Chandigarh, (Aditi) : Tata Housing Development Company (THDC), one of the leading real estate development companies in India, announced the launch of few inventory at its residential development ‘Myst’ in Kasauli, Himachal Pradesh. The project developed on a private hill top, has been gaining significant traction in sales in the past few months of lockdown.
Owing to the social distancing norms, work-from-home culture and rising air pollution in cities, Myst, a project with biophilic architecture, has emerged as a prime choice for people seeking luxurious second homes amid the pandemic. As a result, Tata Housing’s residential project Myst in Kasauli recorded over 345% increase in revenue and 86% increase in enquiries in FY 20-21 compared to FY 19-20. Currently, a significant portion of the project has been sold out and the Company has plans to introduce fresh inventory at the same site in this quarter, in order to keep up with the demand.
The Covid-19 pandemic has reiterated the importance of health and wellness as a priority area of building design and construction. Home buyers are now seeking spacious homes, balconies or sun decks, large developments with in-house amenities, leading to an increase in demand for a quality lifestyle. Consequently, Himachal Pradesh’s hill towns have become a preference among Delhi residents in the new normal.
The pandemic has led to travel bans, further leaving a deeper impression on urban homeowners. In the absence of international vacations, is a strong demand for safe homes that are away from the urban hotspots. In fact, a recent study conducted during the lockdown by India Sothebys International Realty found nearly three-fourths of ultra-high-net-worth individuals (UHNIs) in India are planning to buy a second home, with nearly every one of them budgeting upto Rs 50 crore for the upgrade. In line with this, Tata Housing aims to have a notable presence across in this segment and has been receiving phenomenal response for its luxury second homes across the country.
Commenting on the success, Mr. Sanjay Dutt, MD & CEO, Tata Realty and Infrastructure Limited (TRIL) said, “Restrictions induced by the Covid-19 pandemic have made people realize the importance of spacious second homes, especially in the absence of international vacations. This sentiment is reflected through an increase in interest towards larger and spacious homes from Indian as well as NRI buyers. As a result, several of our spacious luxury housing projects like Myst in Kasauli, Trtivam in Kochi, Raisina Residency in Gurgaon and Avenida in Kolkata saw a remarkable performance this year. With Myst experiencing 345% increase in revenue compared to last year, we are confident that it will continue to be well-received by people seeking refuge from the pollution and pandemic.”
He further added, “North Indian real estate market has always been dynamic and it continues to thrive in the new normal. Kasauli, in particular, is expected to remain as a popular choice for residential real estate projects owing to its proximity to Delhi. Myst is the perfect place for the modern homebuyers seeking spacious, luxurious second houses that are situated in an exotic location. Prompted by the recent success of Myst, we are planning to introduce fresh inventory on the same site, this quarter to keep up with the demand.”
Adding to the same, Mr. Tarun Mehrotra, Regional Business Head- North & East India, Tata Realty & Infrastructure Limited said, “The year 2020 has been tainted by the Coronavirus pandemic. With the country going under lockdown, the rise of Work- from- Home trend and overall the lack of physical activity, people started to want a change in scenery. Tata Housing’s Myst provides the homebuyers with the escape from the monotonous din of the city life while ensuring a healthier lifestyle nestled among the Himalayas. Considering the growing demand for this project, we are launching few more units. At Tata Housing, it has always been our aim to create and develop properties that add value to the homebuyer’s life and with the New Year, we aim to further strengthen this commitment.”
Located at the foothills of the Himalayas, Myst is an elegant and thoughtful getaway that is taking eco-conscious living to new heights. This exclusive gated community, blends contemporary design seamlessly with the unique ecology of the area. Easily accessible, Myst is located on a high promontory — a private hill top with gradient — and is close to major cities like Delhi and Chandigarh. Surrounded by the lush indigenous foliage of a pine forest, Myst is a way of life in harmony with natural beauty that is both pleasurable and sustainable. Myst has also been recently awarded a Platinum rating certification from Indian Green Building Council (IGBC) for its sustainable practices and solutions.