The Hindu Business Line : Realty targeting niche segments

First it was the Government that offered special tax benefits to women. Now, real-estate companies seem to be wooing them by reserving a special discount for women buyers. Meriton Group is offering to share the cost of registration if women buy apartments in its La Femme tower — the sharing formula will depend on the size of the flat.

This is not all. Signalling a revival of the real-estate market, other realtors too are trying to differentiate their offerings from similar-looking projects in the market, by going after niche customer segments. From mega city that proposes stadiums and motor race tracks for sports lovers, to dwellings meant exclusively for senior citizens, concept or theme-based development for specific target groups is back in flavour.

Mr Jaivir Singh, Vice-President of Impact Group — a company that has launched ‘Impact Senior living’ project for senior citizens — feels the timing is right for niche projects. “There were perception issues in the market when we conceptualised our product about 10 months ago. So we decided to go slow as it would have been risky to go to a home buyer with a specialised offering, given the downturn. But we now think the time is right and have started the marketing activity around the project,” he points out.

The company says it will build nearly 1,000 units cumulatively in locations such as Punjab, Himachal Pradesh and Delhi NCR over the next five years. The first of the lot — nearly 50 units in Amritsar — will come up by January.

Specialised offerings

It may be recalled that the housing boom had seen the industry dabble in concept-based development to tap specialised target audiences — golf-centric projects, water and forest-inspired townships, child-centric housing complexes, et al. However, when the market downturn set in, the industry’s focus shifted largely to vanilla offerings.

“We are seeing that the industry is beginning to again get into specialised offerings that appeal to specific communities.

This is largely due to the premium attached to such projects,” says Mr Anuj Puri, chairman of Jones Lang LaSalle Meghraj.

Earlier this month, Jaypee Greens (a division of Jaiprakash Associates), announced a 2,500-acre Sports City project on Yamuna Expressway in Gautam Budh Nagar; it is positioned for those looking for spaces equipped with sports and recreational facilities. Sports City — complete with motor race track, residential districts and commercial business district — will be a self-contained community with elements of urban living combining style and comfort.