NEW DELHI: Indians are seeking luxury homes. What was a niche barely a few years ago is about to burst at its seams. Super premium housing in India is on a high-growth trajectory if the developer’s interest in the segment is any indication. Growing at 25-30%, luxury housing has already grabbed a 10% of the housing market in value terms. Analysts say the country has seen an unmatched surge in demand.
”The market for this segment is growing at a feverish pitch. Though the project standards are yet to be at a par with those across the world, people are willing to shell out anything for the best,” says Pranay Vakil, chairman, Knight Frank, a real estate consultancy.
The upcoming luxury complexes in Mumbai includes names like, Chattan in Altamount Road, Evita in Powai by Hiranandani Developers, Raheja Anchorage by K Raheja Universal, The Oberoi Project on Annie Besant Road between Worli and Prabhadevi.
In the NCR region, the projects are Ivy in Gurgaon, Paradise Heights by Ansal API, The Forest, Faridabad by Omaxe are just some of the efforts to cater to this demand. The price tags for these apartmenst are dizzying. Yet, there’s a big rush to lap them up. In Delhi and the NCR region, the prices could be around Rs 8-10 crore for high-end apartments like those at Ivy in Gurgaon.
Take a look. A property at Chattan could set you back by Rs 15-25 crore, Raheja Anchorage could cost you around Rs 15 crore plus and a property in the Oberoi project on Annie Besant Road is priced close to Rs 18-20 crore, according to sources in Knight Frank. In Delhi and the NCR region the prices could be around Rs 8-10 crore for high end apartments like those in Ivy, Gurgaon.
These luxe apartments will have mini spas in their bathrooms that will contain jaccuzis, massage chairs, separate lifts for some, private swimming pools, CCTV and so on. Such whopping pricing has repositioned the base. What was premium in Rs 1-1.5 crore range has now become the base price. Yet there’s no dearth of takers.
So what’s driving the surge in demand for super luxury housing? Besides oft-qouted logic of higher income levels. Demand is being driven by globe trotting executives, new and successful businessmen, NRIs and the yuppies who want to live it as they earn.
Analysts add to this an interesting observation which is fuelling the demand — members of the joint family who are breaking away to invest money from their ancestral property in these kind of properties. On the whole, it’s the dearth of good housing in the country that’s leading this change, feels Niranjan Hiranandani, MD, Hiranandani Group.
The logic is simple, if you have it, live it and flaunt it. The look and feel matters a lot and this is why developers are hiring foreign architects to work for them. Says Pranav Ansal, director, Ansal API, “About 60% of our high-end projects are done by foreign architects. We stress a lot on the look & feel of our projects.”
The boom in the segment has also attracted real estate funds like India Reit Fund to invest in these high end projects for the first time. The fund launched by Piramal Enterprises and UK’s 3i Group, will invest Rs 63 crore in Signature Island, a high-end residential project in Mumbai.
It’s being promoted by the Suntech group. The residential project will be at Bandra Kurla Complex (BKC) in Mumbai and will be built at a cost of Rs 400 crore. They will be targeting high income customer group.
The flats, built on 1.75 acre with 50 flats of 5,000 sq ft each, could be priced in the range of Rs 10- 15 crore a piece. The facilities at Signature Island will include separate lift for each flat and a two-level car parking lot.
Source : ET
”The market for this segment is growing at a feverish pitch. Though the project standards are yet to be at a par with those across the world, people are willing to shell out anything for the best,” says Pranay Vakil, chairman, Knight Frank, a real estate consultancy.
The upcoming luxury complexes in Mumbai includes names like, Chattan in Altamount Road, Evita in Powai by Hiranandani Developers, Raheja Anchorage by K Raheja Universal, The Oberoi Project on Annie Besant Road between Worli and Prabhadevi.
In the NCR region, the projects are Ivy in Gurgaon, Paradise Heights by Ansal API, The Forest, Faridabad by Omaxe are just some of the efforts to cater to this demand. The price tags for these apartmenst are dizzying. Yet, there’s a big rush to lap them up. In Delhi and the NCR region, the prices could be around Rs 8-10 crore for high-end apartments like those at Ivy in Gurgaon.
Take a look. A property at Chattan could set you back by Rs 15-25 crore, Raheja Anchorage could cost you around Rs 15 crore plus and a property in the Oberoi project on Annie Besant Road is priced close to Rs 18-20 crore, according to sources in Knight Frank. In Delhi and the NCR region the prices could be around Rs 8-10 crore for high end apartments like those in Ivy, Gurgaon.
These luxe apartments will have mini spas in their bathrooms that will contain jaccuzis, massage chairs, separate lifts for some, private swimming pools, CCTV and so on. Such whopping pricing has repositioned the base. What was premium in Rs 1-1.5 crore range has now become the base price. Yet there’s no dearth of takers.
So what’s driving the surge in demand for super luxury housing? Besides oft-qouted logic of higher income levels. Demand is being driven by globe trotting executives, new and successful businessmen, NRIs and the yuppies who want to live it as they earn.
Analysts add to this an interesting observation which is fuelling the demand — members of the joint family who are breaking away to invest money from their ancestral property in these kind of properties. On the whole, it’s the dearth of good housing in the country that’s leading this change, feels Niranjan Hiranandani, MD, Hiranandani Group.
The logic is simple, if you have it, live it and flaunt it. The look and feel matters a lot and this is why developers are hiring foreign architects to work for them. Says Pranav Ansal, director, Ansal API, “About 60% of our high-end projects are done by foreign architects. We stress a lot on the look & feel of our projects.”
The boom in the segment has also attracted real estate funds like India Reit Fund to invest in these high end projects for the first time. The fund launched by Piramal Enterprises and UK’s 3i Group, will invest Rs 63 crore in Signature Island, a high-end residential project in Mumbai.
It’s being promoted by the Suntech group. The residential project will be at Bandra Kurla Complex (BKC) in Mumbai and will be built at a cost of Rs 400 crore. They will be targeting high income customer group.
The flats, built on 1.75 acre with 50 flats of 5,000 sq ft each, could be priced in the range of Rs 10- 15 crore a piece. The facilities at Signature Island will include separate lift for each flat and a two-level car parking lot.
Source : ET