Developers, buyers back in luxury homes mart
In Mumbai, developers like the R K Jatia and Lodha groups have launched or reopened ultra luxury residential projects
Dec 18, 2014
Source : Business Standard


Mumbai: Interest in luxury residential projects is back both from developers and buyers on improved sentiment and economic conditions.

In Mumbai, developers like the R K Jatia and Lodha groups have launched or reopened ultra luxury residential projects, complete with limousine and concierge services. Property consultants say a number of projects such as Raheja Vivarea and Runwal’s The Reserve are sold out.

Bengaluru, the country’s information technology capital, has seen the likes of the Prestige group launching luxury projects after a long time to tap buyer interest.

The R K Jatia group promoted Provenance Land, asset owners of the Four Seasons Hotel in Mumbai’s Worli area, has sold five apartments in its recently launched private residences that cost between Rs 30 crore and Rs 100 crore. The 26 apartments in the project are managed by Four Seasons and services include laundry, grocery, stocking and butler services.

“There is a pent-up demand for exclusive projects in the city. We are catering to that demand for exclusivity,” said Adarsh Jatia, managing director of Provenance Land. “Mostly users are buying these apartments,” Jatia said.

The recently reopened bookings for its World One towers, touted as the world’s tallest residential project. The developer claims to have sold apartments worth over Rs 500 crore within nine days of reopening bookings on November 29. Since its launch three years ago, the developers have sold 50 per cent of the apartments.

“There is optimism in the Indian economy and that has helped improve appetite for high-quality development. Customers across sections are aspiring to enhance their lifestyle,” a Lodha group spokesperson said.

Gaurav Gupta, director of the Omkar group, says the company has sold 50 per cent of the apartments in its ultra luxury project ‘1973’ within a year of launch. Apartments in the project are going for around Rs 14 crore and prices have shot up 20 per cent since launch.

“The building is ready and people can see 35 floors. When you see the ready floors, it will offer a different level of comfort,” Gupta said.

The Bengaluru-based Prestige group launched two luxury projects this month, Prestige Leela Residences, a joint development with the Leela group, and Kenilworth in the city’s central business district Cunningham Road. Apartments at Prestige Leela are priced between Rs 5 crore and Rs 12 crore and the Kenilworth apartments cost above Rs 5 crore.

“We have launched luxury projects after a long gap, since we have been focusing on mid-income housing all these years. We saw enquiries from customers for luxury apartments,” said Venkat Narayanan, chief financial officer of the Prestige group. He said within a week or so the company had sold 25-odd apartments, or 35 per cent, in both the projects.

Another Bengaluru-based developer, Puravankara, has launched a luxury project, Purva Evoq, overlooking the Chennai Race Course as well as high-end villas, Sound of Water, off Bannerghatta Road. The company has sold 50 per cent of the apartments released in the first phase.

Latest Realty News

Sand prices hit builders hard
Dec 18, 2014
Andhra Pradesh: Construction activity has been suffering a setback in Ongole and other parts of Prakasam district owing to ‘hefty hike’ in the price of sand which is already short in supply
Encroachment dept turns heat on illegal buildings across city
Dec 18, 2014
NASHIK: The civic encroachment department has shifted its focus from evicting hawkers to demolition of illegal structures in the city
CM to interact with CREDAI members on ready reckoner rates in Nashik next week
Dec 18, 2014
NASHIK: Chief minister Devendra Fadanvis will interact with office-bearers of the Confederation of Real Estate Developers' Association of India (CREDAI) Nashik, over Ready Reckoner (RR) rate issue in the city next week
Global investors buy $2 billion office space in 2014
Dec 18, 2014
BENGALURU: Foreign investors have bought tenanted office space worth over $2 billion in India
Indian Medical Association ties up with Antriksh; doctors to get flat at 25% discount
Dec 18, 2014
NEW DELHI: Indian Medical Association (IMA) has entered into an agreement with realty firm Antriksh group for providing 275 flats to its doctor members on Noida Expressway
AP to permit land pooling to developer entities
Dec 18, 2014
Hyderabad: The Andhra Pradesh Capital Region Development Authority (AP CRDA) Bill-2014 seeks to introduce a licensing system for developers
CAG raps Housing Board for 'rampant' discrepancies
Dec 18, 2014
Belagavi: The Comptroller and Auditor General has rapped the Karnataka Housing Board for “rampant” discrepancies in selection of locations for housing projects
Real estate exhibition to showcase 500 projects
Dec 18, 2014
NASHIK: The real estate expo - Shelter 2014 - organized by the Confederation of Real Estate Developers Association of India (CREDAI) Nashik from Thursday, will showcase around 500 residential projects
Cabinet defers approval to real estate bill
Dec 18, 2014
NEW DELHI: Union Cabinet deferred the Real Estate (Regulation & Development) Bill
Cheap housing only at Naina: Builders
Dec 17, 2014
NAVI MUMBAI: The city builders, who have put up stalls at Credai-BANM's 15th property exhibition, say that they are expecting a turnover of approximately Rs 2,500 crore

Latest Realty News Of State

Realty Talk's