maternal grandmother’s (nani’s) home, originally built as a hunting lodge for the Jaipur family. “My parents decided to restore it over the past 15 years. They originally started with 4 suite rooms, out of which we occupied three as a family. Today, it is an oasis of peace and, with only 23 suites spread over 05 acres of sprawling gardens and open courtyards.” An interesting insight is that homestays are not only a means for revenue generation but also a great way to revive history. Often homes passed on over generations as family inheritance are not used, given the high rate of resettling in metropolitan cities. But owners of such properties have begun to convert their ancestral both challenges and opportunities. Challenges include maintaining consistency in service quality, while opportunities lie in creating niche offerings, and adapting to changing consumer preferences.” Question is will homestays be able to sustain consistency and how soon will traveller preferences evolve? That is yet to be seen. houses into homestays which turn into lucrative businesses. Sharing an industry perspective, Parulekar agrees, stating that the trend of converting holiday homes into luxury homestays is driven by a desire to optimize these assets. “Homeowners recognize the potential to generate revenue while providing a premium travel experience. The demand for unique and personalized stays has propelled the transformation, offering guests a more authentic and immersive vacation.” Over time, holiday homes have evolved into luxury homestays by integrating upscale amenities, personalized services, and distinctive experiences. “This transformation not only caters to the discerning tastes of modern travellers but also positions these properties as lucrative revenue assets. The emphasis on quality, uniqueness, and hospitality excellence contributes to sustained business growth,” shared Parulekar. According to the World Travel & Tourism Council, the sector’s contribution to the economy will surpass pre-pandemic levels in 2024, with a year-on-year growth of 20.7%. Leading hotel investment advisory firm Noesis, in its Home Away from Home report, has highlighted trends and opportunities in the luxury rental and boutique homestay sector mentioning that India’s luxury travel market is projected to grow at 11 per cent to 11.5 per cent which has reached around a whopping of 48 billion dollars in 2020 and expected to reach USD 1,198.3 billion in 2027. As the trend gains momentum, the transformation of holiday homes into luxury homestays becomes a notable phenomenon and the potential for luxury homestays in India is tremendous. However, the rise doesn’t come without its pros and cons. Parulekar states “The demand for authentic experiences presents Shambhavi Singh Director, Royal Heritage Haveli Royal Heritage Haveli, Jaipur SaffronStays Sundowner, Karjat Cibo Bistro, Royal Heritage Haveli, Jaipur 32|LUXEBOOK |MAR/APR 2024 MAR/APR 2024 |LUXEBOOK|33
RkJQdWJsaXNoZXIy NTcxNzM1