How Foreign Brands Are Making Way Into Indian Property Market
Branded residence as an asset class is taking baby steps in the Indian real estate market. The evolving taste and investment requirements of the super-rich class or High Net-worth Individuals (HNIs) in India has influenced developers’ strategy on luxury homes. The concept of branded homes has branched out into - designer homes by international hospitality and lifestyle brands such as Disney and serviced apartments by leading domestic hotel chains such as Leela Residences at Bhartiya City or Grand Hyatt Residences by Ireo.
For an accomplished, high-profile buyer, luxury has a whole new meaning today and goes much beyond a sprawling house at an earmarked location or modern facilities such as exclusivity, affluence and the brand recall which only select players are best at realising.
Many realty developers in India have collaborated with successful brands for launching branded residential properties which come with a high premium compared to the non-branded luxury homes in the market.
MakaanIQ brings the latest updates and insights on branded homes:
Versace: After setting its foot in Mumbai, this Italian fashion company is heading towards Delhi. It has joined hands with a promising local developer, Unity Group, to launch a luxury projects comprising of two 23 storeyed-towers. In 2016, the firm had collaborated with ABIL group for building high-end apartments in Mumbai. The residences in Delhi will be 5BHK homes - a total of 160 apartments with designer-label amenities and chic fully and partially furnished interiors.
Fashion Television: A Lucknow-based real estate company, New Modern Buildwell, tied up with FTV, a global multimedia network in 2015 to launch an 'affordable-luxury' project.
Armani Group: Supertech Limited, which had developed swanky spaces with Austria-based Swarovski and renowned names like JW Marriott and Le Meridian, has entered into a partnership with Armani Group, another leading Italian fashion brand. Armani Casa, the home and interior design wing of the group will design 100 super luxury residences at Noida, sized between 3,000 sq ft to 5,000 sq ft.
Trump Towers: Trump Towers is creating a lot of buzz with their iconic properties in Mumbai, Gurgaon, Pune and Kolkata. The Indian developers who have worked with the Trump Organisation are Pune-based Panchshil Realty, Lodha, Unimark Group, RDB Group, M3M and Tribeca Developers.
Walt Disney: Global entertainment giant, Walt Disney, came up with Disney-themed houses that has been a hit among Indian buyers. Akshaya Developers in Chennai, Prestige Group and Sunteck Realty have enthralled their customers with stylish Disney-inspired residences.
What makes branded residences attractive?
It is a time when an internationally-exposed home seeker looks for resort-like facility standards and superior concierge services in the property he or she would call home. Even if they are high maintenance, branded developments have an edge over other uber-luxury projects owing to their exquisiteness and luxe appeal - with inclusion of customised furniture and furnishing accessories, exclusive fabrics and the status value which comes along.
A house designed by Kelly Hoppen or Phillipe Starck is sure to lure those in search of a signature product and a large-than-life experience. In fact, to cater to the Indian consumers, these international labels also go the extra mile to blend the elements with the Indian environment which appeals to the Indian families. The investment value can only be gauged in terms of a sophisticated and envious lifestyle as maintaining such a property comes at a high cost. But India's wealthy population has significantly grown and thus this niche market will continue to find takers in the years to come, going by what many industry experts believe.