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Would you want to live in Mumbai's own Eiffel Tower?

Magicbricks.com 12-09-2015 Sneha Sharon Mammen
mumbai2-8: Would you want to live in Mumbai's own Eiffel Tower? © Sneha Sharon Mammen Would you want to live in Mumbai's own Eiffel Tower?

Heard of theme based homes?  

Trendy homes are quick to catch buyers fancy. If you have the money to buy an Eiffel Tower in Mumbai, developers are leaving no stone unturned to showcase their creativity. As per recent news, Bandra-Kurla Complex is getting its own Eiffel Tower. This 40-ft structure unveiled recently will artistically weave together a landscape designed by renowned architect, Olivier Vecchierini for a tasteful French experience.

In a statement recorded, Vecchierini says, “Based on the in-depth analysis of customers, we have created The Eiffel Tower to which the customers have reacted positively and the feedback is very good. Mumbai has a great deal of scope and opportunities in real estate sector. Customers prefer experimenting and are looking for innovative ideas”. True to the fact, most buyers are going in for the user experience after all Mumbai boasts the maximum number of ultra high net worth individuals.

Kishore Pate, secretary, CREDAI Maharashtra says, “Developers of residential projects in cities  such as Mumbai and Pune are increasingly challenged by buyers' rapidly evolving tastes and preferences in luxury housing. A decade ago, luxury housing in these cities was mainly about larger spaces, fancy facades and amenities which were considered modern back then. Today, exposure to international concepts in luxury homes has changes the very perception of what really constitutes 'luxury'.”

Enduring among the various themes is the sports theme. Areas in Pune such as Balewadi and Gahunje on the Mumbai-Pune Expressway have seen their share of projects. However, there are limitations to themes - not every luxury home buyer is lured by a certain theme.  Some others include country based themes. These have not only defined luxury in a certain way but have gone ahead in projecting the tastes of connoisseurs of design.

“For instance, the Mediterranean theme has seen quite a bit of action in India. In the man-made hill station of Lavasa, an entire mountain range is being transformed to evoke the peaceful grandeur of Venice,” says Pate.

In Bengaluru, the central parts are more or less saturated and therefore theme-based houses are a reality in the outskirts. K. S. Satyanarayana Reddy, CEO, DSR Infrastructure, in an interactive webinar organised by Magicbricks talked about how theme-based home panned out into categories such as senior citizen homes. But the target audience is also looking for reasonably priced homes at the same time.

“Theme homes are usually located 30-40 km away from the city because such homes require large spaces to evolve.  Moreover, if such homes come up within the city, they would command a premium. Most buyers are looking for mid-segment to upper mid-segment properties and theme homes are way too expensive to cater to such a public.”

In Chennai again design is no longer an alien concept among local investors. Abu Baker of Colliers International talks of the intricately done beach houses in Neelangarai that are a hit among keen investors. “They go in for corporate leasing, as vacation rental accommodations, as guest houses and earn up to Rs 4 lakh per month. Such houses are discerningly designed and that makes way for an additional income.”

Theme based, designer homes is catching home buyer’s fancy? Given in to it yet?

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