Are Boutique Homes Seeing A Definition Change?
Exclusivity and uniqueness define boutique homes; according to most real estate advisors. These two highly aspirational factors are offered to buyers in the form of large spaces at central locations, uber-luxury facilities and specific set of neighbours. With exclusivity set in, these are made available only in lesser number of units and are high costing- ranging between Rs 5-30 crore as per the features that the project boasts of.
Since only a handful of highly qualitative units are developed, they are mostly sold directly to the high-net-worth individuals (HNIs) without bringing into picture, the investors. The construction time is also much less - they are done and dusted within a year as compared to an average housing project, where the number of units is much more. Only reputed and experienced developers take up such projects as they need to develop the perfect product that is the hallmark of a boutique housing project. However, the boutique housing term has assumed a much broader meaning in recent times.
Boutique homes are widening the scope of luxury
Location continues to play a crucial part when a developer launches a boutique home. Orbit Corporation's Orbit Arya project is a case in point. Located at Mumbai's posh Nepean Sea Road, this 27-storeyed residential tower has one house per floor. Resale apartments in this ready-to-move-in project from 2016, are available for Rs 30 crore.
The same is true of ultra-premium luxuries. Raheja Group's Revanta is another case in point. Residents enjoy facilities such as private swimming pools, rooftop helipads; automated car wash and valet parking in this project, where units are priced at Rs 100 crore. It must be noted here that prices in this project are much higher than typically seen. Units in several boutique housing projects cost much less than the average.
Last year, the Hiranandani Group launched its boutique project, Hiranandani Gardens, at Mumbai’s suburb Powai. Homes in these housing projects are priced at Rs 3.5 crore onwards. According to group founder Niranjan Hiranandani, “This project is more than just a premium address. It’s also about living in one of Mumbai’s most-wanted destinations and the pride of living in a luxury address, surrounded by like-minded people. A home in Atlantis would be like a dream come true for the aspirational home buyers.”
Sobha Group’s boutique housing project, Sobha Clovelly, also offers units starting Rs 2.5 crore. Located at Padmanabha Nagar, Bengaluru, the project has a total of 137 units.
Typically, a boutique housing project is meant for only a handful of people. Since such projects are meant only for an exclusive group of people, the residents are part of a close-knit circle where they rub shoulders with the who’s who of the town.
According to Abodekraftz founder, Abhineet Seth, “India has traditionally been a boutique home market. Even today, buying a plot and building an independent home is aspirational for Indian consumers. Boutique homes, as a matter of fact, vary in their cost structures and you would find such homes in every price segment.”