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Crore-plus homes thumb nose at slump

What downturn? Big-ticket holiday homes priced above Rs 3 crore are on sale near Mumbai once again, Lalatendu Mishra reports.

business Updated: Sep 21, 2009 21:24 IST
Lalatendu Mishra

What downturn? Big-ticket holiday homes priced above Rs 3 crore are on sale near Mumbai once again.

Interestingly, along with high net worth individuals, recession hit investment bankers and private equity merchants are coming in hoards to buy second homes worth over Rs 1 crore — something that has not been seen in the past two years.

Real estate company Samira Habitat that is setting up an integrated high end-housing project of 200 residences — including six stand-alone uniquely designed villas at Alibaug near Mumbai — has received many such offers from the neo riche.

Ace fashion designer Sabyasachi Mukherjee would design the limited edition villas at this project, called Samira Pavilion, and these would be sold through invitation only.

“Sabyasachi has already found some buyers from his high profile clients’ list for the villas. We were initially planning to auction these,” said Mihir Nerurkar, executive director, Samira Habitat. He refused to divulge the price of each villa.

“Each villa will have his (Sabyasachi’s) personal touch and materials for interior decorations would be sourced by him from across the country for the unique Indian heritage touch,” Nerurkar said.

These villas, each spread over 7,000 sq ft land will be part of an integrated development over 21 acres close to the beach. Knight Frank India has been appointed property managers, and would maintain the project on behalf of the owners — apart from finding buyers.

Samira Habitat is investing Rs 200 crore on the project, which is slated for completion in mid-2012. There would be 194 two- and three-bed room row houses that would look like a resort. It will have dedicated speedboat service from Gateway of India and limousine service from Mandwa jetty for the house owners.

The two-bedroom apartments are priced at Rs 90 lakh and the three-bedroom ones about Rs 1.2 crore.

“We have already started construction from February 2009. Over 50 per cent of those who have already booked for row houses are NRI investment bankers and MDs of private equity firms,” said Nerurkar. “We expect more buyers from the financial services industry.”