With the number of high net worth individuals (HNIs) increasing in India at a fast pace, so is the demand for niche luxury properties in the real estate market. Boutique homes are a perfect example of this category.
Boutique Home: The Concept
A boutique home is a residential unit encapsulated with modern and innovative designs, global architectural style and elegant yet stylish décor. These units are custom-made and are carved by the developers exclusively on the demand for luxury homebuyers or HNIs.
The units are equipped with hi-end luxurious and expensive amenities such as private lifts plunge pool, Jacuzzis and personal car-parking area. As per the demand of the buyers, the developer infuses all the personalized and ultra-luxurious accessories in the apartment.
The price of these units mostly fall in the range of 6 to 35 crores and due to this most of the developers only construct 5-10 units in a housing project. Today, many leading developers of the country are foraying into this niche segment of homes just to gain the attention of HNI buyers. Few developers have already launched such projects in cities like Bengaluru, Lucknow, and NCR. All these projects start at a minimum price of 5 crores and go to a maximum of 25 crores.
Boutique Home: The Present and Future Trend
The demand for such homes among the uber-riches and HNIs has witnessed a huge jump in the last few years. According to experts, this is likely to cross 2 lakh mark by 2021.
Due to its unique business model of limited edition residences, the developers have been able to maintain a balance between the demand and supply of such homes. Besides HNIs, even the NRIs love to invest in such homes as they are well-accustomed to such luxury living and can pay any price to own such home in their native country like India.
Seeing the current trend, it can be said that although it is a niche segment in the realty market, still it has all the potential to gain more momentum in the coming years.