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Study of Super Luxury Residential Real Estate in Mumbai

Study of Super Luxury Residential Real Estate in Mumbai



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Published by SD Chandra
Study of premium residential development in Mumbai with an additional insights on India
Study of premium residential development in Mumbai with an additional insights on India

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Published by: SD Chandra on Jan 23, 2009
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Super Luxury Homes for Growing Number of Super RichStudy by Master Sun Consulting, June 2008
India, with a 20.5 per cent increase in the number of HNWIs to 100,015 recorded thesecond-highest growth rate in HNWIs globally, said the annual World Wealth Report byMerrill Lynch and Cap Gemini. India trailed only Singapore, where the increase inHNWIs grew by 21.2 per cent.The HNWIs are keen to flaunt their wealth & acquire prestige assets. Realizing themarket for super-luxury homes, more and more developers are coming up with milliondollar homes in formats ranging from condominiums and suburban town houses to golfvillas.These millionaires could be professionals earning in the excess of 1 crore per annum,industrialists and businessmen. Add to this list NRIs from the US and the UK and onecan conclude that super premium housing in India is on a high-growth trajectory. Superpremium housing is growing at 25-30%, luxury housing has already grabbed a 10% of thehousing market in value terms. Analysts say the country has seen an unmatched surgein demand.Along with high disposable incomes there are other trends that are fuelling thedemand for super luxury homes. Members of the joint family who are breaking awayinvest money from their ancestral property in new super luxury developments. Besidesthe super rich are upgrading from old buildings (which no amenities to speak of) tonew buildings which have a pool, a gym, liftmen and a concierge, not to mentionenough parking for family’s many cars.
Mumbai’s Richest Live in Presidential Apartments
The Mumbai’s richest live in
‘Presidential Apartments’
.Presidential apartments are super-premium apartments in
exclusive neighbourhoods
,with oodles of space, the most luxurious of interiors, named architects, private lifts,landscaped gardens, and every facility that could be required such as a gym,swimming pool, security and CCTV, children's play areas.These apartments are large; typically in the 4,000 to 7,000 sq ft range, though somecan go as large as 10,000 sq ft. Some of the presidential apartments have as many as8-10 bedrooms. The prices for these average Rs 30,000-35,000 per sq feet and above.On average, 20,000 sq ft of space can cost as much as Rs 60 crore (Rs 600 million).The characteristic feature of a presidential apartment is its privacy and exclusivity,rather than the amenities offered. So you have one apartment per floor, with thehabitable floors starting from the 10th floor level or above, in order to rise above theclutter of the buildings around. Besides space, these buildings have top-notchclientele, people that each of the prospective buyers would like to associate with.Most are sold by invitation only to the chosen few to maintain the exclusivity of thecommunity.
Super Luxury Addresses in Mumbai
The super luxury addresses in Mumbai are Nariman Point, Cuffe Parade, NapeanseaRoad, Colaba, Carmichael Road, Altamount Road and Worli."Every second building in Mumbai commands a huge price, anything above Rs 25,000per sq ft to sometimes even up to a whopping Rs 75,000 per sq ft," says architectHafeez Contractor.
Indiabulls promoter Saurabh Mittal recently bought a 5,500 sq ft apartment inMaker Building on Cuffe Parade for Rs 40 crore (at Rs 72,000 per sq ft)
Leading stockbroker Rakesh Jhunjhunwala bought a 4,400 sq ft apartment at ElPalazzo on Malabar Hill for Rs 25 crore (at Rs 57,000 per sq ft)
Vice-chairman of Reliance Capital, Amitabh Jhunjhunwala, recently bought a2,880 sq ft apartment at NCPA, Nariman Point for Rs 18 crore (at Rs 63,000 persq ft).

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