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Construction : Web Exclusive | April 2013 | Source : Construction Update

Builders go for recession-free luxury homes

In the super-luxury housing segment branded homes are becoming a popular concept. Real estate developers are increasingly tying up with international brands/hospitality chains to launch such apartments, priced from Rs 10 crore to Rs 25 crore. The move is meant to create a differentiation in a real estate market battling slowdown.

Builders are also roping in global celebrities such as Maria Sharapova and Michael Schumacher to endorse projects, besides tapping Bollywood star wives to design these. Sharapova and Schumacher are associated with Homestead Infrastructure for its projects in Gurgaon. The definition of luxury has changed over time. Earlier, it was about having a swimming pool, clubs, parks, designated spaces for various games and, of course, gated apartments.

All that has become middle class, they say. So, the upper middle class and rich are looking at luxury from a different perspective, which is where these branded homes fit. Rohit Kumar, head of research, DTZ Consultancy, said developers want to play safe and this is the segment (ultra-luxury) which has seen the minimum impact of the slowing in the real estate market.

Such branded homes or homes associated with celebrities appeal to the lifestyle and adds to the aspirational value of buyers. He said the market for such homes was mainly present in the Delhi-NCR area, Mumbai and Bangalore. A senior representative of a realty firm said such homes were ‘recession proof’, which was why developers were shifting their focus to the luxury and ultra-luxury segment.

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