When it comes to luxurious lifestyle, HNIs can spend crores to get the best in class facilities in their homes. In order to cater this segment, many developers today are focusing on the construction of such residences which are equipped with personalized luxury and hi-end amenities. Boutique homes are one of such concept which is gaining a lot of momentum in today’s real estate sector.
So, what exactly are boutique homes are why developers so eager to cater to these niche homes to HNI segment? Let’s understand this in detail:
Boutique homes are residences which are designed with innovative technologies, modern architectural styles with ultra-modern, stylish and luxurious amenities like private pools, lifts, multi-car parking etc.
The objective of creating such residences is mainly to cater HNIs those who can spend a lot of amounts to get a luxurious and international themed lifestyle.
A boutique development can also be identified with its atmosphere and location. But again, the focus is to provide the buyer custom-made luxury, including decor and ambiance, which is completed with elaborate attention to detail and is esteemed as a work of art.
Developers generally design 5-10 boutiques homes in their housing project with highly specialized facilities.
Unique business model
According to real estate experts, “The boutique luxury homes category comes with a unique business model. The segment is selling well even as volume luxury properties lag far behind. This is because there is a distinct scarcity quotient attached to them and extremely high-profile locations are in consistently high demand among the super-rich.”
However, the demand for such residences has increased a lot in last few years. The main reason is that these projects basically focus on quality than quantity. These residences are quicker to construct. Usually, boutique homes are handed over to the client in 9 to 11 months.
Apart from HNIs many NRIs too are buying these ‘limited-edition’ residences. They are usually well-accustomed to luxury living in their primary residence and can afford to pay price for a similar lifestyle in their hometown.
As per a data revealed a few months back, the number of such luxury properties to see 100% growth in coming five years. In 2016, there was 1 lakh 46 thousand boutique homes in India whereas it is likely to reach 2 lakh 94 thousand by 2021.
Boutique home-price trends
Several realty developers like DLF, Ansal API, Uppal etc are already developing boutique homes in India. Apart from them, renowned Sobha developers are ready to launch their first boutique homes in Bengaluru. Ansal is also planning to launch such luxurious residences in Lucknow.
However residential price under this segment starts from 4 crores to a maximum of 30 crores depending upon the kind of amenities a developer give to his buyers. Meanwhile, in Bengaluru, skyline constructions are also in line to launch a boutique project which comprises of six exclusive apartments ranging between 4-23 crore.
In a nutshell, these homes are still a new concept in India but they are slowly taking shape due to their increased demand by ultra-rich and NRIS.