In an exclusive interview with FE Online, Lincoln Bennet Rodrigues of the Bennet and Bernard Company talks about the impact of the pandemic on themed homes in India and shares his business outlook.
Driven by positive sentiment drivers, themed homes are poised for robust growth in the near future in India. Given the favourable economic conditions and market sentiments, themed homes are most likely to become a popular choice among buyers going forward. The overall concern about COVID has shifted focus towards safety and has intensified the need for large-themed homes that offer tranquility, says Lincoln Bennet Rodrigues, Chairman and Founder, The Bennet and Bernard Company.
In an exclusive interview with Sanjeev Sinha, he talks about the impact of the pandemic on themed homes in India and shares his business outlook. Excerpts:
How has the pandemic impacted the growth of themed homes in India?
Since the pandemic, every individual in the country has been financially impacted, and they have become more conscious of where they should invest their money. People were brought closer to their houses, which changed consumer behaviour in terms of desiring an environment that reflected their tastes. People who owned and lived in more purpose-oriented houses recognized the need for greater areas and a better atmosphere, which has resulted in a boom in demand. As a result of the pandemic, people have also realized the value of life and the significance of quality of life. Consumers in this group like to live in the best-located themed house that meets all of their requirements. With Goa having one of the greatest quality of air, a sense of openness, and qualities such as beaches, wonderful dining out, woods, and heritage, it quickly becomes the first-choice destination for individuals who want to live a better lifestyle.
What is attracting the buyers towards themed homes?
Holiday villas in Goa have long been a dream for many upper middle class people living in other states, particularly in Tier 1 cities. In India, there are eight Tier 1 cities, all of which are state capitals. It also attracts Indians who have settled overseas for work, such as HNIs, NRIs, and retirees returning to their native country. Holiday homes in Goa have been shown to be the greatest in terms of capital appreciation since themed homes are unique and often have greater aesthetics and character since they are designed expressly to provide potential purchasers with an experience. Furthermore, the premium bed and breakfast rental model for villas with private pools generates a return of up to 10–14 percent for the owners. The overall concern about COVID has shifted focus towards safety and has intensified the need for large-themed homes that offer tranquility.
What is the age bracket of consumers buying themed villas?
Consumers between the ages of 35 and 60 are most likely to purchase themed villas. These villas are mostly purchased by the upper middle class working and retired Indian families, as well as HNIs and NRIs. We have also seen an influx of millennials buying themed villas as an investment.
From where the interiors of themed homes are sourced for?
Bennet & Bernard Custom House Pvt Ltd has interior designers and decorators who produce works of art in Goa luxury homes. It is one of Goa’s fastest-growing and may be the youngest, vision-driven real estate developers. Materials are often acquired from Rajasthan, Gujarat, Bangalore, and Hyderabad, as well as some of the greatest in-house artisans who create bespoke furniture and fabrics for us. The company also has an in-house architect and sources antique and heritage interiors across the globe for themed homes.
Any particular sector consumer showing interest in these themed homes?
We appeal to a wide range of customer groups in India and throughout the world. Businessmen, IT officials, capital gain investors, socialites from Delhi and other Tier 1 cities, the film fraternity, Mumbai’s Upper Middle Class, authors, content producers, corporate officials from India, and retired Indians, NRIs, and HNIs from abroad are among the most prominent.
How is the logistics and supply chain managed for constructing themed homes?
Bennet & Bernard’s workforce is mainly in-house, because of which keeping the pace of construction steady during the pandemic was easier. The company provides homes, welfare, and healthcare for its workers and presides over safety precautions to create a safe work environment for them to live in. Bennet & Bernard, as Goans, believe that although Goa has such high potential, we would rather conceptualize a limited number of projects but grow in terms of quality, aesthetics, and experience, and choose quality clients who value our work and find joy in what we have created for them. Having said that, Bennet & Bernard has always diversified its growth through F.M.C.G. (Fast Moving Consumer Goods) with our line of premium cold cuts brand “Artisan Deli” and retail, such as our Black Vanilla Gourmet store, which is the first of its kind in Goa. Bennet & Bernard invests quite a bit in R&D to meet international standards of products and experience, predominantly for Goans and also for the Pan-India market.
How many themed villas were constructed during the pandemic and what are your growth plans for this year?
During the pandemic, several themed villas were built. Themed residences are a USP that Bennet & Bernard pioneered, something not many luxury home developers have done. This gives Bennett & Bernard an advantage over its competition. The idea was to add value by providing the owner’s exclusivity over each project, which gives them an advantage when it comes to second sales, resulting in higher asking prices.