Luxurious penthouses up for grabs in Bangalore
Sep 29, 2012
Source : Business Standard
Arieal view of Penthouses


In its recent analysis on luxury homes in Bangalore, real estate consultant Jones Lang La Salle estimated that there are 1,100 homes in the city that fall in the “super luxury” segment — those with a price tag of Rs 5 crore and more. The cream of these are the apartments in and around the city centre, known as the Central Business District (CBD), akin to Colaba in Mumbai or Connaught Place, Delhi. But for those who feel a plum location alone does not guarantee exclusivity, there is the option of buying a penthouse. To be sure, a penthouse in the heart of Bangalore, where buildings are typically 10 to 12 storeys, and the floor area ratio is between 1.25 and 3.25, would not be quite the same as getting one in Mumbai, with its 50- and 60-storey buildings of over 200 metres height. While you may have to compromise on altitude, developers are adding other touches to the penthouses, from rooftop jacuzzis on private terraces to automated “smart homes”, for their high net-worth customers.  
Each penthouse in the luxury residential project Nitesh Logos, by Bangalore-based listed company Nitesh Estates, for example, will have a lap pool and jacuzzi on a private terrace and a landscaped garden. And while you may not have a commanding view of the entire city since it’s a three-storey building, penthouse dwellers should be able to get a good look at the sailboats bobbing on Ulsoor Lake, barely half a kilometre away.
The entire complex will have 16 units, of which seven are duplex penthouses, of 3,570 sqft and 4,470 sqft. “Being just a stone’s throw from MG Road, the location is the biggest attraction, but there are also other features, such as a concierge service from Quintessentially available to our residents, and interiors by Singapore’s Warner Wong,” says Madhavi Gajria, assistant general manager for marketing at Nitesh, and the spokesperson for the project. The kitchens, says Gajria, will be done by Poggenpohl, the German modular kitchen-maker that had been in the news here when it unveiled its Rs 1-crore kitchen in collaboration with Porsche Design in 2009. The penthouses in the Logos complex, which Gajria reckons will take another 18 to 24 months to be complete, go up to Rs 16.5 crore for the largest.
People opting to buy such pricey properties tend to want a great deal of customisation. Total Environment, which is developing a luxury project with three penthouses off Lavelle Road in CBD, has taken this to heart. Titled Van Gogh’s Garden, after Colorado band Wind Machine’s eponymous composition, the three penthouses in the five-storey project have different dimensions and plans, and the client can customise the design with the help of the architect assigned to their unit.
The customisation extends to interiors and furniture, which the company manufactures and provides under the inhouse Quetzel brand — in beds itself, clients are given at least eight options, says Abby Abraham, assistant vice-president of sales. All the penthouses are on a single level, starting at 7,680 square feet and going up to 8,888 square feet. The largest penthouse has two terrace gardens, each with its wooden deck, and a price tag of Rs 26 crore. The penthouses in Van Gogh’s Garden might not have a pool, each will have a garden with water feature, and owners can choose from 15 options of landscaping, such as whether to have a garden with a fountain or a sandy one with a beach theme, says the company. The kitchens will be by Poggenpohl or the Italian Veneta Cucine.
These units are also “smart homes” with video phones, mood lighting, remote-controlled curtains and motion sensors; you don’t have to bother with switching on lights when you enter the bathroom, or open a cupboard, as a visit to the model apartment on the company premises reveals. There is a glass-break detector, which sends a message to your laptop or mobile if the glass breaks, says Abraham. 
Brigade Group has given a different twist to its luxury project, Brigade Crescent, where the penthouse occupies the entire tenth floor of the complex. The project itself, situated on Nandidurga Road, has been conceived as one which offers one apartment per floor, thus limiting the number of units to ten. Each apartment, says Viswa Prathap Desu, vice-president of sales, has an extensive wooden deck which gives the feeling of a penthouse even on the other floors and the elevator opens into your private lobby. The 36-metre building has an infinity pool on the terrace and from the top floor, one gets sweeping views of the city which does not have too many tall buildings marring the panoramic view. The kitchen is by a German modular kitchen firm, Rempp, while the flooring is wood in the bedroom and Oman beach marble for the rest of the apartment. The penthouse here, covering 4,250 square feet, will set you back by over ~8 crore.   
Such super luxury projects are typically the third or fourth home of the buyers, who would fall in the grade of CXOs and above or are major entrepreneurs, say Brigade executives. Nitesh Estates takes this one step further, by profiling their customers before the penthouse or luxury apartment is sold. “One can even say sales are by invitation, to an extent. Clients in this category are very conscious of who their neighbours are and so we can’t sell it to just anyone,” claims Gachria. Marketing in this segment is usually through the existing customer database and referrals as well as investment bankers and property consultants dealing with high net-worth customers. Developers typically hold on to penthouses and sell them at a later stage as they command a premium, but this is not a hard-and-fast rule. Four of the seven penthouses in Nitesh Logos have already been sold, as has the top floor of Brigade Crescent, though there are other units in the project yet to be sold.
The chief impediment to skyscrapers in Bangalore’s CBD, apart from the floor area ratio, is the shortage of suitable land, says Vijay Murugan, Jones Lang La Salle’s city lead for Bangalore. But this might be changing. “In Mumbai, they started knocking down buildings and building high-rises on those plots and that’s happening now in Bangalore, too,” he says. The 33-storey Kingfisher Towers being developed through a joint venture by the UB group, for instance, is coming up on what was once chairman Vijay Mallya’s family home. So while old-timers might feel a pang at their beloved Bangalore developing skyward, the city centre might yet get more penthouses with panoramic views.

Latest Realty News

HDFC Bank bats for review on CRR quantum
Sep 29, 2012
The controversy over the relevance of Cash Reserve Ratio (CRR) has resurrected with HDFC Bank, India's second biggest private sector lender pitching for a review on quantum of deposits that banks need to park with the Reserve Bank of India (RBI). "Some amount of CRR is necessary but the quantum can be examined. Also, it is necessary to review if we have to pay interest on CRR. Most countries h
Let green buildings save costs for buyers too
Sep 29, 2012
Go Green to reduce your carbon footprint.’ With the movement fast catching on, how can real estate be behind? Enter green buildings, which aim at fostering a lifestyle that wean us away from our wasteful ways. Even as the concept is fast catching on, one of the primary reasons why such structures are the future of the urban habitat is due to the savings on construction costs, which benefits both
Cut in home loan interest rates will spur demand in the housing sector
Sep 29, 2012
A huge impetus to the real estate sector could help arrest the present slowdown in the economy to a projected growth rate of around 6% in 2012-13 as against 6.5% in 2011-12 and 8.4% in 2010-11 , real estate experts say. In 2008-9 also, when India's growth had slowed down to 6.7%, from 9.3% in the previous year, the revival of the real estate sector due to launch of houses in the affordable seg
No bidder attends Greater Ludhiana Area Development Authority (GLADA) auction
Sep 27, 2012
Ludhiana: While industry is looking for better options outside Punjab, investors are not showing much interest to invest in Punjab. The proof was seen today at the auction organised by Greater Ludhiana Area Development Authority (GLADA) for its 1-acre land on Ferozepur Road adjacent to Westend Mall. The reserve price of this land was Rs 75 crore. Although elaborate arrangements had been made f
Ground Rules: Govt considers land pooling policy to replace acquisition
Sep 27, 2012
New Delhi: A new land pooling policy that will encourage active involvement of the private sector is being considered as alternative to land acquisition by the Delhi Development Authority (DDA). “The National Council of Applied Economic Research (NCAER) was asked to look into the policy to see if it made economic sense. Their report has been submitted and they have suggested certain models for
High rise only way to go for Delhi: Kamal Nath
Sep 26, 2012
NEW DELHI: Union urban development minister KamalNath on Monday injected a sense of urgency into the entire process of review of the city's master plan by insisting that vertical development was the only way to go and that "planning has to be driven by market forces". Speaking at a Delhi Development Authority (DDA) workshop on 'Review of Master Plan of Delhi 2021', he said if there were no high-r
Odisha Government to provide free housing to Slum Dwellers
Sep 26, 2012
Bhubaneswar: Odisha Government has decided to provide house freely to Slum Dwellers. On this regard the state Cabinet has approves Odisha Property Right to Slum Dwellers and Protection of New Slum Bill 2012. This was informed by the chief secretary Bijay Patnaik. As per the proposal, property rights to the slum dwellers need to be given because of the steep rise in land prices, urban poor are
BMC money to monitor city sweepers ‘goes to waste’
Sep 25, 2012
BHUBANESWAR: The city civic body's whopping expenditure of Rs 1.65 crore on mobile-governance project has raised several eyebrows with citizens terming the exercise as "white elephant". Though BMC had launched the hi-tech project nearly a month ago to keep an eye on sanitation workers playing truant at workplace, garbage continues to remain scattered at major places in the city. A private firm
Real time problems dog realty work
Sep 25, 2012
BHUBANESWAR: Plans for new housing projects in more than 550 villages are stuck since the past six months because of uncertainty over the competent authority to accord approval. The Bhubaneswar Development Authority (BDA) has stopped entertaining applications seeking approval to build houses in these areas following Orissa High Court's March 27 order restricting the agency's jurisdiction only to
DDA asked to look into problem of unsafe buildings
Sep 24, 2012
New Delhi : With a survey by Central Building Research Institute finding that 70 per cent of buildings on the Yamuna floodplains were structurally unsafe, Delhi LG Tejinder Khanna has asked DDA to form a specific unit to deal with this problem. Khanna, who is also the Chairman of DDA, said the survey found that 70 percent of houses on the Yamuna flood plains were "unsafe structurally" and coul

Latest Realty News Of State

Realty Talk's