8 minute read
Ikhaya Lami
Inside the World of Luxury Real Estate: Nikita Dhir's Journey with Ikhaya Lami
In the competitive world of luxury real estate, few professionals stand out as distinctly as Nikita Dhir, founder of Ikhaya Lami. With a diverse career that spans from the airline industry to real estate, Nikita has brought a unique perspective to the luxury property market. Her story is one of resilience, adaptation, and a keen understanding of client needs, which has propelled her to success in a field that demands nothing but the best.
From Skies to Shores: Nikita's Professional Odyssey
Nikita's career began in the airline industry, a field where customer service and attention to detail are paramount. Starting as a cabin crew member with Spice Jet in 2009 and later joining Etihad Airways in 2013, she quickly rose through the ranks to become
an inflight supervisor by 2018. This role immersed her in the world of luxury and hospitality, dealing with first-class and business passengers and understanding their unique preferences and expectations.
The skills Nikita honed in the airline industry— communication, negotiation, and an eye for detail— proved invaluable when she transitioned to real estate. The COVID-19 pandemic prompted her to move to Goa, where she briefly worked as a guest relations manager for a luxury home developer before launching her own venture, Ikhaya Lami, in luxury real estate.
Motivation for Specialising in Luxury Properties
Nikita's decision to specialise in luxury properties was influenced by her extensive experience in the airline industry. Interacting with affluent individuals gave her insights into their desires and expectations, fuelling her interest in catering to a discerning clientele. Her international travel experiences enhanced her cultural awareness, enabling her to understand and respect diverse backgrounds—an essential skill in real estate.
The meticulous nature of her previous roles also translated perfectly into luxury real estate transactions. Her ability to communicate clearly and negotiate effectively, combined with her attention to detail, ensures that every client receives the highest level of care and professionalism.
Understanding the Luxury Market
For Nikita, luxury is not merely about the price tag. It encompasses the aesthetic, design, architecture, and quality of materials used. I can very well sell a villa priced for 10 cr with B grade specification but would that even validate the standard of Luxury markets? Says Nikita. Her typical clients are successful professionals, entrepreneurs, or senior executives who value detailed craftsmanship and high-end amenities. These clients expect exceptional service and a seamless buying experience, seeking realtors who can provide personalised attention, anticipate their needs, and navigate complex transactions with discretion and efficiency.
Unique Approach to Selling Luxury Properties
Nikita's approach to selling luxury properties is distinguished by her commitment to customer satisfaction and guest experience, values she carried over from her aviation career. She supports her clients throughout their entire journey, from the initial booking of a bare construction site to the final handover of their home. She keeps them updated on construction progress by personally visiting sites and sending current photographs, ensuring transparency and trust. "Just knowing that I have somebody on the ground to update me monthly on the same and get my queries resolved is a game changer." she says.
Moreover, Nikita only markets properties she would be comfortable living in herself. Her forte lies in marketing under-construction homes, balancing the interests of both the builder and the buyer. She ensures timely follow-ups on payments from buyers and stays involved in all communications between the builder's team and the buyers until handover, maintaining her involvement even after commissions are paid.
Staying Informed About Market Trends
To stay abreast of the latest trends and developments in the luxury real estate market, Nikita leverages her industry network. She maintains connections with other professionals, attends business meets, industry events, and conferences, and follows industry leaders and influencers on social media. Affiliations with professional realtor associations such as the Goa Association of Realtors (GAR) and the National Association of Realtors-India (NAR-INDIA) also help her stay updated and informed about the dynamic real estate market.
Memorable Success Stories
One of Nikita's most memorable success stories involves selling homes to three women buyers consecutively in 2022. This was particularly significant in a predominantly male-dominated industry where most decision-makers are men. These young women, aged between 30-36, had a dream of investing in Goa real estate, and Nikita was thrilled to help them achieve it. This experience resonated deeply with her passion for women's empowerment, a value rooted in her upbringing by two strong women—her mother and elder sister.
Continuing this legacy, Nikita now serves as the Chairperson of the Women’s Wing of the Goa Association of Realtors, where she advocates for and supports women in the industry.
Building and Maintaining Relationships with Affluent Clients
Building and maintaining relationships with affluent clients require a strategic and personalised approach. Nikita's hospitality background plays a significant role in this process. She maintains open, consistent, and transparent communication, keeping clients informed at every step and readily available to address any concerns. Affluent clients appreciate access to exclusive properties, which aligns with Ikhaya Lami’s boutique model. Staying engaged with clients even after a sale is vital, as Nikita's role as a realtor extends beyond selling homes to guiding clients throughout the process.
Effective Marketing Strategies for Luxury Properties
Nikita employs several strategies to market luxury properties effectively. She uses targeted advertising on social media platforms, leverages her network of high-net-worth individuals to generate referrals, and creates engaging content that highlights the unique aspects of the properties. This includes high-quality visuals, video tours, and compelling stories that create an emotional connection with potential buyers.
Determining the Value of a Luxury Property
Determining the value of a luxury property involves several factors. The reputation and past work of the developer are crucial, as a developer known for highquality, luxurious projects significantly boosts the property's value. The design theme and architectural style, quality of materials and finishes, and the property’s location all play a fundamental role in determining its value. Nikita ensures that these aspects meet the highest standards of luxury.
Overcoming Challenges in Selling Luxury Properties
The COVID-19 pandemic presented significant challenges in the real estate market, with high demand and limited supply initially, and now, an excess of choices for high-budget buyers leading to indecision and delays in investment and limited Inventory for mid-budget buyers which don't offer value for money and is usually an old resale project which has already peaked in its value. Nikita addresses these challenges by keeping clients informed about market conditions and potential price trends, offering timely advice based on current data to help them make informed decisions.
Appealing Amenities for Luxury Homebuyers
Luxury homebuyers seek unique amenities that offer comfort, convenience, and exclusivity. Private pools with in-built jacuzzis and waterfalls, gourmet kitchens with high-end appliances, outdoor living spaces with al fresco dining areas, and luxury Balinese spa-like bathrooms are some of the features that appeal to these buyers. Unique architectural features like grand staircases, double-height ceilings, and floor-to-ceiling windows for natural light and views also enhance the appeal of luxury properties.
Ensuring Discretion and Confidentiality
In such a scenario you need to see who you are dealing with firstly. Is it the client themselves or their team? If the latter, I would still prefer to have a conversation with the buyer to understand what they are looking for and send them options accordingly." she says. Nikita provides personalised and private showings, keeps communication discreet, and offers post-sale services with the same
level of care and attention. The only difference being is "To maintain privacy, maybe the choice of restaurant for our celebratory meal be changed in the end to ensure a more discreet environment."
Key Considerations for International Clients
For international clients, particularly non-resident Indians (NRIs) and OCI cardholders, there are no restrictions on purchasing property in India. However, understanding tax implications, currency exchange rates, and providing reliable post-sale property management services are essential considerations. Nikita assists clients with exploring available financing options and understanding cultural and lifestyle factors that may influence their buying decisions.
Effective Negotiation Strategies
As a registered realtor under Goa RERA, Nikita acts as a mediator between the developer and the buyer for under-construction projects. She closely monitors how the developer's project compares to other similar projects in the area, ensuring transparency and finding mutually agreeable solutions while maintaining trust and clarity during negotiations.
Advice for First-Time Luxury Real Estate Investors
For first-time investors in Goa, Nikita advises opting for an under-construction property. This allows for price appreciation and staggered payments according to a construction-linked plan. She also suggests considering fractional ownership as a viable option for testing the waters without a significant upfront investment. "Although there have been some apprehensions about this model, there are new, credible players in the market who have addressed the issues that previous companies could not."This model allows investors to enjoy the benefits of ownership while generating income through short-term rentals.
Conclusion
Nikita Dhir's journey from the airline industry to luxury real estate is a testament to her adaptability, keen understanding of client needs, and commitment to excellence. Through Ikhaya Lami, she has carved a niche for herself in the luxury property market, offering unparalleled service and attention to detail. Her story is one of resilience, dedication, and a passion for creating memorable experiences for her clients.
