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In the Indian market, post-demonetization was one of the major factors which shook the real estate, particularly the luxury housing space. However, increased traction towards asset creation and the lowest interest rate boosted the real estate market in the country post-pandemic. This revival in Indian residential real estate increased the demand for luxury houses in the county for the past four quarters of the country. Consequently, real estate developers are launching innovative projects in the country to grab a share of the growing market. For instance,
This area, South Bangalore, for the past few quarters, has turned out to be an emerging hotspot for real estate investors. Its strong macroeconomic dynamics, solid infrastructure and return on investment have seen many new luxurious projects. Such luxury boutique properties are mainly constructed with a very limited number of units in extremely high-profile locations.
'BHADRA LANDMARK- Jayanagar' is one such project which reflects both luxury and a commitment to sustainable living. Every home is designed to be distinctive and reflects eco-conscious construction. Additionally, an array of AI-based devices is provided in the project to make them safe, energy-efficient and sophisticated. Unique, customizable controls for lighting, temperature and safety systems are designed to attract the customers. Lastly, these boutique homes provide spacious living & dining areas, with airy bedrooms, natural light, and cross-ventilation, mostly demanded by the HNI (High Net worth Individuals).
Therefore, many of the builders who created boutique luxury homes targeted to cater only to this particular market segment and generate revenue. Since this format of housing projects can be constructed and delivered within a small time frame as compared to voluminous projects, it is a unique business proposition for them. On the other hand, few players in the space deploy boutique homes as a lucrative side business and mainly focus on high-volume mid-income housing projects. Since these 'limited edition' homes segment is based on a sound business premise, and such homes continue to sell well, thus more developers are entering this space to generate revenue.
The demand for such boutique homes can be attributed to a scarcity quotient. Such properties are mainly constructed with a very limited number of units in extremely high-profile locations and thus consistently are demanded by the upper class of the society. In addition, over the last couple of years, land availability in larger cities' core areas has reduced, which further boosted the demand for such properties. Moreover, with the onset of the pandemic, work-from-home and other formats of hybrid work cultures also provided the impetus to the demand for such properties.
In conclusion, in India's burgeoning luxury housing and premium boutique homes market, boutique residential construction will rise over the medium to short-term perspective. Therefore, with the properties offering sophisticated facilities and picturesque landscapes, more HNIs in India will be attracted to these projects, further boosting the market.
To know more and gain a deeper understanding of the construction market in India, click here.
