The Rise of Branded Residences in India
The concept of branded residences is gaining traction, with developers partnering with renowned brands to create ultra-luxury projects. This shift caters to high-net-worth individuals (HNIs) and affluent buyers who seek more than just standard luxury.
For those with the means, owning a home worth ₹10 to ₹25 crore is entirely attainable. These discerning buyers are increasingly seeking branded residences, driving developers to collaborate with international brands.
Responding to Market Dynamics
A sluggish real estate market and declining home sales have spurred Indian developers to explore innovative ways to attract buyers. Partnering with international figures to promote their projects has emerged as a key strategy.
Homestead's Collaboration with Sporting Icons
Homestead developers have partnered with both Maria Sharapova and Michael Schumacher. The tennis star and F1 legend will each endorse a Homestead project, both sports-oriented and located in Gurgaon.
- Maria Sharapova Tower:
- Michael Schumacher Tower: Located in Gurgaon
These collaborations reflect an evolving definition of luxury. While previously associated with amenities and facilities, luxury now transcends these traditional elements.
Redefining Luxury for the Discerning Buyer
High-net-worth individuals now view luxury from a different perspective. It extends beyond mere amenities, encompassing an ultra-luxury lifestyle that branded residences can offer. This evolving understanding of luxury is driving the demand for branded homes.
Partnerships with International Brands
Several developers have already partnered with international brands to develop branded residences:
- Supertech and Lodha Developers: Both have collaborated with Italian fashion designer Armani. http://indiarealestatelink.com/property-news/giorgio-armani-cooperate-with-supertech-real-estate/
- Ireo: Partnered with Hyatt Hotels for the Grand Hyatt Residences in Gurgaon, with units priced between ₹10 crore and ₹25 crore, offering residents five-star hotel facilities.
- 3C Group: Collaborating with Four Seasons Hotels and Resorts for a mixed-use branded homes project in Noida.
Market Trends
According to Rohit Kumar of DTZ Consultancy, this market is primarily visible in Bangalore, Mumbai, and the Delhi-NCR region. These metropolitan areas are witnessing the growing trend of branded residences, catering to the increasing demand for ultra-luxury living.