Dubai: As far as locations for super-luxury homes, South Mumbai’s Altamount Road does have merits. With Mukesh Ambani and Kumar Mangalam Birla — two of the wealthiest men in the world — in the neighbourhood, can it be otherwise?
Even then, the Lodha Group’s development comes with its own history. The Lodha Altamount is on the same site as the former home of Maharaja Hari Singh, the last king of Kashmir, and later used as the US Consulate (named Washington House.) It was in 2012 that Lodha Group acquired the site in a Rs3.5 billion (Dh193 million) transaction. Only 53 homes are available at the new high-rise that is being built, with one of them — a five-bedroom unit — going for Rs400 million recently. (And this even as India’s luxury property market continues through a correction phase.)
“The residences are available at a premium and will always witness a considerably higher appreciation in the market,” said a spokesperson for Lodha Group, which is keeping an eye out for prospective NRI buyers to sign up. “Lodha Altamount has set the bar for prime real estate in South Mumbai with recent transactions recording $2,120 per square foot.
“We have received multiple expressions of interest from ultra-high net worth non-resident Indians across the world, especially from the UAE, UK and US.
We have a fully operational office in the UAE with a senior sales team showcasing Lodha Altamount to prospects.
“We are in the process of finalising some of these transactions. Up until now most of the buyers have been from the domestic market.
“Luxury is not just about location. It is a combination of product and service experience, personal attention to detail and spectacular locations. No luxury projects have been completed and delivered in Mumbai to date — and we want to lead the way.”
Even making allowances for the hyperbole associated with selling premium real estate, these are strong words. In recent years, Mumbai’s developers have not shied away from going all out with luxury high-rises that target global jet-setters as well as the seriously rich domestic buyers.
But the Lodha Group spokesperson lets it be known the statements are backed up by facts. “These exclusive homes are located on the 10th most expensive street in the world, at the highest vantage point of South Mumbai, on Altamount Road,” he added. “The site has a remarkable history. In the midst of this location, Lodha Altamount stands apart owing to its contemporary architecture, which is the first of its kind and brought together by renowned German-Iranian architect Hadi Teherani.
“Unlike other real estate investments, owning a residence at Lodha Altamount is like owning a legacy.”
Project is scheduled for a 2017 completion
* Currently, construction of the Lodha Altamount has reached the 24th level and is headed for a handover in the second quarter of 2017.
* Lodha Altamount is part of Lodha Group’s Luxury Collection. These residences will be managed by St Amand Hospitality. The next in the series will be launched in the summer of 2016 in prime Central London.