Published & Updated as on - 2010-04-19
New
Delhi: On the back of a revival in demand, real estate developers are again
building super luxury apartments, say experts.
Consultancy
firms Jones Lang Lasalle Meghraj (JLLM) and Knight Frank India said there are
about 7,000 such apartments to be delivered within a year in Mumbai alone,
where the cost is not below Rs4.7 crore for a single unit.
“After
the recession got over, real estate developers are back building high-end super
luxury projects because there is good demand for such projects. At the same
time, margins are also higher in these projects,” JLLM country head and
chairman Anuj Puri told PTI.
Anand Narayanan, Knight Frank
India’s national director (Residential Agency) said in the central business
district of Bangalore, 400 high-end luxury apartments are going to hit the
market in the current year itself. Cost here ranges between Rs3.5 crore and
Rs20 crore per unit.
Similar high-end projects are coming up
in the National Capital Region as well, but nowhere in other parts of the
country as demand for such projects depend on many things, including the
location of the property and its novelty.
The higher cost of
such products is justified because not a single one has a common design and
lay-outs are also never identical, the consultants said.
They
have great locations as well- the unique selling proposition for a property of
such nature, they added.
“Developers engage renowned
architects for such products and each product is different from the other not
only in the entire lay-out, but also in design,” Narayanan said.
Stating
that there is ‘enough demand’ for such projects, both consultancy firms said
that consumers are treating such projects as a consumer product for which they
are ready to pay a premium.
“The demand for such projects
will stay as buyers are entitled to do a lot of customisation in such
projects,” Narayanan said.
Source: http://www.livemint.com
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