The Luxury Quotient

Luxury homes continue to dazzle in the wake of robust demand and keen investor
interest. check out some of the top offerings in the country
EVEN in the midst of low sentiments haunting the real estate sector, there is one segment that is totally unfazed by it all. Luxury homes continue to dazzle in the face of robust demand and keen investor interest in the segment. Royal offerings doled out one after the other by real estate
developers show that at least one buyer category has remained as loyal as before — the luxe home buyer. SundayET commissioned a survey to global real estate consultancy Cushman and Wakefield (C&W) to find out some top-of-the-line luxury offerings coming up in the five major cities of
Delhi, Mumbai, Bangalore, Hyderabad and Chennai.
And here’s what they found. While the new luxury apartments in Delhi-NCR were valued at over Rs 10 crore, in Mumbai it easily crossed the 20 crore mark for a 4 BHK. It also found that among the new constructions around the National Capital Region (NCR), properties in Gurgaon commanded a premium, while sea-facing locations in the financial hub attracted the richie rich. Lavelle Road in Central Bangalore was much sought after as a luxury buy. And while Spanish villas in Hyderabad made an opulent statement, it were the spacious independent houses in Chennai that were the new luxury abode. In the survey, they included both projects which have been announced recently or the ones which though announced earlier, were only getting ready now.
Delhi NCR, in itself has at least seven extremely high-end projects. Top corporate honchos, expatriates and high networth individuals (HNIs) dominate DLF’s Magnolias located in DLF Phase V, Gurgaon. The apartments, which will be ready in 1-2 years can go up to a whopping Rs 10 crore with the average size of an apartment at roughly 5,500-10,000 sq ft. Attractive rental potential and substantial increase in capital values since 2005, the locational advantage of the golf course and improved connectivity via the operational Delhi–Jaipur 8-lane super expressway are some of the USPs of this project. Says Rajeev Talwar, executive group director, “Luxury apartments are taken up by actual users so demand will always remain.... Anyone who is buying such an apartment does so keeping a variety of factors in mind. Moreover, these are bought by those who have a surplus.”
Another project in Gurgaon, Ambience Group’s upscale Caitriona project, located in Ambi City NH-8 Gurgaon, will be coming up in 2-3 years and is priced at a royal 8 crore plus tag. Boasting of sevenstar living, it is located amidst the 150-acre Ambience Island premium integrated township.
Caitriona offers limited condominiums for a select few. A great golf course view, super premium international designing and complete furnishing for a readyto-live-in condominium, Caitriona flaunts snob value all the way.
Vipin Agrawal, executive director of Omaxe, feels that the current market scenario will have little effect on this segment. “Luxury homes are always in demand. Top CEOs and businessmen are the main occupants here. Hence, whatever be the market dynamics, there will always be an active demand for such projects.” The realtor has a luxury project, The Forest, adjoining the Noida-Greater Noida Expressway, which sold for Rs 6,500/sq ft.
Spectacular views of the sea in the financial capital of Mumbai was seen as the sign of exclusivity and beauty. Lodha group’s Lodha Solitaire project offers just that on Napean Sea Road in South Mumbai, wherein each apartment offers a tranquil view. High-end amenities such as a mini theatre and an infinity-edge swimming pool further add to the glam quotient. Another project by the same developer, the 48-storey Lodha Bellissimo project features private pools, gardens, private staircases at a starting price of 8 crore for a 3BHK apartment!
However, it is the villas in Bangalore and Hyderabad that come through as a plush buy. Lavelle Road in Bangalore was found to be a much sought after address. Villas in Purva Grande located on Lavelle Road, Central Bangalore are commanding a premium owing to their strategic location. With prices starting at Rs 10 crore, the villas are replete with all leisurely comforts, including terrace pools and gardens. Occupants in another project on Lavelle Road — Mantri Altius by Mantri Developers were chosen personally by the realtor based on factors such as similar interests and non-competing businesses. The 17-floor super premium apartment occupies a built-up area of 85,000 sq ft in a prime locality in the city. Each apartment boasts of a 360-degree view of the city and security arrangements include biometric sensors, sirens and proximity cards. No wonder that the 5,000-6,000 sq ft apartments are in the range of Rs 10 crore upwards.
It’s a touch of Spain in Hyderabad that makes for some royal living. Spanish luxury villas Casa Estebana, developed by Koncept Ambience, are located in Kompally which is witnessing significant residential development primarily in the villa category. With prices starting at Rs 6.5 crore and
going up to Rs 17 crore, unique facilities such as a personal grooming centre, specialty restaurant, manicured landscaping with tree-lined streets and amphitheatre make it exclusive enough. An artificial lake with marine life and natural habitat for birds connect you with nature.
Chennai is no different. And as if taking the nature theme forward, Vijayshanthi Builders’ Raintree project in Alwarpet area in Central Chennai priced upwards of Rs 3 crore, features well landscaped surroundings with large water bodies. A skating rink, multi-purpose hall, water bodies and a
covered car park are some of the other elaborate amenities on offer here.
Besides luxury apartments, independent houses in Boat Club, Venus Colony, Poes Garden, Kotturpuram are preferred luxury residential areas.
Capital values range between Rs 15,000 per sq ft and Rs 25,000 per sq ft, with sizes above 4000-6000 sq ft. Tucked away from heavy traffic, these areas offer serene living. Spacious gardens, barbecue corners, entertainment areas in the garden and patios are additional features making these
houses much sought after. Majestic and palatial — these luxury residences are a dream buy. Exquisite facilities and charming decor basics makes them absolutely priceless.