In the lap of luxury

The luxury housing segment in India has seen a resurgence with builders once again wooing their preferred customers — the Indian high-net worth individuals (HNIs) and
non-resident Indians (NRIs).

It is estimated that this market has grown by 20-25 per cent in the past few months, with 10-12 per cent of the growth in Mumbai and the National Capital Region (NCR). Private pools, Jacuzzis and gold fittings are de rigueur and builders are increasingly experimenting with height and imposing architecture.

World’s tallest residential tower by Lodha One of the most ambitious projects has to be World One by Lodha. Being built in Upper Worli, Mumbai, this 117-storey tower is aiming to be the world’s tallest residential tower at 1,450 feet. From great views of the city and the Arabian Sea, to lavish villas with private pools and a limited number of ultra-luxurious duplex apartments, Lodha attempts to redefine the paradigms of luxury living.

R. Karthik, Senior Vice-President, Marketing, Lodha Group, says that apart from the focus on quality of living, quality of build also counts. “There’s a no-compromise approach to safety. World One has been designed to manage the effect of wind and seismic movements. The structure has been designed as a ‘Mega Structure’ to optimise the building design — the very first time that this technology has been used in India.”

RNA Mirage, also being sold on the basis of views of the Arabian Sea, is RNA Corp’s landmark project. Manoj John,Vice-President, Corporate Planning, RNA Corp, says, “The residents can enjoy a breathtaking view of the Arabian Sea from its spacious balconies that run across the rooms of the apartments. The tower’s façade is a combination of coloured glass and metal with decorative arches at different levels. The tower tapers at the roof level, forming a pyramidical crown feature.”

Oberoi Realty has taken an understated approach to luxury. Coming up in Goregaon East, Mumbai, Oberoi Exquisite will have three 45-storey towers with a base price of Rs20 million (about Dh1.55 million). There will be 3BHK apartments in luxury and grande configurations, duplexes and penthouses.

The sky is the limit
Indiabulls Sky, close to Four Seasons, Mahalaxmi Racecourse and Willingdon Club in Mumbai, offers upmarket boutiques, gourmet restaurants, five-star hotels, entertainment centres, reputed schools, squash courts, housekeeping, a temperature-controlled wine cellar, and an amphitheatre. Throw in a yacht charter, private air charter and you have facilities that will appeal to any luxury aficionado.

Delhi’s residential colonies can be classified based on their geographical placement and the prestige associated with living there. The city’s elite reside in Lutyens’ Zone, Central Delhi and South Delhi. Government rules in Delhi restrict the construction of skyscrapers, especially in the above areas, pushing most luxury highrises to the suburbs of Gurgaon. DLF Ltd’s Magnolias promises golf course views, while Saluja Construction’s The Verandas provides a sanctuary in the concrete jungle by placing two wide verandas on either side of the apartment.

Jaypee Greens has launched Knight Court, a luxury housing project offering 300 apartments at a starting price of Rs11.9 million. The project will be a part of its 1,162-acre integrated township, Wishtown, in Noida.

Eden Court — Primo
While a major part of the movement in the luxury segment is predictably in Mumbai and the NCR, there are prominent projects that are being developed in other parts of the country. For example, Tata Housing Development Company Limited has announced the launch of Eden Court — Primo, a luxury housing project at New Town, Rajarhat, in Kolkata.

The project consists of two high-rise towers with a sky garden, offering 3BHK and 4BHK premium apartments starting at Rs3,950 per square foot, with a minimum size of 1,732 square feet. Announcing the launch of Eden Court — Primo, Brotin Banerjee, Managing Director and CEO, Tata Housing, says, “We are confident that this will become a new benchmark at Rajarhat.”

In Devanahalli, Bengaluru, Hiranandani Upscale is offering luxury and green community living at The Villas. Located conveniently, with direct access from the Bengaluru-Hyderabad highway, residents can also access a large commercial development that is coming up around the new airport Hiranandani Upscale’s other project is at Bannerghatta, around Hulimavu Lake, with a community of apartments and chalets. Even Ahmedabad is seeing a sudden upsurge of properties worth more than Rs10 million.

Lifestyle aspirations match earnings

So what has prompted this resurgent faith in the sector of luxury accommodation? Percy S. Chowdhry, Director, Rustomjee, says, “The profit margin in the premium housing segment is higher than the mid-segment housing projects and probably one of the highest margins in the luxury segment across the world. Thus, a spurt in demand in the luxury segment also adds to the bottom line of real estate developers.”

There is also another reason that makes India’s luxury sector buoyant. “Lifestyle aspirations are high and earning capacities are increasingly matching these aspirations,” says Mrunal Duggar, Vice-President, Homebay Residential, Jones Lang LaSalle Meghraj.

“Work and leisure are rarely divorced from each other in India. This has led to a rather unique concept of luxury housing — homes with high lifestyle quotients as close as possible to the workplace.” The need to be close to the workplace invariably creates limitations in terms of location ambience, especially in business-driven cities such as Mumbai and Delhi. There is less scope for large estate settings and the onus is on the aspirational quotient and inherent importance of the location, apart from the lavish specifications of the homes themselves.

“Since such luxury homes are invariably centrally located, real estate prices tend to be rather high,” says Duggar. The profile of these locations reflect in the pricing, which ranges from Rs100 million to Rs300 million. Prices do vary from city to city though. If it is Rs6,000 per square foot in Hyderabad and Bengaluru, the cost is a whopping Rs30,000 and more per square foot in Mumbai.