The concept of home is transforming. It is no more, just about a place to live and seek shelter. Rather it is becoming a blend of lifestyle, wellness and nurturing meaningful social interactions. This is further fuelling demand for aspirational & luxury property markets in the country. India’s premium property market which hitherto was niche segment is becoming more mainstream. Homebuyers are now willing to spend INR 5-7 crores to get the right value and asset.
At the forefront of the aspirational real estate revolution is the increased spotlight on branded homes. Though Branded Homes is not a maiden idea, it has received increased prominence in the post pandemic era, as affluent homebuyers are now spending generously to lead a branded lifestyle.
Many, hospitality as well as non-hospitality players are aggressively venturing the space with a slew of big launches and new projects. India’ well-heeled from savvy tech-entrepreneurs to family business scions to the c-suites are now intrigued by the idea of spending on brand-inspired curated lifestyle.
Rewriting the rules of indulgent living
Branded homes are rewriting the rules of indulgent living in India, catering to the refined tastes of India’s growing rich and elites. Concepts like 24 hrs butler services, concierge, exclusive wine cellars, coffee lounges, in-house dining services, which might be a novel idea few years back, is becoming more common.
Thanks to branded homes, many other superlative amenities such as infinity pools, techno gyms, private wellness spa, cafes, cigar clubs, etc. are becoming accessible to a wider range of homebuyers & investors.
Another benefit associated with branded space is the sense of exclusivity. Branded homes offer an exclusive and private space, wherein likeminded entrepreneurs, corporate wizards, creative mavericks and top-notch professionals can live, work and engage together.
Big Brands eyeing the lucrative space
Big brands are eyeing the Branded Residence space in India, lured by its long-term growth potential. After the pandemic, there is an increased demand towards integrating wellness, entertainment and sports with living. There is visible demand towards spending more on aspirational lifestyle. Interestingly not just in big metros, but also in smaller cities the demand for aspirational and premium lifestyle is thriving at a staggering speed. This is unlocking new opportunities for branded homes to thrive.
A slew of top hotel brands including Marriott International, ITC Hotels, Wyndham Hotels & Resorts, Leela, Radisson Group are aggressively pursuing the branded residential segment in India. In fact, Marriott has recently launched a mega project with Whiteland Developer (a deal facilitated by SKYE) in Gurgaon, which is touted as the biggest branded residential project by Marriott worldwide.
Similarly, a host of non-hospitality brands such as Trump Tower, Yoo, Versace etc. have also forayed into the space. In the times to come, we will see more prominent brands coming to this space. Besides, top hotel brands, there will be a crop of brands spanning across F&B, lifestyle, fashion & apparel, automotive, etc. which will pivot to the segment.
The global branded home market is sized at USD 60 billion, as per media reports. Asia accounts for around 42% of the marker share. In India the market is in its nascent phases but can grow by 60% over the course of next 5 years.
There is tremendous untapped potential in the segment, which brands not just from India but from all over the world can capitalize on. Interestingly, the phenomenon would not just be limited to Tier-1 cities but will soon proliferate to Tier-2 cities, urban peripheries, tourist destinations.
