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Buyers queue up for luxury houses

india Updated: Nov 30, 2009 00:24 IST
Naresh Kamath

Kumar Couture at Prabhadevi has only 24 flats.

These duplexes or triplexes are spread over 8,000-9,000 sq ft and each flat has a 4,000-sq-ft terrace, swimming pool, exclusive parking space for five cars and separate servants’ quarters.

The price of one apartment— Rs 25 crore to Rs 30 crore.

As the real estate market gradually recovers from the economic downturn, builders have once again started constructing luxury houses in the city. And they said buyers are lining up to buy these.

Real estate experts said that most of these projects, which were on the drawing board until now, are now being executed due to the revival of the market.

“There were buyers who were sitting on the fence since last year who have now decided to buy,” said Pranay Vakil, chairman, Knight Frank India Private Limited, a real estate consultancy firm.

Calling each flat in Kumar Couture a bungalow in the air, Lalit Kumar Jain, chairman and managing director of Pune-based Kumar Builders said, “Our research has shown that there is a market for such houses and people are ready to pay for luxury.”

Supreme Universal has also launched a luxury apartment project of 29 flats at Chembur, which has landscaped gardens, a banquet hall and a rooftop sky lounge.

Vishal Jumani, director, Supreme Universal, said, “After a lull, buyers are back in the market.”

Each flat measuring 3,000 sq ft is priced at Rs 12,000 per sq ft.

The apartment complex has a state-of-the-art gymnasium with sauna and massage room and every flat has modular kitchens fitted with chimneys.

Indiabulls Realty Estate has also jumped on to the luxury housing bandwagon with Indiabulls Sky at Lower Parel-- high rises with privately managed residencies.

These apartments come with a dedicated butler to cater to residents.

Higher floors are duplexes and penthouses with private terraces as big as the houses themselves. All this at Rs 28,000 per sq ft.

Prakkash Nichanii, owner of Anchor Property attributed the rise in demand for luxury houses to the sentiment prevailing in the realty market.

“Since the stock market has improved and there has been a stability in the job market, the luxury segment has benefitted a lot. The buyers are back,” said Nichanii.

Orbit Corporation India Limited now has six luxury housing projects, three each at Lower Parel and Napean Sea road.

The Napean Sea Road project has flats measuring 3,600 to 10,000 sq ft costing between Rs 14 crore and Rs 50 crore.