Demand up for luxurious realty in Millennium City
Feb 25, 2014
Source : The Times of India

 

DELHI: Millennium City Gurgaon today has a growth story that mirrors India’s growth over the last decade. Registering rapid urbanization, Gurgaon has become the city with the third highest per capita income in India.

With the tastes of the moneyed and elite class veering towards the western-style opulence—be it in dress, food, or housing—the market for  projects is booming in the Cyber City.

Projects like International City by Sobha Developers, Michael Schumacher World Tower and Maria Sharapova by Homestead, Revanta by Rahejas, Garden City by DLF, Jade Jagger’s or Steve Leung’s distinctive-styles luxurious projects by Supertech, etc, are catering to a niche market of globe-trotting Indians.

A report says that the luxury housing market of Gurgaon is currently seeing a greater influx of end-user demand, in contrast to the previous trend of the investment-driven purchases.

The sale of luxury projects in Gurgaon has registered an increase of nearly 30% in past few years, with the luxury homes seeing both demand and value appreciation from end users—Indian, NRI, and foreigners.

Spurred by new product offerings, an increasing upwardly—mobile segment, and greater end-user demand luxury and ultraluxury housing projects—with prices ranging between Rs 1.5 and Rs 15 croreare registering higher demand in the residential markets of Gurgaon like Dwarka Gurgaon Expressway, NH-8, and Golf Course Extension Road. The capital values of these luxury apartments are in the range of Rs 6,000-15,000 per sq ft, depending upon services offered and location.

With rising aspirations, reviving economy, and better infrastructure the premium, lifestyle luxury sector of Gurgaon is expected to keep on the grow track in the short term as well as long term.

Developers like DLF, Ansal API, Sobha Developers, Chintels Ltd, ATS, Godrej Properties, Raheja Developers, Homestead, Adani, Puri Constructions, IREO, Vatika, Tata Housing, Oberoi Realty, Assotech Ltd, Antriksh Group, Supertech, etc, are partnering with international players to design exclusive apartments and condominium space.

International City by Sobha Developers is a super-luxurious realty project in Sectors 106 and 109 along the Dwarka-Gurgaon Expressway. Well-planned infrastructure, high quality of construction, and ample green and open spaces make the International City an aspirational residential destination in the NCR.

The luxurious life at International City is accentuated by a premier, state-of-the-art clubhouse offering an array of privileges. With just six villas per acre and ample green spaces, International City provides a new dimension to low-density living, a spokesman of the firm said.

Jagadish Nangineni, regional head of Sobha Developers, says: “The residences at International City will be of bestin-class standards, in line with the philosophy of world-class delivery practiced at Sobha.”

Raheja Developer has Raheja Revanta here-standing 195 metres high and coming with 56 floors, it is one of the tallest projects in the NCR. The project is being constructed by Arabtec, the builder of Burj Khalifa in Dubai.

One of the attractions of this assured return luxury apartment project is its location, against the backdrop of the beautiful Aravali hills with green areas, water bodies, and simulated lagoons, a spokesman of Rahejas said.

Homestead Infrastructure, the London based real estate player, has announced a luxury residential project in Gurgaon, in association with sports icon and the tennis superstar, Maria Sharapova. The developer has also roped in some leading names like UHA-London, Indian architect DFI, and Halvorson and Partners, structural consultants, to execute the project.

Homestead, which focuses on building niche and branded houses, also launched Michael Schumacher World Tower.

The Michael Schumacher World Champion Tower in Sector 109 on Dwarka-Gurgaon Expressway and Maria Sharapova Tower in Sector 73 are part of its plan to create luxurious residential facilities in Gurgaon.

Manoj Srivastava, COO of Homestead, says: “If you were born without wings, do nothing to prevent them from growing. Inspired by the 24×7 lives of technology driven generation, Homestead India, has given wings to real estate market with its refreshing new concept of boutique branded residences. Homestead India believes in delivering projects with a core focus on design. With a pioneering effort in concept architecture, Homestead has worked in integrating unique design parameters as part of our projects. Michael Schumacher World Tower and Ballet by Sharapova have been designed on the brand’s philosophy of integrating design with the brand itself.”

Unlike the regular industry norm of creating brand associations with personalities, which are only the external means of endorsements, Homestead’s associations have been engraved in the design of the buildings themselves. Meticulously crafted section of branded residences based on the personal traits of the leading icons creates a unique experience in such a fashion that the connoisseur get a first-hand experience of an iconic lifestyle, a spokesman of the firm said.

Michael Schumacher World Tower is inspired by the iconic player himself-the tower has been designed keeping in mind Schumacher’s favourite F1 Monaco circuit. With the suites called Monaco suites and each level corresponding to a Lap, Schumacher’s lifestyle has been integrated in every aspect of the tower’s design.

The building design of Ballet by Sharapova has been inspired by the feminine and poised elegance of Maria Sharapova in a flowing evening gown, a representative of Homestead said.

Representing her strength and grace, the various elements of the building have been designed to emulate her charm. Equipped with the state-of-the-art technologies and the futuristic design palette, this luxurious haven is an epitome of timeless elegance, he said.

The integration has not only been on the design level but the furnishings have also been custom designed to create a holistic luxury experience. Michael Schumacher World Tower will house custommade furniture and upholstery to keep the unique essence of the project.

Yoo Worldwide LLP, a global design, development and branding firm will build two luxurious residential projects in Gurgaon’s premium Sectors 68 and 79.

Yoo will work with Supertech Limited to construct one residential project with the Jade Jagger for Yoo property brand and a separate residential project with Steve Leung and Yoo. Yoo will deliver unique design concepts to each project, which will reflect the innovative, international design style that is synonymous with the firm.

The projects will benefit from Jade Jagger and Steve Leung’s distinctive styles, both of which are available in Gurgaon for the first time. Jade is known for works including The Jade in New York City.

Steve Leung is lauded as one of the world’s leading architects and designers, whose work is known for its minimal and eastern influence-Steve Leung was responsible for the successful Yoo Residence in Hong Kong and the forthcoming Shangri-La London Hotel.

RK Arora, CMD of Supertech Limited, says: “Yoo is a luxury brand which provides exclusive interior design solutions for high-end properties. Our association with Yoo will provide unrivalled luxury and an unforgettable living experience for our customers. The skill and expertise of Jade Jagger and Steve Leung will create a beyond-luxury concept in India.”

DLF Group has already launched several premium developments like Aralias and Belaire on Golf Course Road. Apart from DLF, projects like Ansal API’s Essensia, M3M’s Golf Estate, Pioneer Group’s Pioneer Park, Central Park, Emaar MGF’s Emerald Hills, Tata’s Raisina, and IREO’s Grand Arch have also been launched along this stretch. Golf Course Extension Road’ Sectors 55 and 56 already have a large number of cooperative group-housing societies, which has created a critical mass of population on this stretch.

The new stock coming up here is luxury apartments of 3- or 4BHK units of 1,500-2,500 sq ft, each with a price ranging from Rs 11,000 sq ft onwards.

With the delivery of commercial projects like Global Business Foyer, Paras Twin Towers, Suncity Business Park, Ninex Time Tower, Veritas, etc, availability of commercial space has increased by nearly 30%. In the retail segment on Golf Course Extension Road, Emaar MGF has launched the Emerald Plaza mall, while Unitech has launched two office-space projects-Unitech Business Park and Silvertone.

Puri Construction is developing two high-end luxurious projects, Diplomatic Greens and Emerald Bay, in Sector 110 and Sector 104. Diplomatic Greens is a 20-acre residential, gated property that’s part of an 82-acre master plan of mixed development including hotel, retail, and commercial spaces. The property’s impressive, upscale apartments comprise only 15% ground coverage with up to 85% being green landscaped area.

Alpha G:Corp is set to develop a 12.5 acre residential development in Sector 84, Gurgaon, with 670 apartments. Gurgaon One in Sector 84 to be built at a cost of Rs 400 crores is adjacent to the 210-metre-wide forthcoming expressway that will connect Dwarka and the IGI airport. The project is around 2.5km from the Metro hub and the Inter State Bus Terminal planned in the Gurgaon Master Plan, 2021.

Palm Gardens by Emaar MGF in Sector 83, Gurgaon, is a residential integrated community over 222 acres. The project will have 12 apartment towers around open landscaped spaces, with 1,026 apartments in the 3- and 5BHK, and duplex format. The project is expected to be delivered in 2015.

Emaar MGF is also developing Gurgaon Greens, a luxurious project near Dwarka-Gurgaon Expressway.

The project comes with modern amenities, world-class infrastructure and adequate greens. Gurgaon Greens is an access-controlled, gated complex with roundthe-clock security.

Paras Buildtech is developing Paras Quartier on Gurgaon-Faridabad Road. This luxurious project has a three-dimensional spiral structure, the Iconic Tower, and two grand high-end towers. Iconic Tower offers 4 BHK units with family lounge, modular kitchens, contemporary bedrooms, separate service corridor and balconies with glass all around.

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