Resort-led real estate gains traction as buyers seek lifestyle beyond second homes

New Delhi: Hospitality-led real estate developments are gaining traction near metro cities with buyers looking for resort like lifestyle in second-home. Developers are coming up with sale-and-leaseback investment model in places like Jaipur, Lonavala, Kasauli, Coorg where a portion of resort is sold to individual buyers who can come and stay and give it on lease also.

"Buyers are looking for an elevated lifestyle, world-class design and services backed by a trusted brand. The runaway success of recent launches across Mumbai, Gurugram and Delhi prove that buyers will readily pay a premium for exceptional experiences and not just physical square footage," said Ashwin Chadha, CEO, India Sotheby International Realty.

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It's co-sponsored fund, ASK Curated Luxury Assets Fund-I, recently invested in the Taj Mount Kusur Resort & Villas in Lonavala, developed by Amavi in partnership with Indian Hotels Company (IHCL).

"The way people choose their homes is evolving. Increasingly, homebuying decisions are being shaped by lifestyle choices and by the kind of environment people want to live in. This shift is creating greater relevance for hospitality within residential real estate," said Vishal Vincent Tony, MD, Aratt Developers.

Aratt is executing multiple resort led project around Bengaluru.

"Buyers are looking for more than just amenities; they are seeking convenience, service, experiences and an environment that complements their aspirations and everyday routines," said Tony.

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For developers, this also represents a shift in the way residential communities are being conceptualised. The focus is increasingly moving towards creating integrated living environments where residential, hospitality, leisure and social experiences come together.

"The projects based on the theme of hospitality are witnessing a surge in popularity in Bengaluru owing to the developing business environment, strong presence of IT/technology and increased demand for quality experience. The combination of the sectors like hospitality, commercial and mixed use development creates new avenues for the developers and investors. There is high demand for developments that offer a combination of hotels, serviced apartments, shopping and dining," said Raghunath Reddy Bhattagiri, co-founder & MD Triguna Projects.