The latest offerings in the Indian luxury real estate sector cater to global citizens. Futuristic homes are nestled in suburban settings with high-tech automated facilities and luxurious amenities.
The latest list of launches in the Indian luxury real estate sector caters to well travelled, well heeled global investors. The projects bring together some of the best minds in international design, architecture and construction to offer a product that is truly world class. Many of the homes are sophisticated, functional and exclusive, with superior views of their surroundings, luxurious amenities including wellness and sports centres, infinity pools and are often small, exclusive communities located in a vast expanse of unspoilt land. The majority of new launches in the semi-luxury to luxury segment are nestled in the suburbs and promise investors a serene version suburban living.
Lotus 300, is a selection of 300 exquisite condominiums, by green developer 3Cs. Located in the suburbs of Delhi at Sector 107, Noida, in an area of 10 acres, the average size of the units is 4300 sq ft and the average unit capital value is 7150 INR/sq ft (US$128/ sq ft). The project offers wellness treatments, fitness facilities, a heated pool and opti-golf. There is also provision for billiards, yoga, aerobics, a coffee shop, kid’s pool, squash court, gymnasium, tennis court and convenient shopping. “To ensure privacy and exclusivity of every apartment, two apartments have been designed at each level.” said a spokesperson for the project.
Another high-end development in the Indian capital currently under construction is a super luxurious project by Parsvnath, a prominent national developer. Located north of Delhi, at Civil Lines on Magazine Road, La Tropicana offers three, four and five bedroom apartments, penthouses and villas spread over an area of 17 acres with various amenities including a cafe, gymnasium, swimming pool, sports facility, 3-tier Security, sundecks, jogging tracks, a sports lawn and jacuzzi The units range from 2350-9945 sq ft @ INR 12,500 /sq ft (US$ 224/sq ft).
Raheja Revanta is a semi luxury project, for which Delhi based Raheja group has tied up with Arabtech construction (creators of iconic projects in UAE such as Burj Khalifa in Dubai). Located at Sector 78, Gurgaon, Revanta is a 18.72 acres gated community, with breathtaking views of low lying hills known as the Aravallis. There is a choice of one to six bedroom apartments with living areas ranging from 1187-4952 sq ft, and an average built up area 2000 sq ft @ 6775 INR/sq ft (US$ 121/sq ft). The apartments are fully air-conditioned (with concealed ducted air conditioning), and include imported kitchens and floorings, home automation systems which include mood lighting, climate control, entertainment control and a host of other features. “The project has the 56-storey high Surya Towers (195 metres), and there is an infinity swimming pool on the 46th floor, along with a spa, steam sauna, Jacuzzi, aerobics, tennis and basketball counrt, kid’s play area,” said Harinder Dhillon, Sr.VP of Raheja Developers limited, and the project is in vicinity of proposed Delhi Metro line, surrounded by shopping malls, offices and five star hotels.
Following the high-end trend, DLF, one of the oldest players in Indian real estate is ready to launch three luxury projects in the next year. The developments include Kings’ Court in South Delhi’s upscale Greater Kailash II area, which commands a current market value of INR 40,000/sq ft (US$ 717/sq ft)). Then there is Queen’s Court at GK-II, priced at INR 35,000/sq ft (US$ 627/sq ft), and Capital Greens at Moti Nagar, priced at INR 12,000 sq ft (US$ 215/sq ft). “The clients for our projects are the urban elite, who have a desire for good quality life, “ says Rajeev Talwar, managing director DLF Universal Ltd. “The majority of customers are senior people in their middle age and beyond, since only by that time, can they achieve this level of wealth. Ours is a gated community and customer values include security, exclusiveness and the fabulous lifestyle that comes with living in a DLF luxury project.”
Indiabulls’ Castlewood project, sees the arrival of high-rise living at South Delhi’s Okhla More (near Tuglakabad Fort). The project boasts 550 premium apartments and elevated designs promise stunning views of Qutab Minar, Surajkund and the Lotus Temple. Located in South Delhi, this gated community with ultra- modern amenities has units from 1930-2753 sq ft, available for INR 2.5-3.5 Cr (US$448,631 to US$628,084).
Supertech’s latest projects such as Araville, North Eye, Supernova and ORB are all in the semi luxury to luxury segment. North Eye’ is North India’s tallest residential development, 255 metres tall with 66 floors, located at Sector 74, Noida. Level 65 is designed to offer a 360-degree view at the North Eye observatory, and equipped with a high-powered telescope. The infinity Pool is on Level 66, and also an open-air restaurant for the ultimate fine dining experience. The building is also served by a uniquely designed Helipad for the frequent urban fliers.
The Araville project, which is the most recent launch, comprises 2, 3 and 4 BHK, available in the 1295 -3620 sq. ft. The price ranges from INR 63.45 lacs to 1.7 Cr (US$ 305042). “We have created only 500 apartments in an area of 10 acres, which means lower density and like in any premium project, we have focused on the view,” says R K Arora, CMD Supertech Ltd, “Each unit is a three sided open apartment with semi circular balconies that give a panoramic 360 degree view of the Aravali Hills.”
Supertech’s ‘ORB’ at Sector 74, Noida, is a unique circular-shaped, 50-storey luxurious residential development. Built in sync with the universal symbol, the circle, ORB is a part of 50-acre integrated township project, which will comprise of 3, 4 BHK apartments. The units will range from 2215-4270 sq ft in a price range of INR 1.5-3 Cr (US$ 269058- 538280).
“International investors have greater level of trust and comfort in the big branded players in the real estate industry, the likes of DLF, Tata Housing.” says Rajat Mahajan, MD of BookNewFlat.com Pvt Ltd, “However, due to easy availability of information and reviews on the internet, the new age investor does not shy away from investing in newer but good developers.”
The current decline in the rupee against the dollar has spurred a great deal of interest and investment from international buyers in Indian real estate. Some of the other premium projects in Delhi NCR region, which have elicited interest from investors, include Chateau, Tata Primanti, Marbella, Puri Constructions’ Diplomatic Greens, Sovereign Next, Sobha International City, Indiabulls Enigma and Assotech’s Blith.
At the wider level, the key names synonymous with luxury real estate in India include Mumbai based Lodha Group, Wadhwa Group, Kalpataru Limited, Rohan Builders, Oberoi Realty; Delhi based Raheja Developers, Amit Enterprises, Vipul Ltd, Unitech, Raheja Universal, Sankalp Group, Tata Housing; Bangalore based Sobha Developers Lanco Hills, Sheth Developers, Mantri Developers and Purvankara.
Luxury projects worthy of note include World Towers, an 18-acre development at Upper Worli Mumbai’s urbane epicentre. The project will be created by some of the world’s finest talent – Armani/Casa is doing the Interior Design, Pei Cobb Freed & Partners is the Design Architect, Six Senses Spas will manage the Club & Spa, Ken Smith Landscape Studio is doing the Landscape Design, Quintessentially will provide the Concierge Service, Leslie E Robertson Associates are the Structural Consultants and Arabian Construction Company Simplex will do the Civil construction.
Another project launched recently called Napa Valley, located off Bellary Road in Bangalore, will house 133 exclusively designed villas, enveloped in a lush green landscape with footprints ranging from a large 5342 sq ft to 2712 sq ft at approximate cost of INR 5.5 Cr, 4.5 Cr, 3.5 Cr (US$ 986,370- 627,690) depending on which villa-type the customer opts for.
The architecture is custom designed by Wimberly Allison Tong and Goo from California, inspired by the architecture of Santa Barbara and California. These villas are designed to offer an exclusive lifestyle, with resident access to a five star clubhouse, equipped with a wide variety of leisure options, amenities and more. “Staying at Nitesh Napa Valley will be like staying in a resort home,” says Ashwini Kumar, Executive Director and COO, Nitesh Estates, “with all the conveniences close at hand, yet offering a feeling of being on a holiday, when one is at home.“