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Pay for your home, frills on the house

With rising home loan interest rates realty developers around Delhi have thrown in exotic features even with flats that cost Rs 50 lakh or less, reports Jatin Gandhi.

business Updated: Aug 18, 2007 02:46 IST
Jatin Gandhi

Asif Khan, 30, recently bought a two-bedroom flat for Rs 21 lakh at Indirapuram. It comes with a covered parking, free club and gym memberships and 24/7 security.

At Rs 25 lakh, another builder is offering an air conditioned and furnished 670-square feet studio apartment. It comes with a flat screen TV, fridge, microwave (with accessories) and a three-tier security system. You can also get laundry and house-keeping services, but at a cost.

With rising home loan interest rates (from 7.25 per cent per annum in May 2004 to around 12 per cent now) realty developers around Delhi have thrown in exotic features even with flats that cost Rs 50 lakh or less.

Frills like water-softening plants, pools, tennis and squash courts, free spas and saunas, jacuzzis and access-control security systems are now the ‘in things’ across new properties in Ghaziabad, Noida, Greater Noida and Gurgaon. “Ever since interest rates rose, the investors have kept away. Now we are getting only those buyers who want to live here. So the demand for luxurious add-ons has gone up,” says Mohit Gupta, director (marketing), Amrapali Group.

“What you offer with similar-sized flats will decide the kind of people who will live there. By including more features, we raise the bar,” adds Gupta. “In Gurgaon, everybody is looking for the ultimate in luxury. Recreation and meditation centres are the latest fad,” says a builder.