Developers Entice Home Buyers With Renovated Sample Flats In Upmarket Ready-To-Move Realty Projects

The so-called sample flat has come of age as the coronavirus pandemic, which forced people to spend most of the last year indoors, changes the way people shop for homes,

Before the virus struck, homebuyers would book an under-construction unit after viewing a sample flat, done up nicely by interior designers, in the visitor’s gallery of a realtor’s office. But now, the buyers of uber-luxury homes are cutting cheques to move into sample apartment, avoiding the hassle of spending months on finishes.

The sample flat—or rather the designer apartment—is where the money is and to cash in on the trend, several real estate developers are tying up with interior designers for ready-to-move-in flats and villas to speed up sales and to ensure that the house commands a premium.

“Luxury homebuyers want to save time. They do not want to get into the hassle of hiring a designer and then waiting for months before moving into a furnished flat. Instead, they are willing to pay a premium and simply move into a furnished apartment,” said Ritesh Mehta, Head Residential Property Sales, JLL.

Sample flats were earlier purely an advertising feature to fast-track sales. A display flat showed what the home would look like if done up in a certain way and most of these were dismantled later.

Now, these flats are up for sale and to ensure that the design is not replicated, some developers are roping in more than one designer to maintain exclusivity.

The cost of doing up the interiors of an uber-luxury flat starts from Rs 20,000 per sq ft. An apartment that costs Rs 40 crore, will be priced anywhere between Rs 55 crore and Rs 60 crore once it is has been finished by a leading interior designer, say real estate experts.

And people are willing to pay.

“Ready-to-move-in units designed by leading interior designers is a COVID-19 trend. Instead of showcasing bare shell units, developers have started demonstrating designer apartments. This has helped developers charge a premium as well as sell their units faster. A unit that would earlier take six months to sell and easily be closed within two to three months,” Mehta said.

Some experts say it is a good marketing tactic to sell flats on lower floors or those without a view.

Sky’s the limit

Earlier this week, Lodha Luxury collaborated with designer duo Abu Jani- Sandeep Khosla to create a “masterpiece in the sky”. Jani and Khosla have designed the 76th-floor sky villa at one of India’s tallest residences, Lodha Ciel.

Inspired by influences that are rooted in both Indian culture and Universal Art Deco styles, this residence showcases both heritage and contemporary craftsmanship.

From woodwork by local artisans to outre modern brass furniture and mirror installations, which play with natural light to amplify both the interiors and the Mumbai Skyline, the villa has it all, the developer said in a statement.

“By collaborating with renowned designers Abu Jani & Sandeep Khosla, we bring together a unique experience of design, luxury, and exclusivity, creating a one-of-a-kind masterwork,” said Vinti Lodha, Advisor–Lodha Luxury.

“We believe that your home is the truest reflection of who you are, and your space must show the world who you are. During this pandemic’s difficult times as we spend more and more time at home, we wanted to create a sanctuary that showcases luxury at its highest pinnacle. A symphony of physical beauty and spiritual bliss, a perfect amalgamation,” the designers said.

In Delhi, too, DLF has engaged interior designers to dress up units in its King’s Court and Queen’s Court projects.

There are multiple factors at work when it comes to selling an apartment—the right price, the right size and the right location, said Karan Kumar, senior vice president and Chief Marketing Officer, DLF Limited.

“Considering that everything else is in place a well-done up unit definitely attracts more attention and leads to an increase in velocity when it comes to sales,” Kumar said.

The company didn’t charge extra for a designed apartment but just about recovered the cost incurred on it, he said. “We have sold most of our sample units in a matter of six months to a year depending on the project duration. We generally try and hold the sample unit until the project is sold off so that it is easy for other buyers to view it,” he said,

The company has designed sample flats both for new launches as well as ready-to-move-in units.

(Source: Moneycontrol)