Luxury Real Estate Developers Turn to Interior Design for Competitive Edge
Real estate developers are now tapping into the interior design segment to make apartments and villas more appealing and expensive to discerning homebuyers.
Luxury Real EstateInterior DesignHome DecorIndiaBengaluruReal Estate MumbaiSep 21, 2024
Presently, India’s home decor market is estimated to be worth over $32 billion. However, a majority of this space is largely unorganised, with less than 10% of the overall market resting in the hands of organised players.
“When you compare apples to apples, we have an edge over others because we’re able to provide more facilities…This will help us in a lot more conversions for the flat itself, not just interiors,” a Bengaluru-based real estate developer said.
The concept of interior design has evolved from the days when the priority was to secure a home and interiors were done in intervals with durability as focus, said sectoral experts. Customers today want to enter their dream homes with certain luxuries in place, alongside tasteful and trendy interiors with greater customisation, that reflect their personalities, they said.
Presently, about 70-80% of Gopalan Enterprises’ customers enquire about interior design services while booking an apartment. The company currently takes up 30-40 projects per month within a budget of ₹5 lakh, 7.5 lakh and 10 lakh for its finished 2BHK residential units.
The interior design industry has also garnered attention from the commercial real estate segment of late with the rise of the flexible workspace and co-living segments in the country. “Everything boils down to the entire experience for an occupier for their employees, and design is a very critical aspect of that. It has evolved a lot. This industry has upped the bar, otherwise earlier it was a very cookie-cutter model in terms of how an office should be, how it should function,” a top executive of a Bengaluru-based managed office solutions provider said.
As real estate developers warm up to the segment, those within the home interior space are exploring innovative ways to set themselves apart from their competitors, including partnering with celebrity interior designers and fashion maestros.
For instance, Bonito Design, a Lodha Ventures-backed full-home interior brand, has partnered with famed interior designer Gauri Khan and couturier Manish Malhotra to democratise celebrity interior design solutions for a wider audience.
“There is a want from a consumer angle for an elevated experience. They also see it from a style and status perspective,” said Jugjot Singh Wasson, Chief Marketing Officer, Bonito Designs.
Other marquee names which have collaborated on projects in this sector include designer duo Abu Jani and Sandeep Khosla, and designer JJ Valaya, among others. Globally, top fashion labels have an extension of their brands in the home line segment, or have lent their expertise to real estate brands via collaborations, such as Armani, Louis Vuitton, Fendi, Gucci and Calvin Klein, to name but a few.
Frequently Asked Questions
What is the current state of the luxury real estate market in India?
The luxury real estate market in India is on a roll, with developers tapping into the interior design segment to make apartments and villas more appealing and expensive to discerning homebuyers.
How much is the home decor market in India worth?
India’s home decor market is estimated to be worth over $32 billion.
What is the concept of interior design in the real estate industry?
The concept of interior design has evolved from the days when the priority was to secure a home and interiors were done in intervals with durability as focus. Customers today want to enter their dream homes with certain luxuries in place, alongside tasteful and trendy interiors with greater customisation, that reflect their personalities.
How are interior design players responding to the growing demand?
Interior design players are exploring innovative ways to set themselves apart from their competitors, including partnering with celebrity interior designers and fashion maestros.
What are some examples of celebrity collaborations in the interior design space?
Examples of celebrity collaborations in the interior design space include Bonito Design’s partnership with Gauri Khan and Manish Malhotra, and Kunal Rawal’s collaboration with luxury real estate brand Boheim.
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