For home buyers with high disposable incomes, theme-based housing projects could be a good option. More and more developers in the country are coming up with theme-based housing projects, which are different than the rest as they are boast of with unique features and dimension to meet the aspirational demand of home buyers. With growing incomes, the aspirations to own a house which is different in terms of location, space and architectural design is also growing.
“Enviable location, spacious living spaces and pleasing architectural design are the basic expectation of modern home buyers in the prime residential category. With architecture becoming an important criterion of choosing a property, urbane residences have emerged as a successful strategy in the Indian real estate domain,” Shubhranshu Pani, managing director – strategic consulting, JLL India said.
Unlike the budget residential segment, these theme-based residential projects are not impacted much by the slowdown in real estate as this segment attracts niche home buyers who have their focus set on such specialised projects and not much depend on home loans to fund their purchase. With such projects, developers are targeting specific category of clientele such as HNIs and NRIs, and are customised to meet their demands.
“Growing competition and rising aspiration has led to more sophisticated real estate development in India. With increased globalization, Indian consumers are rapidly being exposed to global standards and desire to live a luxurious life. This is acting as a cue for developers to develop classier projects,” Pani added.
Developers are launching these theme-based projects in and around metropolitan regions such as Delhi-NCR, Mumbai, Bangalore, Chennai, Pune, etc., with high concentration of corporate employees with high disposable incomes.
According to JLL, theme-based projects are more elegant and they are developed on various themes such as 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 Disney-inspired residential projects are among the most popular currently. There is no doubt that theme-based projects help attract both developers and end buyers as like-minded people of same profession, when compared to normal projects.
As the aspirations are growing higher, such theme-based housing is expected to witness quite a lot of growth in times to come for which builders are forging into joint ventures with foreign interior designers, international architects, design firms and hospitality brands to develop many more theme-based residential projects.
Below are examples of luxurious theme-based projects in India today.
- Bengaluru-based Vakil Housing is coming up with Vakil Hamlet, which is based on medieval English lifestyles and Moghul Garden City, which replicates the Shalimar Gardens
- Purvankara Builders is offering the lifestyle of Venice in Bengaluru at Purva Venezia
- Akshaya Group has tied up with Disney to develop a Disney theme residential project of 47 acres in Chennai
- Another Disney themed project by Supertech is FableCastle on Yamuna Expressway
- Ambrosia by Ajnara Group in Noida is a residential community built on a Spanish theme
- A Rome-themed residential project in Noida is being developed by Supertech
- Lavasa Villas in the Lavasa region of Pune is inspired by the Mediterranean theme
- DLF Ridgewood Estate in Gurgaon is yet another housing project exhibiting Mediterranean-style architecture