Finnish lift major KONE bets on India's housing boom, unveils energy-efficient 'villa' elevator

KONE India, a subsidiary of Finnish elevator and escalator maker, unveiled the KONE Villa 100, a compact and energy-efficient home elevator aimed at villas and low-rise residential buildings.

The launch

took place at KONE's India Supply Unit in Sriperumbudur and was led by Philippe Delorme, President and CEO of KONE Corporation, along with Amit Gossain, Managing Director, KONE India and South Asia.

"India continues to play a critical role in KONE's global growth strategy," Delorme said, referring to the country's scale, dynamism and long-term opportunity.

He added that India remains one of the few markets globally where fresh construction continues at pace, alongside a growing opportunity in modernisation as elevators installed two decades ago now need upgrades.

The newly-launched KONE Villa 100 is designed specifically for modern homes and low-rise developments.

Powered by permanent magnet synchronous gearless technology with VVVF control, the elevator operates on a 220V single-phase power supply and consumes significantly less energy than conventional home elevators.

Intelligent features automatically switch off cabin lighting and ventilation when not in use, helping reduce energy consumption. The model also requires a very low pit and comes with a built-in shaft, reducing civil construction needs, a key requirement for homeowners.

According to the company, its power consumption is lower than that of a household refrigerator.

Speaking to CNBC-TV18, Amit Gossain said KONE India has seen sustained double-digit growth over the past four years, particularly post-COVID. Growth has been led primarily by the residential segment, which accounts for about 60% of India's elevator market.

Commercial real estate, which had slowed initially after the pandemic, has picked up as offices see higher occupancy, while the retail segment has also surprised on the upside. Infrastructure accounts for the remaining share and continues to perform steadily.

Gossain said KONE now sees traction across all segments, though residential continues to see the most activity. He added that the launch of the villa elevator completes KONE's product portfolio in India, addressing a segment that was earlier dominated by local suppliers. The company expects this segment to see meaningful growth as demand for independent homes and villas rises.

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On the order pipeline, Gossain said prospects remain closely linked to real estate growth, and a stronger property cycle should translate into healthy demand for elevators and escalators.

KONE currently holds around one-fourth of the Indian market by value and is focused on sustaining and gradually expanding this share. He said the strategy is centred on being closer to customers, expanding offices, and strengthening presence in tier 2 and tier 3 cities to improve service response times.

On the question of a potential India listing, Gossain ruled it out, reiterating that KONE India remains a wholly-owned subsidiary of KONE Corporation and is comfortable being listed in Finland, which allows access to global capital, technology and expertise.

In an interaction with CNBC-TV18, Delorme referred to India as one of the most strategic markets globally alongside the US. He pointed out that India offers a rare combination of new construction and modernisation opportunities.

While residential demand remains strong due to a housing shortfall, he said growth in housing inevitably leads to higher demand for offices, retail spaces and related infrastructure.

On challenges, both executives flagged safety in construction as a key concern for the industry, alongside the need to ensure that affordable housing projects are equipped with safe and reliable elevators.

Delorme also said technology is a major transformation driver, and that AI is increasingly being used to improve elevator servicing and maintenance. KONE, he said, has been at the forefront of digital and 24x7 service solutions and is now placing a strong focus on the modernisation opportunity in India.

Looking ahead, Delorme said KONE remains open to acquisitions that could strengthen its capabilities, while expressing confidence in the Indian team's execution speed, culture and customer-first approach.

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"I love what I see here, and I'm very confident that we have the capacity to serve our customers in the right manner," he said.