Small size boutique properties are becoming the trend among high net worth individuals in India who are looking to own super-luxurious homes, the Economic Times (of India) reports.

Boutique properties are smaller in size but have ultra-luxurious features, giving off the air of exclusivity that most HNWIs seek. According to the news service, developers construct such types of houses in limited numbers, around 5 to 10, per project. The average price for such homes is Rs45,000 ($960) per square foot.

However, despite the 30 to 40 per cent rise in demand for boutique mansions, as shown in a study by global real estate consultancy firm Jones Lang LaSalle Meghraj, large property developers are hesitating to enter this industry.

"These projects are not a suitable long-term business model for developers focused on large-scale branding and expansion," Raminder Grover, the chief executive officer of Home Residential, JLLM, was quoted to have said.

For now, boutique properties remain with developers specialising in the segment.

"The concept is now being understood. When someone is buying luxury, they would prefer it to be more exclusive rather than being mass produced. Boutique properties offer this exclusivity," Manish Uppal, the managing director of property developer Uppal Group, reportedly said.