To
suit the lifestyle aspirations of the middle income group, developers
have come up with projects offering world-class amenities.
There
has been a marked rise in lifestyle aspirations of the middle-income
group over the years. Buyers from this segment now aspire for a home
which incorporates optimal lifestyle elements. This has led to a rather
unique concept of affordable luxury housing in Indian homes with a high
lifestyle quotient.
“With the changing philosophies, luxury no
longer is the prerogative of the rich or the neo rich. The developers
now offer consumer products that work towards upgrading their
lifestyles,” says Vivek Mohanani, Joint Managing Director, Ekta World.
He
explains, “Space and luxury go hand in hand albeit there are many
facets that need to be taken into account like the internal
specifications, external amenities and location which contribute to
making a project a luxury offering. One needs to keep in mind the
geographical location,
the psychographics and demographics of the region and give the
consumers a product that is aspirational. It must give them a high
standard of living, keeping with that line of thought that luxury can be
affordable and an option that can be accessible to a larger segment of
society.”
While customers have a defined budget, they also have the desire
to have all the amenities and luxuries. “The solution is to design
extremely efficient homes with proper utilisation of space and built in
premium features,” says Mayur Shah, Executive Vice-President, Hubtown
Ltd. “As people increasingly spend more time in offices and commuting,
they want to relax at home. They look at having a world-class experience
with all the luxuries around them while remaining inside the cosy walls
of their homes. The trend is definitely catching up,” he says.
Adds
Manoj John – VP, Corporate Planning & Strategy, RNA Corp: “Urban
homebuyers have always strived to enhance their quality of life by
seeking homes that offer premium fit and finishes, lifestyle amenities;
but then it also adds to the cost
of acquisition and subsequently the ownership costs in terms of
maintenance expenses. Fortunately, we have been able to design
residential formats that incorporate optimal lifestyle elements and
efficient utilisation of space. Affordable luxury homes are a mix of
amenities like a desirable clubhouse with swimming pool, garden area,
recreational and sports facilities and ample car parking space.”
With
the widening of a consumer base, luxury today has become a relative
concept and has become a concept of "to each his own".
According
to Ashok Kumar, Principal and MD, Cresa Partners, luxury homes do not
necessarily imply large sized ones. “A studio apartment or a 2BHK home
with world-class amenities may qualify for the same. A small-sized home
fulfills the aspiration of buying a home in a plush location. Some
projects in Mumbai come with world-class amenities, a golf course, spa,
club house, sports activities, water front etc in a studio apartment,
1-2 BHK in order to cater to buyers who are looking at buying a
luxurious home at an affordable price. A golf course is anyway a luxury in itself,” he says.
In
the recent past, several developers have built homes in the compact
luxury segment, where customised features are added. For instance,
Hubtown’s Sunstone at Bandra (E) has luxury 1BHKs with all world class
amenities.
The amenities which were once available in plush locations, are now available
in distant suburbs. Says Anuj Puri, Chairman and Country Head, Jones
Lang LaSalle India, “Given the limitations of land prices and
construction costs, it is possible to get a slightly larger home with
amenities above the baseline norm in the distant
suburbs of Mumbai. Affordable luxury homes are invariably priced higher
than normal MIG units, but the price points are still achievable.
Buyers expect some perceptible value-adds for the extra outlay which are
provided in areas where land costs are relatively lower.”
Avers
Kumar, “Luxury certainly comes at a price. Hence, a developer tries to
bring creativity in designing buildings in such way that they cater to
all the classes of people. Large tracts of land play a vital role to
create landscaping and amenities. Hence such luxury is coming up in
peripheral locations because of availability of large land and also
natural scenic backdrops of hills, river, garden, lake, sea, and so on.”
To cite an example, EKTA Parksville, Virar, endeavours to give
consumers a taste of the Big City Lifestyle in this deep seated western
suburban and a great return on their investment.
Today,
innovation and unique offerings are becoming the order of the day. The
trend, however, is not limited to high-end projects alone. Developers
have come up with affordable luxury projects to suit the needs of an
average city-dweller as well.
HOW TO PARTICIPATE If you would like to participate in the lucky draw that has a flat as the bumper prize, choose your property, with the help of the Project Listings below. Once you have booked the
flat, you will be given a Customer Participation Form. This is your
ticket to the Mangal Parv Home Fest. Keep it safely till you have
registered your property agreement. Then fill in the form with the
necessary details, add a slogan and drop it in the drop box at the
developer's office along with proof of purchase. The last date for
submission of forms is October 7, 2012. The grand prize of a lifestyle
flat from Lodha Group will be declared shortly after the Home Fest
concludes.