What strategic planning was behind creation of a separate residential vertical of K Raheja Corp?
At K Raheja Corp, we have clearly articulated businesses across the real estate spectrum. Our distinct brands Shoppers Stop, Inorbit Mall, Mindspace Business Parks and Chalet Hotels, each have their own identity and functionality, with a clear lineage to the group.
The residential business marked the start of our group’s developments in real estate, 4 decades ago and played an instrumental role in the initial brand building of the group. The business has grown in size and offerings, and we believed the time was right to create a distinct identity of its own. A clear unique brand identity aids with customer recognition, bolsters loyalty, creates positive and increased word of mouth, with a foresight to curate world-standard residential ecosystems.
It was the amalgamation of these reasons that saw the evolution and creation of brand K Raheja Corp Homes.
KRC Homes is moving towards more impressionable development for the generations to come. How is KRC Homes addressing the demand of sustainable living?
The real estate sector’s drive towards sustainability has gained increased momentum in the last few years, accelerated by the pandemic. When the world stayed home, it was the ‘home’ that became a space of amplified focus. People understood the importance for healthier spaces that are good for the family and also the environment. This saw an increase in affinity to invest in projects which reduce carbon emission, waste, and use energy efficiently, while continuing to lay emphasis on repute of the developer, timely delivery and quality of construction.
With KRC Homes, we have always stayed ahead of the curve when it comes to designing homes that are sustainable. Pioneering the industries’ responsibility towards contributing to a green society, our group K Raheja Corp signed a memorandum of understanding with the CII-Green Building Council in 2007 to construct green buildings and we have stayed committed ever since. Apart from our eco-friendly constructions, we are also investing in designing and developing large, green expanses at each of our projects. Each of our projects focus on energy and water efficiency, enhanced air quality, open green spaces, and organic waste management. Our projects offer optimum illumination levels to improve productivity, accurate acoustic controls to improve mood and perfect design to encourage physical activity. We are also offering electric vehicle charging facilities in new projects.
Each of these combines to offer healthier and happier homes that are good for the buyer of today and the generations to come.
How is KRC Homes redefining the ultra-luxury and premium residential space?
Today, the home has not only become a place where the heart is, but also where the art is.
The very definition of the luxury and premium housing market has transformed post the pandemic. It brought to light the growing importance of homeownership and spiked a demand for homes with state-of-the-art amenities, private spaces that can double as an office, and also open community spaces and garden areas.
These clients are well-educated, globally travelled and socially connected with people living abroad, which has led to a large shift in their outlook and perspectives. They don’t want to go abroad to enjoy lavish lifestyles, rather they choose to live in their own country and demand world-class luxury. This has played a catalyst for this transformation and an increased focus towards a more modern, resourceful, and sustainable way of living, that delivers on luxury. Add to that, consumers are demanding more from their home, aesthetically.
The new luxurious home is also a sustainable one as the homeowner’s attitude about homeownership and the environment has changed for the better.
What are the factors that have contributed to uptick in the demand for premium residential real-estate across major cities in India, especially Pune, Mumbai, and Bangalore?
The need for larger living spaces and better functional amenities, coupled with a greater emotional association with physical assets during pandemic have created an uptick in demand for premium real estate in Mumbai, Pune, Bangalore and Hyderabad. Homebuyers are now looking for projects which are spacious, eco-conscious and amenities laden, with the big focus of lifestyle upgrade. Add to that, the growing cosmopolitan culture and strong physical & social infrastructure have been instrumental in posting these cities as a major residential real-estate hub.
What are the key drivers contributing to the rise in demand of luxury real estate amongst HNIs and NRIs post pandemic?
For HNI’s luxury homes are an amalgamation of the quality of the build, the location, the amenities, the size of the property and the reputation of the developer. But priorities differ for each customer. For some it is privacy, for others the cohort of community they are living with, for some it is the surreal views from the apartment while for someone else it would be its architectural marvel and amenities. It finally boils down to a grandiose living experience with the best amenities.
As for non-resident-Indians (NRIs), the depreciating rupee value and consequently higher purchasing power provides an opportunity to invest in a comfortable home in India where they can continue desired lifestyles without compromising on amenities and facilities.
Are homebuyers looking for a home-office set up? How is KRC Homes tapping into this emerging space?
Having experienced the challenges of WFH and understanding the importance of spaces that enable working while at home, customers are increasingly looking for homes with a dynamic work space that guarantee privacy and a hassle-free environment.
Today they seek ergonomic spaces in their homes, a space for their professional commitments. Due to these specific requirements of homebuyers, real estate developers are also transforming the layouts/designs of their new projects.
We, at KRC Homes are creating flexible homes and designs that cater to customer requirements by altering the open space within the apartment to provide other useful areas.
Existing and upcoming/ new projects of KRC homes. Expansion plans.
K Raheja Corp brands include our marquee brands- Raheja Reserve, Raheja Sterling, Raheja Steller, Orion, Estrella and Nova in Pune. Vivarea, Ascencio, and Artesia in Mumbai. Raheja Vistas Elite, Nacharam in Hyderabad.
Other projects we are launching include new projects within Raheja Vistas and Viva in Pune, a new tower in Raheja Vistas, Nacharam in Hyderabad.
We are planning approximately 2.5 million+ sqft in new launches in FY23. We will continue to expand our footprint across key markets to develop land parcels through strategic partnerships and collaborations. Crafting holistic ecosystems with design brilliance, K Raheja Corp Homes seeks to expand the business organically.
