Realty major DLF’s decision to build luxury apartments instead of a mall on the 17-acre mill land it had bought in Lower Parel in 2005 has not surprised industry experts.
They say it confirms the trend that premium housing has better scope for sale.
“There is less supply of quality residential space in this area [Lower Parel] and hence the project will sell quickly,” said Pawan Swamy, managing director (Western India), Jones Lang LaSalle Meghraj, a real estate consultancy firm.
Swamy said the project would attract high quality buyers. In the past year, developers in Mumbai have converted approximately 2.5 million square feet of mall projects into residential and commercial complexes.
DB Realty called off plans to build India’s largest mall at Dahisar to build a residential complex, while Orbit Corporation Limited converted its commercial complex at Lower Parel into a residential complex.
A typical luxury apartment consists of three and four-bedroom homes, penthouses or duplex flats with private terraces. Each apartment comes with a swimming pool and exclusive parking space.
These luxury apartment complexes have swank club houses, servants' quarters, landscaped gardens and hi-tech security.
These apartments are often sold by invitation.