Mumbai Realtors Target HNIs for 'By-Invitation' Projects

Bangalore: The present scenario of Indian real estate highlights that, Indian cities are witnessing huge residential developments in and around the city as well as in suburban areas, which has become one favorable hotspot for most developers. These residential projects mainly fall under luxury project category offering good facilities which will further help to improve the lifestyle of people.

Furthermore, Mumbai real estate developers are now focusing on ‘by-invitation projects’ concept, which is to develop projects for a selected group of people, mainly high net worth individuals (HNIs) as the projects offer exclusivity and quality lifestyle experience. However, in Mumbai’s real estate market, the concept ‘by-invitation projects’ is not new but developers are now concentrating on this concept more in this present market scenario, according to TOI.

According to Kamal Khetan, CMD, Sunteck Realty, by-invitation projects are in huge demand among high net worth individuals (HNIs) and Ultra high net worth individual (HNI) section as the projects offer world-class amenities and premium lifestyle experience. “This target audience typically includes corporate such as CEOs, promoters, country heads and others aligning in the same profile,” he explains.

Anand Narayanan, National Director-Residential Agency, Knight Frank India, stated that “By invitation projects largely relate to exclusivity and premium products. These units are generally smaller in number and the price range is very high.” He also added that real estate is a “high involvement product,” hence each step needs to be properly planned and executed. Also, to obtain customers for by-invitation projects need lots of research. “These are the people who want to make a statement,” Narayanan added, reports TOI.

Khetan further cited that “Reputed firms like the architects (Talati & Panthaky) and structural engineers (Sterling Engineering Consultancy Services) have been associated with the project. Each unit of the project is a duplex with a provision for a separate elevator. The project is endowed with an indoor temperature control swimming pool, spa, concierge service and audio-visual rooms for adept business communication.” The group has their project called ‘Signature Island’ in Bandra-Kurla Complex.

“The basic concept of ‘By-Invitation only’ emanates from the branding concept where a corporate wishes to market its product to a certain customer profile. In the case of real estate, it is generally related to some extra-ordinary or super-luxury offering to a select group of prospective buyers on the basis of their social status and their taste for luxury and décor, among other things. The buyers are like-minded people who prefer staying in a well maintained building. The basis for offering this kind of product generally depends on the location of the project and its ticket-size,” said Khetan.

In addititon, Lodha group renowned builders of the city have come up with ‘Lodha Fiorenza’, a signature residence which is being designed by Jade Jagger, an iconic designer. Arun Anand, General Manager, Marketing, Lodha Group quoted that “These are limited edition residences and only for those customers who can well appreciate the design sensibilities of Jade. These are residences that come with the finest interiors and furnishing. We have a wide range of offerings – from two-bed residences to five-bed duplexes.”

Anand further cited that “In a By-Invitation Project, the developer would invite only a set of potential customers who satisfy certain criteria laid out by the developer. It is definitely not about who has the money. It is about defining some “unifying” theme that unites all the buyers of the project. Our target group is those who are well read, well travelled and who are exposed to the finer nuances of what life has to offer. We look for people who have wide exposure and who can appreciate the designer sensibilities and of course the premium attached to it.”

Moreover, developers follow a different marketing strategy for such projects over traditional projects. On this note, Narayanan stated that “The invite is special as it is hand-delivered personally from the developer or the architect after selecting the niche client carefully. The website of the project is protected by email and password and not everyone can access it.”