Real estate developers in Gurgaon lure NRIs with theme based housing

Located in the heart of the millennium city in South Avenue on the Sohna Road is The Nile, a premier project of Omaxe bringing a live ancient Egyptian civilisation with its arches, tomb and entire structures symbolising the Egyptian culture. And if you are not keen on the Egyptian theme then you could pick and choose from other options like villas and flats that have drawn inspiration from Spanish villas and Arabic architecture.

The real estate developers in the city are adopting theme-based housing for niche clients whose aspirations go beyond modern facilities like parks, swimming pools or health clubs. "The theme-based housing concept is the latest fad in the realty market. This concept is definitely going to gain momentum in the times to come with leading real estate companies testing out new ideas to woo potential buyers," said a spokesperson of Ansal API which developing Palam Vihar Spanish Terraces.

The Nile was conceived way back in 2005 by Omaxe when not many developers undertook theme-based housing. Being strategically located, the project caught the attention and was hugely successful and today it is fully occupied. "While the odds were placed in our favour because the preliminary research that we did, the evolving real estate market, the growing population and more importantly a rising income level prompted us to innovate. And we have been fortunate that it paid off," said an Omaxe spokesperson.

MARKETING MANTRA

Themed residential projects make a lot of sense from marketing perspective as well. "Having a theme helps in creating differentiation in an over crowded market that has been deluged with launches of residential projects. So, the demand for 'Theme based housing' is driven both by consumers taste and the innovation that goes behind it," said spokesperson of Ansal API.

While it remains a fact that cost incurred, on such architecture with amenities and facilities matching the elegance, is high; the buyers in the city are willing to pay up that extra bit to boast of such superior address. Real estate developers say Gurgaon is an excellent city for such theme-based residential projects as the purchasing power of the consumers is high and such projects easily attract the attention of their desired target audiences.

"Gurgaon has always been a market for professionals with high disposable income. We tasted the waters with The Nile and have found the response very flattering. Due to the presence of many corporate offices including MNCs, the real estate market in Gurgaon has almost reached its peak now," said the Omaxe spokesperson.

"Gurgaon is an appropriate place to do theme-based of projects as Delhi lacks such large land parcel. The people are shifting to Gurgaon in these kinds of lifestyle projects as preferred destination," added Manoj Goyal, senior vice president of Raheja Developers Ltd. The real estate developer is coming up with Revanta, an iconic structure of unprecedented height of 60 storeys the architectural style of which has been inspired from Middle East state i.e, Dubai architecture which most significantly blends Arab's traditional structural designs with modernity. Many modern interpretations of Islamic architecture can be found in this project. Other significant features employed as motifs include jallis, columns, piers and arches, organized and interwoven with alternating sequences of niches and colonnettes. Raheja's are doing another theme-based project in Dharuhera and one township in Sohna Road, Sohna over 108 acres in first phase. The township is based on Forest and green living surrounded by Aravalli range.

Buyers for such housing vary from both high-income domestic buyers to NRIs. Goyal says there are segment of people who want to buy a house which is different/ unique and has some special features of their choice.

"Typical housing development is not preferred by urban rich who can afford to buy quality houses. Secondly, theme based projects always help to put same-kind of thinking people under one umbrella. This help goes well in long term and people who are living is in-sync and alignment of thought process in residents. Certainly, this helps to market the project and target specific kind of buyers who preferred certain kind of ambience in a housing project," he further said. These theme based projects are a perfect blend of blend of style, ancient charm, contemporary design and modern facilities like swimming pool, hi-tech health club, children's play area, landscaped parks, Jacuzzi bathtub to name a few that helps in enhancing the lifestyle quotient.

Source: articles.economictimes.indiatimes.com/2012-09-27/news/34127459_1_omaxe-raheja-developers-real-estate