own such property back home. The affluent among them want their homes to reflect their financial and social standing.

Developers agree that while themes are important in attracting buyers, at the end of the day, what sells is quality, deliverability and correct pricing.

ATS Infrastructure, which is developing Casa España, a Spain-inspired Hacienda project in Mohali near Chandigarh, said the towers are designed by acclaimed architect Hafeez Contractor.

According to Sanjeev Kathuria, Deputy Chief Operating Officer at ATS, “The project has been designed keeping in mind the taste, class and requirements of our target audience.”

Tata Housing’s La Montana, in Vadgaon near Talegaon on the outskirts of Pune, too, has been designed and conceived for aspirational buyers and those keen on owning a second home. Designed by international architects F+A of the US, La Montana is distinctively Mediterranean in style and offers more than 850 apartments priced over Rs 4,600 per sq.ft.

Exposure to cultures

Says Pawan Sarda, Head-Marketing and Product Development, Smart Value Homes, a subsidiary of Tata Housing Development Company, “Current home buyers are exposed to various cultures. A home is no longer about providing wall and roof. It is more about a lifestyle.”

Earlier, TDI Infrastructure in Kundli in Haryana had a project with an Italian theme.

The company had also engaged an Italian architect to design its project which offered water bodies, cobbled pavements and central piazzas.

Similarly, Mumbai-based developer Purvanakara Builders built Purva Venezia in Bangalore, which promised a slice of Venice.

Sarda says theme projects need to create an ambience, such as scenic surroundings and water bodies, to get the best result.

“In the end, the consumer must like the project to make investments. It is here that factors such as timely delivery, quality and price come in. The demand will drive sales”, he adds.

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