Tag Archives: Holiday Homes

Marina One elevates aspiration of waterfront apartments

Posted on by Track2Realty
Track2Realty Exclusive

Bottom Line: Amidst a number of housing projects along the backwaters of Kochi, Marina One promises to elevate the aspiration quotient of waterfront apartment in this part of the world. Ravi Sinha reviews the promising project.   

Marina One, Kochi Property, Sea view apartments, Sea Facing property, Waterfront property, Coastal property, Kochi real estate, CRZ free property, India real estate news, Indian realty news, Real estate news India, Indian property market news, Realty Plus, Track2Realty, Second homes, Leisure homes, Luxury homesA waterfront apartment is a dream that everyone would like to fancy about. Across the globe the homebuyers have fancied their aspirations of a riverfront apartment.

The quest for sea facing apartment is nevertheless unlike the aspirations of Richie Rich to have an apartment or villa at the peak of mountains, as second home. Most of the coastal houses in India are closer to the city centers.

But wait! Even though a substantially large share of sea facing apartments is not meant to be second homes or for the retirees, they are actually priced possessions beyond the aspirations of an average homebuyer. Such is the demand for these apartments, mostly luxury and ultra luxury properties, that a sea facing apartment today is the signature statement of being super rich.

It is in this backdrop that the project Marina One at the Marine Drive, Kochi draws my attention in the first place. Kerala, after all, is known for its backwaters. A riverfront apartment therefore prima facie gives the impression of one of the many projects sprawling across the backwaters.

The fact that the project could claim to have elements of luxury only means there is also an additional oomph factor at exorbitant cost; something that the developers in many other cities have been over-doing.

Having said this, the entry ticket size of Marina One property, that is just INR 2.5 crore, gives the impression as if this is definitely not a luxury property that is sea facing.  

A comparative chart clearly shows how any sea facing property in Mumbai would command the entry ticket of no less than INR 40 crore.  Is Marina One a mere value for money project? A closer look at the project, its marketing strategy, and the demography of the city suggests even though it is an exclusive property, it isnot meant for the super rich only.

The project will comprise 12 towers and a total of 1141 luxury apartments which is quite a sizeable inventory from Kochi’s demand standpoint. The project will have two, three and four-bedroomsuper luxury apartments with the size of the apartment units ranging from 2482.65 sq. ft. to 3710.67 sq. ft.

The property has to offer a 497-metre waterfront and a 5-acre urban park. The first phase of the project is expected to be complete by 2021. In recent past a number of national level developers have failed in the city due to regulatory challenges like the CRZ norms.

I had my apprehensions with this project as well, since both the JV (Joint Venture) partners of the project, Sobha & Puravankara, have their heavy concentration in Bangalore market. However, after reviewing the CRZ norms of the region, I realized this could indeed be music to the ears of any prospective buyer that this project does not come under the CRZ norms.

The fact that the project is a JV of Sobha and Puravankara, and Sobha today stands at the leading name in the luxury housing segment, makes me curious about the project. The track record of Puravankara over the years has equally been impressive.  

As I reach the Marine Drive, Kochi, a travel of one hour from the Cochin International Airport, the serene ambience of the place is soothing like a cool breeze. As a matter of fact, strolling along the Marine Drive the sea view in this part of the world is so captivating that it could attract anyone who can afford a house over here.

In a housing market where every other project elevation appears to be the copy & paste of one or the other project, Marina One to its credit is different in its conceptualization. The architect deserves applause for the fact that every other apartment could fetch the premium. Reason: the project has been designed like the ‘C’ letter that could make every apartment a water front apartment.

The project claims to have not just one or two but no less than 350 USPs or the differentiators. As a matter of fact, an experience center has been set up at the project site itself for showcasing the grandeur of the project, once it is delivered.

In terms of the physical infrastructure of the region, Kochi has witnessed significant infrastructure development in the recent past. In fact, it is the only city in Kerala with Metro connectivity, fueling the real estate market in the region. Marina One is located in the heart of the city along Marine Drive, one of the premium areas in the city.

The project has access to healthcare, education, recreational and other necessary facilities. The upcoming Grand Hyatt Hotel and the LuLu Convention Center, which are just 1 km away, will further boost the prominence of the location.

There is no denying that Marina One is a promising project. But it also appears to be a highly ambitious project, even from the tried & tested standards of the two developers. If only the promises translate into performance and the project is executed the way it has been conceptualized, then this will be a landmark project in this part of the world.

In terms of the competitive advantage, Marina One has in its neighbourhood tough competition with Prestige Neptune Courtyard and Tata Tritvam. However, while there is not much price difference between the projects, Marina One has better amenities, like much bigger club house of 46, 000 sq. feet for instance that will also have 50-meter lap pool.  

With some smart pricing and overall marketing strategy, Marina One could be a case study. If the project fails somewhere, it is in creating a buzz in the collective consciousness; something that many projects with lesser credentials and higher price point have done in the past.

I feel the developer should have been little smarter in its market positioning. Some more smart marketing packaging, say for instance an IPO style of sales to evoke sensation, could have created a kind of buzz that this otherwise slow moving city has not been witness to.

Kochi has a sizeable NRI population spread over the globe in general, and the gulf region is particular. The local Malayalam community is generally home sick and prefers to invest in the hometown. The price point won’t be a deterrent for the expat Indians.

Track2Realty rates this project with ‘A’ category. However, this rating could be further upgraded, subject to the promise turning into performance as the construction cycle advances. There are, of course, execution risks involved with such ambitious and futuristic housing projects.    

Mumbai, Pune tops in penchant for holiday homes

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Track2Realty Exclusive

Track2Realty Survey: Call it more stressful life in fast paced cities like Mumbai and Pune, or the competitive edge among the professionals, but the fact of the matter is that the cities of Mumbai and Pune are far ahead of any other Indian city in terms of penchant for having a holiday homes.

Second homes, Holiday homes, Weekend homes, Investment homes, Leisure homes, Investment for weekend, India real estate news, Indian realty news, Real estate news India, Indian property market, Track2Media Research, Track2Realty

Weekend Home

A Track2Realty pan-India survey finds that despite of high spending pattern of North Indians in general and Delhi-NCR in particular their investment and aspiration for a second home is far less than the citizens of Mumbai & Pune.

More than two third of Mumbaikars, as many as 66% would like to have a holiday home; followed by 58% in Pune; 52% in Chandigarh and 48% in Delhi-NCR.

The top 10 cities where people have a penchant for holiday homes are: 

Mumbai—66%

Pune—58%

Chandigarh—52%

Delhi-NCR—48%

Bangalore—42%

Chennai—34%

Hyderabad—32%

Coimbatore—28%

Indore—22%

Kolkata—18% 

These are the findings of a pan-India survey by Track2Realty, the real estate think-tank group. The survey was aimed at finding the investment pattern of the Indians into the property market once they have reached the goal of having a house for self-use. The survey tried to find out whether the Indians would like to invest in a lifestyle driven property segment like the holiday home.

The results indicate that though the Indians are more and more investing into the holiday homes, their understanding about the holiday homes is still tilted towards investment into the second homes.

Close to three out of the four, as many as 72% have appreciation potential and investment ROI when looking for a holiday home. Only 28% have “real holiday” in mind when going for a holiday home.

Traditional destinations are more in demand as the Indians are still not ready to experiment with upcoming or lesser-known holiday destinations. 78% wish to have secured investment and hence in Mumbai and Pune places like Lonavala, Khandala, Baneshwar and Alibagh are preferred destinations.

In the northern India the choice is by and large tilted towards places like Musso0rie, Shimla, Nainital and Dehradun.

Key survey highlights 

66% in Mumbai would like to have a holiday home; followed by 58% in Pune; 52% in Chandigarh and 48% in Delhi-NCR.

72% have appreciation potential and investment ROI when looking for a holiday home

Only 28% have “real holiday” in mind when going for a holiday home

78% wish to have secured investment in established locations

62% would love to invest in picturesque view of snow-capped mountains or lush green hillocks

34% of the second homebuyers are inclined towards beaches

Among the beach lovers, 74% prefer to invest in Goa

60% of the second home buyers are salaried class and only 40% are either business class or self employed professionals

78% won’t mind paying a bit more to get a leisure living villa uninterrupted by strangers on the same floor 

In the eastern parts of the county, the place of choice is mostly veered towards Darjeeling.

In south India the choice of a holiday home is mostly towards Ooty, Coorg, Kochi, Alappuzha, Yelahanka, Kodaikanal and Kannur.

In terms of the USP of the location, destinations with hills outnumber any other location with as many as 62% would love to invest in picturesque view of snow-capped mountains or lush green hillocks. 34% of the second homebuyers are inclined towards beaches, and the rest 4% have other multiple of choices, including historical places.

Take, for instance, Maria Fernandes, a 38-year-old IT professional in Mumbai. It was far more convenient for her to invest in Goa and slip away every now and then. But she rather preferred a hill station like Lonavala.

“We have sea beaches in Mumbai as well, even though not as good a tropical paradise as Goa. I really wanted to have a holiday home in a hill station. Had the distance not been a factor, I would have preferred Shimla or Nainital instead to get away from the hustle and bustle of city life. The best part is that these places are really economical when I compare it with the cost of property in Mumbai,” says Fernandes.

Among the beach lovers Goa nevertheless scores cut above any other location with as many as 74% second home lovers prefer to invest in Goa. And it is not just from the western part of the country, but even the north Indians have a special affinity to carefree Goan living.

Vivek Sharma, a self employed CA from Gurgaon has bought a villa in Goa. He feels this is a true paradise location and worth taking a flight every now and then, instead of going to any other location with lesser travel.

“One week in Goa is more relaxing than a month in the locations having four to five hours of short drive. So I took a conscious decision to have a second home as real peace of mind and best place of my choice. Failing this, the very idea of holiday home would not have any meaning,” says Sharma.

In terms of the second home buyers the survey puts an end to the perception in the collective consciousness that it is a game of wealthy Indians. The survey finds that 60% of the second home buyers are salaried class and only 40% are either business class or self employed professionals.

The statistics and the psyche of the Indians investing into the second homes might give the impression that the budget buyers would prefer to have apartments in these picturesque locations. Contrary to that, the survey finds that the demand and the quest is more for a villa living in these distance locations. No less than 78% say they won’t mind paying a bit more to get a leisure living uninterrupted by strangers on the same floor.

 

Symbiotic relation of holiday home & affordable home?

Posted on by Track2Realty
Track2Realty Exclusive

Bottom Line: First home for staying in and second home for holidaying in goes the conventional wisdom of the property market. And hence, second home (or popularly known as holiday home) is seen as a property investment by those who have enough to splurge without giving any serious thought to affordability.

Holiday Home, Second Home, Luxury Home, Investment Home, Homes for holidays, Holiday Homes, India real estate news, Real estate news India, Indian Realty News , Indian Property Market, Investment for weekend, Weekend Homes, Track2Realty, Track2Media ResearchWait! Before you think that second home is all about living life king size with all the luxury quotient attached, the market realities get you exposed to another rider. Is there any symbiotic relation between second home and affordable home.

There is a growing debate within the realm of second home market as to what is the psychograph of the buyer. Whether they actually go for affordability or location or amenities, or all these factors collectively drive the second home buyers. These are the emerging market realities and till recently the property investment pattern across the country in general and Mumbai in particular suggested that there existed a symbiotic relation between the second home and an affordable home.

Of course, the attraction that lies with the second home and what differentiates it from the first home is still the oft-repeated and clichéd parameter called ‘location, location & location’. Having said this, it is also the price point that differentiates the second home from the first home as people invest less in second homes compared to first home.

Analysts tracking the second home market maintain that second homes are usually purchased from an investment perspective or a holiday perspective. They believe affordability is one of the major factors influencing the decision to buy a second home. There are only a few examples where the second home has attracted a sizeable premium and the buyers have gone for the luxury amenities in the second home.

Moreover, most second homes are purchased on the outskirts of the city, where the market rates are usually low; however, when luxury projects outside the city offer the buyer natural open spaces and refined amenities, the cost is naturally driven up. So, it also depends on the profile of the buyer and his standing in the first home market, since affordable second home is a relative term. The ideal locations for second homes are normally close to nature, tourist spots or religious places.

Holiday home drivers

Psychograph of buyers at large suggests more investment with first home than second home

Affordable locations more in demand for second homes

Parameters of second homes changing fast and it is no longer just holiday home

An investment instrument than holiday options

Metro buyers go for open spaces with second home

Second homes also serving as affordable first home for the local buyers 

Pankaj Srivastava, COO of Maitreya Realtors & Construction agrees that there is a symbiotic relation between second homes and affordability since people invest less in second homes compared to first home. According to him, it is the price factor in a city like Mumbai where the first home is quite costly, but then people like to have a second home primarily for the weekend getaway.

“For the middle income group this is all about affordability, but for higher income groups this is not always true as the luxury second homes are equally or more costlier than many of the first homes. The main attractions for such kind of second home are the space – larger homes, open spaces, a swimming pool, a badminton court, a big lawn, gymnasiums and convenience facilities  that offer entertainment and ease of living. These additional features are what differentiate it from the first homes,” says Srivastava.

Diipesh Bhagtani, Executive Director, Jaycee Homes believes that location is the first major attraction in the second home followed by the amenities. He believes the buyer may adjust his budgetary parameters depending on the location of his purchase and the amenities being offered to him with the purchase of the second home, especially if he doesn’t enjoy these facilities with his first home.

“Second homes are all about luxury and some of the most important elements the buyer will be drawn towards include lush greenery, pollution free open spaces, shopping complexes, entertainment hubs, easy transportation access and the presence of basic amenities (if not luxury amenities). Even a super luxury project can be sold as second home. When something appeals to the buyer and if he can afford it, he will definitely invest. So, whether it is a super luxury project or not, it can be sold as a second home; however, the buyer’s decision of investing in a luxury project for a second home depends entirely on his purpose for this second investment. For instance, if the buyer is looking for a vacation home purely for the purpose of leisure, his first choice might be a luxury project,” says Bhagtani.

A believer of second homes in the affordable category, Surabhi Arora, Associate Director -|Research with Colliers International maintains that buying residential property is an attractive income investment for many in an era of a volatile stock market and low return in other popular alternative investments such as gold and mutual funds, as property can fetch rental income and has an upside potential for capital appreciation in the long term.

“When choosing a residential property as first property for self-use, selecting a location often depends on considerations like distance from own work place, children’s school, native place and social amenities. However, for buying a residential property for investment as second home, the decision is generally based purely on appreciation potential,” says Arora.

The debate continues as to whether or not there is a symbiotic relation between the second home and the affordable factor. But what can be vouchsafed is that the price point of the second homes has a co-relation with the location and the amenities. Now whether the second home is also affordable or not depends on the two given factors even though the collective consciousness would like us to believe that since one invests more in the first home hence second home is more or less an affordable option for the buyers at large.

By: Ravi Sinha

What drives holiday home investment?

Posted on by Track2Realty
Track2Realty Exclusive

Bottom Line: The debate as to whether location matters more to the second home buying decision or the affordability leads to a chicken and egg syndrome.

Second homes, Holiday homes, Weekend homes, Investment homes, Leisure homes, Investment for weekend, India real estate news, Indian realty news, Real estate news India, Indian property market, Track2Media Research, Track2Realty

Weekend Home

There are no clear answers over the debate about location or affordability. Different set of buyers have different concerns and outlook with regard to buying a holiday home.

While the advocates of location as a demand driver argue that if affordability, or the cost conscious mindset, is the critical factor why would one even go for a luxury of availing second home for holidays?

Those who believe affordability is the prime criterion remind that a second home is not necessarily a luxury for holidaying alone but it can also be purchased as an investment with appreciation potential in mind.

While the first school of thought has a firm conviction that if luxury projects are today being sold as holiday homes it shows that price point is not the only factor; others question if affordability and its appreciation potential is not the key determinant how come some of the tourist locations could never blossom as the market for second homes. As a matter of fact, some of the buyers even look to invest in the second home with rental yields in mind. The debate hence continues.

What can be vouchsafed is that it is all about the buyers’ profile that determines the criterion to buy a second home. While the rich and affluent buy it out for sheer luxury and pleasure of holidaying, the mid segment buyers go for it with investment horizon in mind.

Holiday home drivers

Three critical factors of second homes—Location, Affordability & Amenities

Natural surroundings, tourist spots and religious places ideal for second homes

Equally lucrative market for high end and mid segment buyers

Amenities & luxury more important for high end buyers

Affordability a key concern for mid segment buyers

Location equally critical for all second home buyers

The developers active in this space have their own views and concerns to cater to two different extremes of thought process. It seems more market research and strategy is needed in this segment of housing which may appear to be a leisure investment as an outside view.

Diipesh Bhagtani, Executive Director of Jaycee Homes maintains that both the location and affordability matter equally. If a buyer is investing in a second home purely for the sake of monetary investment gains, he might consider affordability over location. But if he is considering a second home as an extension to his living space, he might place his location preference over affordability. It is all about the reason why the buyer is opting for the given property.

“What the first home does not have often lead the buyers to second home. One of the biggest reasons for a buying a second home is the extension of luxury space. Most buyers will look for natural landscapes filled with lush greenery when looking for a vacation home. However, these elements of luxury living need to be complemented with easy access to hospitals, shopping complexes and transportation modes. A frequent business traveller will naturally look for ease of access while shopping for a second home, whereas families may prefer entertainment hubs along with natural open spaces,” says Bhagtani.

Hiral Sheth, Director-Marketing with Sheth Creators is of the opinion that several factors influence the price structure of these second homes. The most important is the location of the project. She reminds that in a city like Mumbai where space is the most important constrain location becomes a prime factor in investing.  Connectivity along with social infrastructure in a prime location is of utmost importance while investing in this segment of real estate.

“Location along with amenities offered plays a major role while choosing a second home. In real estate, amenities are features such as location, outlook or access to a park, lake, highway, view or the like, which enhance the desirability of investment in project that contribute to the pleasure and enjoyment of the occupants. Location and social infrastructure definitely plays an important role in the mindset of the buyers while they are investing in second homes,” says Sheth.

Surabhi Arora, Associate Director – Research with Colliers International, however, maintains that it is difficult to say whether location or affordability matters more in case of second home buying. According to her, one can always choose any promising location and need not pay much heed to personal choices. By promising location, it does not mean the most expensive or the cheapest. It is a location where people would like to live, and that can be for a variety of reasons, like commercial development, location, infrastructure, educational institute and social life.

“Promising locations can always fetch you a good return whether it is rental yield or capital appreciation. Further, if someone is planning to rent out the property, he always thinks about the target tenant and chooses the property accordingly. For example, buying property near a commercial hub make sense as target tenants are generally young professionals who like to live near their workplaces,” says Arora.

Pankaj Srivastava, COO of Maitreya Realtors & Construction feels that many people have disposable income for whom owning a luxury second home is a status symbol. They look up for modern amenities. Locations with scenic beauty and natural surroundings are preferred while investing in them.

“There are various factors which are looked upon while investing in second homes. The basic decision is based on the location and accessibility from the city. The connectivity to the main city, the infrastructure in terms of roads, electricity, water supply, waste management and the facilities provided by the developer, the ease of maintenance and upkeep of the property are all crucial in making a decision,” says Srivastava.

Second home market is a new phenomenon in urban India but has emerged as a sunrise market in cities like Mumbai. With the ever changing trends the demand for holiday homes has varied according to the consumer’s needs and tastes amongst various cities. Hence, there cannot be a one size fits all answer to the dilemma of location or affordability. For many a second home in India is housing which offers opulent living spaces and ultra-modern luxurious amenities; whereas for others it is a safe investment.

With the changing demographics of consumers and younger generation as buyers, developers are also continuously researching over the issue before any new offerings to strategise the sale of their projects. Right from technology to brand association, the developers are positioning the portfolio innovatively as this segment of housing is catering to a wide range of buyers.

By: Ravi Sinha

Lodha launches ‘The Reserve’ at Lodha Belmondo

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News Point: Conceptualized as finest luxury in a river side golf-based development, the project brings together world-renowned partners Greg Norman and Christopher Charles Benninger. 

Lodha Belmondo, Lodha Group, Holiday Homes, Weekend Homes, Luxury Developer of India, Mumbai Real Estate, India Real Estate News, India Property Market News, Track2RealtyExpanding its footprint in the weekend homes offerings, has launched ‘The Reserve’. Set within the 100-acre luxury resort of , on the banks of the Pavana River, The Reserve is an exclusive gated enclave with 28 villas and 6 residential towers, all commanding spectacular golf course views and offering the impeccable hospitality of a private members’ club.

Bringing world-renowned partners for the first time to the region, The Reserve at Lodha Belmondo offers luxurious 3 & 4 bed residences starting 1.6 crore and Sky Duplexes and Golf Villas starting 5.5 crore.

The development is strategically located on the Mumbai-Pune Expressway. A short drive from Lonavala or Pune, and a breezy 2 hour drive from Mumbai, The Reserve is easy to reach, yet reassuringly private and secluded.

Residences at The Reserve, designed by world-renowned architect, Christopher Charles Benninger, offer extravagant views of a 45-acre golf course, 90-acre of lush green open spaces, Pavana River and Sahyadari mountains.

Project Highlights: 

6 luxury towers comprising of 3 & 4 bed residences, sky duplexes and 28 golf villas (2 towers of 3-bed luxe, 2 towers of 4-bed and 2 towers of sky duplexes 

45-acre, 9-Hole golf course designed by Greg Norman 

90 acres of lush green open space on the banks of river Pavana 

A private members’ club with a swimming pool, games room, gym, party lounge, library, 24×7 resident manager on call, Concierge and valet services 

50,000 sq. ft. Country Club managed by Evason – international hospitality group by Six Senses 

Equipped with 10,000 sq. ft. spa, games room, fully equipped gymnasium, a private theatre, restaurant and a party hall 

Multi-purpose courts for sports, a full-sized cricket ground, an organic farm, amphitheatre, helipad and more

The 9-hole golf course designed by the legendary golfer Greg Norman, exceeds global standards, enabling gradations from easy to moderate to challenging, and an opportunity to experience the finest professional equipment and training facilities.

Additionally, the Pavana River, which flows alongside the golf course will have a 1km long riverside promenade and boating facilities.

Speaking about The Reserve, Prashant Bindal, Chief Sales Officer, Lodha Group said, “In alignment with our vision of ‘Building a Better Life’, we are pleased to present ‘The Reserve’ as a perfect antidote to city life. The Reserve is a perfect weekend destination where one can simply come to unwind and recharge, preparing for the coming week. With its differentiated offerings, The Reserve at Lodha Belmondo has given a substantial impetus to demand within Mumbai and Pune. On construction front we are already at an advanced stage with various amenities like The Country Club with a private theatre, swimming pool, games room, fully equipped gymnasium, Juice bar and more are fully operational. We are now working towards completion of the golf course within few weeks along with other lifestyle amenities.”

Speaking about the lifestyle at The Reserve, its brand ambassador Deepika Padukone said “This is a perfect weekend getaway. Away from the hustle and bustle of the city, yet not very far. And there is so much to do here, that it just can’t get monotonous. A game of golf at a 9-hole Greg Norman golf course or quality time with family by the riverside promenade is the perfect way to unwind. I can spend my weekends blissfully here as it perfectly fits my active and busy lifestyle, be it sports or leisure. I recently spent 2 days here and it was an absolute delight. I enjoyed every bit of it. I feel the vision that Lodha has setup with this weekend project will completely change the way people look at their weekends. One can simply get here over the weekend to rejuvenate and get geared up for the coming week.”

For an ultimate private luxury experience, The Reserve offers access to a private member’s club, a 5-star hospitality service with a dedicated 24×7 resident manager, a private helipad and the finest therapies at a world-class spa by Evason by Six Senses.

On account of large open spaces, the air quality in this neighbourhood (AQI of less than 70) is far better than any other city in India (including Mumbai and Pune) and even neighbouring regions, making it almost at par with leading cities like New York and London.

Mark2Market-Tata Myst promises luxury in Himalayas

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Project: Myst – 20 acre, Eco-Luxury Residences

Developer: Tata Housing Development Company

Location: Village Kalth, Near Kasauli, Himachal Pradesh

Price: Rs. 3.5-14 crore

Project execution lifecycle: July 2015- December 2017

Conceptualisation

Tata Myst, Kasauli Property, Shimla Property, Solan Property, Luxury Villa, Second Homes in Himalayas, Holiday Homes, Holiday Destinations, Indian real estate news, India real estate market, India property market, Track2Media Research, Track2RealtyMyst has been conceptualised on the basis of in-depth understanding of both stated and unstated needs of our customers. For the project Tata Housing has conducted Qualitative Research followed by Focus Group amongst a niche audience on the location, theme and project architecture. The design was finalised post integrating the design elements as suggested by the consumers.

Driving force

With an aspiration to delight the homebuyers Tata Housing wished to provide quality life spaces through continuous innovation, and in the process they conceptualised India’s first residential development designed using biophilic architecture. It is an approach that brings residents closer to the pristine nature of the Kasauli Hills, while presenting them with every luxury. This exclusive gated community has been designed by the world’s leading expert in sustainable architecture, Llewelyn Davies Yeang. Located on a high promontory, Myst blends contemporary design seamlessly with the unique ecology of the area.

Drawing board to on-ground

It took Tata Housing around 6-9 months for the project to hit ground after the entire planning process was complete. Tata Housing claims that as a standard operating procedure, they conduct both primary and secondary market research before signing any new project. So, they conducted an in-depth analysis of the demand supply ratio along with the development potential and expected infrastructure development of the project before hitting the ground.

Defining demand

In order to define the demand in this market the company got into concentrated and focused market research to determine consumer needs and then the project was designed and implemented according to those preferences. They claim to have noticed an increasing demand for holiday homes in the Hills of Kasauli and thought that Myst would be a perfect fit blending contemporary design seamlessly with the unique ecology of the area.

Challenges

Landscape design has been a key challenge in order to create a place of high built density for people; those are also rich in wildlife. At least 30% of the area left over after deducting the building footprint from the site area will be soft-scaped. All open parking areas will be planted in the space between parking slots with fast growing varieties such that will provide shade when fully grown. To make the site better for the less common and more threatened native species of plant and animal than it is now, species planted shall be selected from local native species and those capable of resisting drought.

Insights

Tata Housing realised that heat islands is a critical area of concern. Choice of roofing materials and greening of roofs was estimated to reduce heat island effects. Roofing material other than turf therefore has to be selected of high albedo material and high SRI. To avoid or minimize damage to sensitive ecosystems and despoiling of landscapes Tata Housing hence adopted best practice norms for infrastructure construction like planning the services according to the site gradients and then superimposing the Masterplan for effective functioning.

Market feedback

Tata Housing’s Myst has witnessed an overwhelming response from consumers across the country. The developer has already managed to sell more than 50% of the available inventory within the first two years of the launch.  Myst has been conceptualized and designed with the specific purpose of offering a new dimension to luxury living. For this they claim to have employed the practice of pilot testing, comprehensive research of the market and the landscape and then testing the concept before launching the formal project. The property has witnessed an overwhelming responses from Indian buyers as well as the NRI community. Testament to this is the recent online sale of a Rs. 5.5 crore villa at Myst.

Project differentiator

Myst is an exclusive gated community that blends contemporary design seamlessly with the unique ecology of the area. The eco-luxury residences, born from a joint venture between Tata Housing and Impacts Projects, are an organic addition to the magnificent Kasauli Hills — the result of a blissful blend of luxury and splendour, adding a new dimension to the luxe life. Easily accessible, Myst is located on a high promontory — a hill top with gradient — and is a mere 65 kilometres from Chandigarh, the city of Le Corbusier. Surrounded by the lush indigenous foliage of a pine forest, Myst is a way of life — in harmony with natural beauty that is both pleasurable and sustainable.

Investor outlook

As against the general perception of investors buying in luxury second homes, Myst has received an overwhelming response from the end users. Being the only project created on the principles of Biophila, a design ethos to create grand living spaces that are invigorating, inspiring, and comforting with the nature. Biophilic design lessens stress and  enhances  well-being  as  our  minds  and  bodies  gravitate  towards certain configurations and  natural layouts. With flowing water, green roofs, and airy open living spaces, Myst eliminates stark distinctions between built up structures and natural surroundings.

Marketing strategy

Tata Housing has adopted a 360 degree marketing approach for the marketing and since this is one of the most luxurious projects, they had a perfect blend of outdoors at strategic locations, print advertisement with leading dailies and constant burst through the premium online websites. Along with the above mentioned routes they have also invested a considerable amount of money through sponsorships of on-ground events in the micro market and creating a storng reference scheme for our customers.

Hits & misses

Tata Housing has implemented multi-channel sales strategy with a proper mix of brokers, online portals, customer references and company sales team. This has resulted in a positive word of mouth amongst the prospective customers leading to incremental awareness and sales.

Learning

Projects created basis the needs and requirements of the consumers will be in demand irrespective of market conditions.

Launch2Sales ratio

Despite the fact that Myst is a niche project to fulfil the aspirations of a segment that desires luxury living at par with international standards, Tata Housing has sold 50% of its villas and continues to receive an encouraging response.