Mumbai’s luxury apartments redefine the concept of luxury
Mumbai is India’s city of dreams, where people dream big and in Technicolor but live in smaller houses. Though the residences are smaller than those in other metros, Mumbai has always had India’s most expensive real estate. So luxury apartments in Mumbai have redefined the concept and are often not about the size of the apartment so much as its location and the amenities it offers.
People in Mumbai are able to pay the big ticket prices for these luxury apartments. Venkantesh Gopalakrishan, executive vice president Shapoorji Pallonji Real Estate in a media report said that the buying power in Mumbai was higher than the rest of the country.
If further proof is required of how expensive properties in Mumbaiare, the forthcoming auction in June of the Bhabha bungalow on Malabar Hill will provide it. The bungalow covers more than 17,000 sq ft with a floor space index of 1.33. The auction by the National Centre for Performing Arts comes with a reserve price of INR 257 crore and is likely to mop up anything between INR 270 and INR 280 crore. Imagine the cost per sq ft after this area is redeveloped.
Many luxury apartments with price tags between INR 20 crore and INR 100 crore are coming up in Mumbai. These apartments offer the ultimate in luxury and are often close to the central business districts or the secondary business districts such as the Bandra Kurla Complex, Worli and Lower Parel, as the case might be. Some of these apartments for the uber rich are coming up on Napean Sea Road and Altamount Road. Industrialists and corporate honchos are willing to pay huge premiums for locations which will reduce their commute time.
The purchase of these apartments is only by invitation, as the super rich are very picky about their neighbours in the apartment complex. The marketing departments of the developers zero in on high net worth individuals (HNI) and most of those interested in buying an apartment will be asked to send in their detailed profile, after which they will be screened. Developers of these luxury apartments in Mumbai are Lodha Developers, Avighna Group, Sunteck and Omkar.
The luxury apartments in Mumbai are being constructed on parcels of land which once belonged to textile mills. These mill lands located at Worli and Mahalaxmi will soon be the new power addresses in Mumbai. Despite the economic slowdown prices continue to ride high because supply of these luxury apartments is still low.
Many of these luxury apartments come with interiors by international designers, for instance, World One Tower, still under construction, promises interiors by Armani and Casa, while its spa and club is to be by Six Senses.
Priced at INR 100 crore Omkar 1973 at Worli is completely soundproofed. Six months after bookings opened, three of the seven apartments are taken. These apartments, beating the Mumbai trend, are large at 13,000 sq ft to 18,000 sq ft with ceilings that are 14 ft high.
At Omkar 1973, residences start only after the 10th floor as the levels below are common areas earmarked for entertainment and parking. These apartments will have a concierge service, as well as, personal lifts which open into the living room. Staff quarters are also provided.
The INR 100+ crore apartments are very exclusive and most of them will be sea-facing according to Amar, Proprietor of Lifestyle Property Consultants. “Most high-end apartments will have standard amenities like standby power, gym, club area, security, swimming pool and the like but the INR 100+ crore properties have super luxury amenities with a very high quality construction. The difference is in the quality. These are also very exclusive and hence buyers are selected by invitation and after proper screening,” said Amar. He also said that this is a slow market. The buyers are not from Mumbai alone but from different parts of the country and abroad and these are mainly corporates and HNI.
Not all of these luxury apartments in Mumbai have been sold. Recent research points out that the city has about 1000 uber luxury apartments spread over 15 residential projects which are in the price range between INR 20 crore and INR 100 crore. Many of these projects which were launched between 2006 and 2010 are still unsold.
However, many developers are being optimistic. Vikas Oberoi, Chairman and Managing Director, Oberoi Realty Ltd remarking on the Q3 of FY14 said, “Domestic and global economic headwinds continue to be challenging. While business sentiments are likely to improve only after the results of the general elections, there will now also be opportunities for companies which have shown financial prudence and discipline.”
Rajiv Saroj, proprietor of R K Mahalaxmi Real Estate also confirms that the market is slow for this sector and the buoyancy may depend on which government takes over. According to Rajiv, there are more sellers than buyers now.
- by Nina Varghese
Source :- IndiaProperty.com
- by Nina Varghese
Source :- IndiaProperty.com
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