PUNE: Like luxury cars, high-end housing with a flat costing more than a crore has seen great demand in the city. People are ready to pay for amenities and elegance said Gera Developments MD Rohit Gera during announcement of the developer's launch of a super premium lifestyle residential project "Gera's Isle Royale" located at Bavdhan.
"There is a great demand supply balance in luxury housing segment. Seventy-three per cent flats of a total 12813 luxury segment flats in the city have been sold by the end of June this year. Currently Pune has around 2,300 projects going on and merely 10 percent contributes in luxury segment," says Gera.
Gera added that there has been rise in the supply of luxury flats by 60 percent and eastern and western corridors of Pune are expanding. "In June 2012 we had 124 projects and in June this year we had around 238 projects actually going on in luxury segment. The supply has been doubled in just one year in luxury segment," he said adding that the profile customers of these segments as upper class service people from IT, BPO and manufacturing sector along with business category and people from Mumbai as well as Sangali, Satara Kolhapur.
Gera's Isle Royale will have exclusive independent super luxury villas and lavish high rise apartments. According to Gera among areas with upcoming luxury projects includes Kharadi, Kalyani Nagar, Bawdhan and Baner. He said luxury housing forms 5 per cent of the total real estate business in Pune.
"Bavdhan is favourable for people IT, manufacturing, service or be professionals and still be close to their place of work. The major movement of customers is from existing home buyers in Baner and Kothrud who are looking to move out of the densely populated areas. It also has a very strong potential of being a second home especially for people from Mumbai as well as an investment option," says Gera.
The bookings for Gera's Isle Royale will open on October 5. It will offer state-of-the-art home automation technology which includes world class features like I-pad controls accessible from any part of the world. The new project will have Wi-Fi connectivity, guard monitoring systems, intrusion sensors with hooters, private elevators. Among other amenities Gera's new project will have a luxurious 8,500 square feet swimming pool with underwater lighting, an elder's corner as well as tennis and squash courts.