Sulekha.com explains whether theme-based homes are the next fad in the Indian realty sector.
, Sulekha.com | Capital Expertise: Property
Innovation is inevitable in any field to bring-in changes in the lives of humans, and real estate is no exception to these constant changes to meet the aspirations of homebuyers. Changes happen in real estate in two ways when customers demand for a specific facility and when builders introduce certain trend, which latter followed by others.
In Tier I and s few Tier II cities, the latest trend is having ‘themed luxury houses’. One would wonder, what is it all about? Earlier, people used to have luxury houses with larger living spaces, fancy facades and latest amenities such as gizmos, high tech security gadgets, modular kitchens or Italian marble flooring etc.
But the concept has become redundant now due to opening of Indian markets to developed global economies and increasing number of people visiting abroad for business and recreation purposes. These people come back and try to implement the latest trends in real estate prevalent in those countries. And ‘Theme homes’ are the latest fad that has caught up cities like Pune, Mumbai, Bengaluru, Chennai and Delhi. People want to have their home built on certain theme. Themes can be of any type depending upon one’s taste and knowledge.
Builders are increasingly influenced by buyers' changing preferences and tastes in luxury housing and are making projects with specific themes.
According to Kishor Pate, Chief Managing Director of Amit Enterprises Housing, “These days buyers’ are well exposed to international concepts in luxury homes and the conventional idea about luxury and its constituents have been changed.”
Some of the themes, which are largely adopted are sports, country, environment, integration of old and new concepts, technology etc. “Builders are making several themed luxury projects, some would be area or attraction-specific, and others based on individual tastes. For example; those who reside near cricket stadium would want their home to be built with the theme of cricket and those who have an animal husbandry attraction, would like to have houses in sync with the animal theme. But all are not opting for this, yet the trend is picking up,” says Kishor.
Areas in Pune like Balewadi and Gahunje on the Mumbai-Pune Expressway have seen their share of projects that bask in the reflected glory of the sports stadia there. However, there are limitations to this theme as not every luxury homebuyer has interest in sports.
Country-based theme is another trend, which is picking up fast. Indians seemed to have passion towards Mediterranean theme. For example, in Lavasa, the man-made hill station, an entire mountain range is being transformed to provide the feeling of Venice.
The country-specific themed homes trend has already caught on with luxury homebuyers in Chennai, Mumbai, Hyderabad, Pune and Bangalore.
The reason for this trend can be largely attributed to the frequency in travelling abroad by HNIs and hence are getting exposed to the latest trend in those countries. Most of the HNIs are seasoned international travelers. It is not possible to visit a country like Malaysia, Greece, France, Italy or Singapore without bringing ineffaceable memories back home. This creates a preference to live in an environment, which represents both the architecture and the lifestyles prevalent in those countries.
The number of people who want to have themed homes in India is going to go up further, as more and more luxury homebuyers would look for uniqueness in projects, say analysts.